Can you guys explain to me a standard "protocol" for a physical meetup. As in, do you pay in cash? Do you offer the cash first and then undergo the Bitcoin transaction? Basically how do you actually go about the exchange?
I have not done it personally. But I would suggest meeting in a public place with internet Starbucks, Mc Donalds, etc etc(even better if your phone has wifi capability that can be used with laptop to connect to) . I pick these places as you could stay there a bit.
It's better to do the deal in a public but not too crowded place. The place you suggested will be far less crowded and it will be hard for you to escape if trader or his/her acquaintances/friends attack you. A building or room with less people is dangerous. You should also make sure distance between you and trader is at least far enough for him not able to snatch anything from you or attack you. Distance of a common hotel/coffee shop table is probably enough.
You will be waiting for at least one conformation, unless buyer want's more.
Waiting for 1 confirmation isn't really needed but 10 minutes is enough for a good talk.
But as always with something of value be careful. Make sure not to do anything like bring all your BTC, leave cold storage at home.
I highly recommend to send Bitcoins you are selling to a new address and come only with that.
Also I would invest in a pen that shows if cash is fake.
For INR, there are few ways to check without counterfeit detector pen but I don't know about other currencies. Still a counterfeit detector is a good choice.
To avoid possible risks, I suggest you to trade with trusted people.
