How do I safely sell an item in person for bitcoin?

[photon]

If I'm selling an item in person for bitcoin instead of cash, what do I need to do to confirm that the transaction is completed and secure? I don't want to walk away after handing over my stuff until I'm sure that the bitcoin is safely in my wallet.

It looks like localbitcoins.com requires 3 confirmations before a transaction shows up in their online wallet. Bitcoin protocol requires that 6 blocks confirm the transaction before changing from "unconfirmed".

Is there anything else I should be aware of when doing a bitcoin transaction in person?

[Foxpup]

The Bitcoin protocol doesn't actually say anything about how many confirmations are required to consider a transaction "safe". 1 or 2 confirmations is probably secure enough for low-value transactions in most cases.

[TheButterZone]

1 confirmation is good enough, especially if you have blockchain.info SMS notifications for your receiving addresses set to fire at 1 confirm.

[SgtSpike]

I'd take 1-conf up to $50k or so.  0-conf up to maybe $20.

[Bush]

Safest method, dont do a face to face transaction. But 1 confirmation is plenty

Why is that?

[SgtSpike]

Safest method, dont do a face to face transaction. But 1 confirmation is plenty

Why is that?

Because someone would have to own a large amount of hashpower to even have the slightest chance of reversing a 1-conf transaction.  Reversing a 0-conf, OTOH, is rather trivial.

[Bush]

I advise not using face to face transactions, you can get ripped off.

You keep saying this but don't explain how so. I'm sure if someone was going to rob someone they don't need to setup a bitcoin meetup.

[Bush]

Safest method, dont do a face to face transaction. But 1 confirmation is plenty

Why is that?

Because someone would have to own a large amount of hashpower to even have the slightest chance of reversing a 1-conf transaction.  Reversing a 0-conf, OTOH, is rather trivial.

I'm asking why it isn't safe

[SgtSpike]

Safest method, dont do a face to face transaction. But 1 confirmation is plenty

Why is that?

Because someone would have to own a large amount of hashpower to even have the slightest chance of reversing a 1-conf transaction.  Reversing a 0-conf, OTOH, is rather trivial.

I'm asking why it isn't safe

Several people here have reported being robbed while doing in-person transactions.  Anything in-person definitely carries a certain level of risk.

[Bush]

Safest method, dont do a face to face transaction. But 1 confirmation is plenty

Why is that?

Because someone would have to own a large amount of hashpower to even have the slightest chance of reversing a 1-conf transaction.  Reversing a 0-conf, OTOH, is rather trivial.

I'm asking why it isn't safe

Several people here have reported being robbed while doing in-person transactions.  Anything in-person definitely carries a certain level of risk.

Interesting, please give me a link or something I have yet to hear that one;.

[SgtSpike]

Safest method, dont do a face to face transaction. But 1 confirmation is plenty

Why is that?

Because someone would have to own a large amount of hashpower to even have the slightest chance of reversing a 1-conf transaction.  Reversing a 0-conf, OTOH, is rather trivial.

I'm asking why it isn't safe

Several people here have reported being robbed while doing in-person transactions.  Anything in-person definitely carries a certain level of risk.

Interesting, please give me a link or something I have yet to hear that one;.

https://bitcointalk.org/index.php?topic=197275.0

I can't find the other ones, but I know another story posted was of a guy who was buying something for Bitcoins.  Well, he met the guy, got his address, sent the Bitcoins.... and then the guy just walked out, product in hand.  He could have yelled and made a fuss about it, but it's almost like who would believe him or care?  How could you explain to the police that you sent him money, and that this was his address when no proof that that address was actually his was given?

Anyway, just a reminder that certain precautions should be taken when buying or selling something in person.  Obviously, the same things could happen for cash too, but there's probably a little more understanding from the law enforcement side of things if you get shorted on cash vs on Bitcoins.