Topic: How do I safely sell an item in person for bitcoin? (Read 604 times)

Quote from: SgtSpike on June 06, 2013, 06:49:06 PM

Safest method, dont do a face to face transaction. But 1 confirmation is plenty

Why is that?

Because someone would have to own a large amount of hashpower to even have the slightest chance of reversing a 1-conf transaction. Reversing a 0-conf, OTOH, is rather trivial.

I'm asking why it isn't safe

Several people here have reported being robbed while doing in-person transactions. Anything in-person definitely carries a certain level of risk.

Interesting, please give me a link or something I have yet to hear that one;.

https://bitcointalksearch.org/topic/my-bitcoins-have-been-stolen-197275

I can't find the other ones, but I know another story posted was of a guy who was buying something for Bitcoins. Well, he met the guy, got his address, sent the Bitcoins.... and then the guy just walked out, product in hand. He could have yelled and made a fuss about it, but it's almost like who would believe him or care? How could you explain to the police that you sent him money, and that this was his address when no proof that that address was actually his was given?

Anyway, just a reminder that certain precautions should be taken when buying or selling something in person. Obviously, the same things could happen for cash too, but there's probably a little more understanding from the law enforcement side of things if you get shorted on cash vs on Bitcoins.

Bush

newbie

Activity: 42

Merit: 0

Quote from: Bush on June 06, 2013, 06:48:06 PM

Quote from: Bush on June 06, 2013, 06:48:06 PM

Safest method, dont do a face to face transaction. But 1 confirmation is plenty

Why is that?

Because someone would have to own a large amount of hashpower to even have the slightest chance of reversing a 1-conf transaction. Reversing a 0-conf, OTOH, is rather trivial.

I'm asking why it isn't safe

Several people here have reported being robbed while doing in-person transactions. Anything in-person definitely carries a certain level of risk.

Interesting, please give me a link or something I have yet to hear that one;.

SgtSpike

legendary

Activity: 1400

Merit: 1005

Safest method, dont do a face to face transaction. But 1 confirmation is plenty

Why is that?

Because someone would have to own a large amount of hashpower to even have the slightest chance of reversing a 1-conf transaction. Reversing a 0-conf, OTOH, is rather trivial.

I'm asking why it isn't safe

Several people here have reported being robbed while doing in-person transactions. Anything in-person definitely carries a certain level of risk.

Bush

newbie

Activity: 42

Merit: 0

Safest method, dont do a face to face transaction. But 1 confirmation is plenty

Why is that?

Because someone would have to own a large amount of hashpower to even have the slightest chance of reversing a 1-conf transaction. Reversing a 0-conf, OTOH, is rather trivial.

I'm asking why it isn't safe

Bush

newbie

Activity: 42

Merit: 0

I advise not using face to face transactions, you can get ripped off.

You keep saying this but don't explain how so. I'm sure if someone was going to rob someone they don't need to setup a bitcoin meetup.

SgtSpike

legendary

Activity: 1400

Merit: 1005

Safest method, dont do a face to face transaction. But 1 confirmation is plenty

Why is that?

Because someone would have to own a large amount of hashpower to even have the slightest chance of reversing a 1-conf transaction. Reversing a 0-conf, OTOH, is rather trivial.

Bush

newbie

Activity: 42

Merit: 0