I have some BTC and looking to sell in person as the exchanges are so slow. I'm asking people who have done this before - how do you do it? I might do localbitcoins.com or advertise on this board. But how do you arrange the logistics after you agree on a price? You meet, and one person has cash, but how can you handle the transaction? I was thinking I could go online on my phone and send him the BTC while we're meeting, he can confirm I sent it, and then he'll hand me the cash. I guess the only weak spot is that after I send it he could just walk away and not give me the cash? Anyone have advice? thanks
If you want to go completely digital, he'll probably have a QR code ready to scan so he knows you're sending it to him and only to him.
I would ask for the cash first... my thinking is if you steal fiat from him, there are laws in place that say he can chase you down, beat you up, call the cops, etc to get it back and you will face prosecution. And to me, that's kinda like a safety net.
Whereas if he makes off with your Bitcoin, you can't really do shit. Any serious trader should probably understand this position. There's legal precedent that says dollars can be refunded, BTC can't.
