Thanks for your help everybody!
qtix, you have a talent for explaining things in a simple, understandable way!
And dont pay cash before he sends it. Some sellers have been known to run with the money. Good luck
Haha, that's bad! Does anybody know how it is usually done in Europe? Does the money transfer or the BC transfer come first?
In general, I'd advise:
Meet in a public place (not an abandoned building, or a dark alley).
Bring a friend.
Arrive early.
Most of the transactions I've done, the person with the less significant reputation pays first, it is generally a pretty casual exchange.
If you feel a need for a formal set of steps, and it isn't clear who has more reputation I'd probably handle it this way:
- The person paying with cash counts the cash out onto the table
- The person sending the bitcoins verbally states the amount of bitcoins to be sent and the bitcoin address he will send to (I've also written it down as a "receipt" at times)
- The person paying with cash verbally indicates agreement with the stated information (if you're really nervous about it, I suppose you could have them sign the written receipt)
- The bitcoins are sent
- The person receiving the bitcoins verbally confirms that they have received the transaction with an appropriate number of confirmations
- The person receiving the cash counts it again and picks it up
- Both parties to the transaction leave, happy with an issue free and sucessful transaction
If you're extremely concerned, you can do the following for added security:
- Meet in a place with higher value targets than yourself
- Meet in a place with some level of security (bank, casino, etc)
- Wear a good pair of running shoes. Not sandals or any type of "dress shoe".
- Choose a place to sit and wait that is not close to the nearest exit.
- Have your friend sit and wait near the nearest exit. If the person you are exchanging with tries to "grab and dash", your friend can get between the thief and the exit.
I've engaged in hundreds of face-to-face transactions, and I haven't had a single issue yet. There is, however, always a possibility that you'll encounter a thief (that's true in life even if you aren't trying to exchange bitcoins).
Awesome! Like I said, I will only buy from sellers whose real name and business website I know, and also do a short handwritten contract beforehand.
I guess I don't mind paying first as not only I don't have any reputation yet, but also he will probably not even know my name. Plus, the BCs are not re-transferable, but the bills are.
