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Author Topic: Best practices for trading person to person for cash?  (Read 757 times)
theGECK
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April 22, 2013, 07:36:44 PM
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I'm listed on localbitcoins.com, but the last time I did any person to person trading was back when BTC was valued at $5/each and I sold very few of them. Now I have somebody wanting to buy much more in USD from me and I want to protect both myself and the person. Does anybody have any tips/best practices for doing this? Outside of the obvious such as meeting in public, etc etc - more on the mechanics to make sure both of us fulfill our ends of the bargain.

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Si Robertson
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April 22, 2013, 07:38:02 PM
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Meet up at a casino or a place that has tons of security. If he declines then be thankful you didn't just die for btc.
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April 23, 2013, 08:08:46 AM
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I'm listed on localbitcoins.com, but the last time I did any person to person trading was back when BTC was valued at $5/each and I sold very few of them. Now I have somebody wanting to buy much more in USD from me and I want to protect both myself and the person. Does anybody have any tips/best practices for doing this? Outside of the obvious such as meeting in public, etc etc - more on the mechanics to make sure both of us fulfill our ends of the bargain.

I would recommend a place with surveillance cameras, just in case.  I did a couple of trades at the local Indian casino and everything worked out just fine.  Have the buyer show you that they have the cash before you send the BTC.  You don't want to find out that they didn't bring enough cash with them after the bitcoins have already been sent.  You may also want to send a bit cent or two first, so the buyer can confirm that you are sending to the right address,  You don't want to accidentally send the BTC to the wrong address.  You may also want to consider doing multiple smaller transactions over time to minimize the risk, instead of selling a large amount all at once.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."   - Henry Ford
Oldsport
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April 23, 2013, 08:12:37 AM
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Meet at the bank, that way you can verify the money and there is a ton of security. Then go out and drink to the irony at what you've just done.
Stephen Gornick
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April 23, 2013, 09:44:42 PM
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Does anybody have any tips/best practices for doing this? Outside of the obvious such as meeting in public, etc etc - more on the mechanics to make sure both of us fulfill our ends of the bargain.

Tips for local transactions
 - http://bitcointalk.org/index.php?topic=137272.0
DannyHamilton
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April 24, 2013, 01:28:19 AM
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If you're doing the buying, ask the seller to use the localbitcoins.com transaction service.  That way you don't have to wait around for confirmations.

If they don't want to pay the 1% fee, or if the transaction needs to be adjustable and the service doesn't work for your situation, then make sure you agree ahead of time on how you're going to handle the situation if the seller fails to include enough of a transaction fee and the transaction may not confirm quickly.

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April 24, 2013, 01:51:26 AM
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Meet up at a casino or a place that has tons of security. If he declines then be thankful you didn't just die for btc.

Lol... Great advice!

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