Doing face-to-face Bitcoin trades? Here's a way to improve security.

[Sir Lagsalot]

A seller of Bitcoin can offer a contract before meeting a buyer, in which the buyer associates his intended receiving address with his GPG key (other identity / trade details can also be signed on). For trades done on camera where the buyer walks off without paying after receiving their BTC, there is time-stamped evidence that the buyer received the BTC in the blockchain and contract combo.

If a buyer wants to change their contractually-agreed receiving address upon physically meeting, that'd be a red flag.

Full details in this article.

[Ragnarly]

Or you could just use https://anark.it

[TrailingComet]

Great advice, thanks much

[cryptoanarchist]

The etiquette is that whoever has the more established reputation gets paid first, whether the buyer or seller.

[skooter]

Bring a gun. Let the other person know that you're carrying.

Should scare off anyone who's thinking about ripping you off.

[nuff]

I thought it has always been the case where the person with cash wanting to buy bitcoins hand over the money first, then seller transfers the btcs right in front of buyer (with a couple of minutes of waiting time) and when it's done, shake hands(optional) and part ways?

[Sir Lagsalot]

Or you could just use https://anark.it

Checking them out.

Bring a gun. Let the other person know that you're carrying.

Should scare off anyone who's thinking about ripping you off.

Flashing a gun is heavy-handed. Are you really prepared to shoot someone in public over some bitcoin? At least this way your lawyer can prove they stole before you went Dirty Harry.

The etiquette is that whoever has the more established reputation gets paid first, whether the buyer or seller.

Makes sense.

Anyway, this is another tool for sellers to use as it suits them.

[Stormbringer]

Or you could just use https://anark.it

I watched, if I understood in this scheme buyer is protected, but seller can be scammed by buyer, buyer can receive the goods and not send remaining key?

[frankilo]

Thanks, I was thinking to buy some Bitcoin in person, but I was nervous about it. This helps.

[Este Nuno]

I'd like to see more brick and mortar places where people could buy btc in person safely.

[Zer0Sum]

I'd like to see more brick and mortar places where people could buy btc in person safely.

There are in every major city, it's usually gold/jewelery type outfits...
But they invariably rip you off with 20% or larger spreads.

[crazyivan]

Why, oh why would anyone trade BTC face to face? Unless you manage to find total idiot who is prepared to pay significantly over the market price. In this case it is probably a scam anyway.

[cryptoanarchist]

Why, oh why would anyone trade BTC face to face? Unless you manage to find total idiot who is prepared to pay significantly over the market price. In this case it is probably a scam anyway.

I trade in person all the time. Its way less riskier than dealing with an exchange. I've lost thousands of dollars from exchanges ripping me off because its way easier for the crook to steal from you in the comfort of their home or office.

[redwhitenblue]

A seller of Bitcoin can offer a contract before meeting a buyer, in which the buyer associates his intended receiving address with his GPG key (other identity / trade details can also be signed on). For trades done on camera where the buyer walks off without paying after receiving their BTC, there is time-stamped evidence that the buyer received the BTC in the blockchain and contract combo.

If a buyer wants to change their contractually-agreed receiving address upon physically meeting, that'd be a red flag.

Full details in this article.

My understanding is that localbitcoins trades are done internally via escrow. The coins are released to the buyers account once the trade is complete (this is similar to sending coins to a specific address).

For trades conducted outside of localbitcoins: How do you associate a GPG key with a specific person? What would prevent you (as a seller) to simply create a GPG key, sign a message with a BTC address that you control, then send the BTC to that address? In this situation the buyer would obviously leave once s/he sees that the BTC is not xfered to the addressed specified.