Topic: Tips for local transactions - page 28. (Read 732714 times)

Fantastic info, thank you for providing this.

Personal safety does need to be top of mind, as is also emphasized on ShadowLife's post:

- http://shadowlife.cc/2012/11/secure-and-professional-bitcoin-otc-exchanges

I haven't completed all that many in-person trades myself but more than once now I have been asked to sell for cash an amount of bitcoins larger than any amount I would be selling by myself.  But had I previously gotten in contact with other traders in my area a larger trade amount probably could have been arranged since that would allow me to have to trade only up to my personal max level and then also there would be two or more of us present when the cash traded hands.

As far as buying bitcoins from an untrusted stranger, the risk of double spending (due to either a Race attack or a Finney attack) is significant enough to require at least one confirmation (or a Green address transfer or a service such as a LocalBitcoins "Transaction" where the funds released to the buyer would always be already-confirmed funds).

One challenge with in-person trading is with communications and coordinating the meet.  Unless you are already planning on spending a couple hours at a coffee shop or wherever, make sure to specify in advance your expectations otherwise you'll often be stuck waiting for your trading partner to show, oftentimes in vain.

For a recent trade the buyer arrived on time but he needed to get cash from an ATM.  It was only then that he learned that his bank account has a low maximum daily withdrawal amount, leaving me holding more bitcoins (and less cash) than I had planned.  Had I confirmed that the buyer had cash in-hand before even setting a meeting time and location is something that would have saved me time, money and the resulting headache.

You are suggesting lethal force versus each criminal? even the tiny ones?

If video deterred crime, most crime wouldn't be captured on it. If a criminal has no reason to legitimately fear being shot, he will act with impunity.

Thanks for the sticky! Really hope this advice can help everyone out!

Here's a report of a face-to-face transaction gone bad.

In this instance, a person selling headphones through Craigslist was contacted and a face-to-face trade (at a McDonalds) was arranged.  Except it didn't go according to the buyer's plan and the seller left with both the headphones and the bitcoins:

I just got robbed blind of bitcoins - in person. I'm feeling like I've lost trust in the usability of the currency and looking for advice.
 - http://www.reddit.com/r/Bitcoin/comments/1b89wm

Incremental trading is a good practice.  

Try not to have all your Bitcoins in one account.  Try not to have all your cash in your pocket.

Physical security when trading in-person needs to remain the first priority.

44% of M-Pesa agents report personally knowing someone who has experienced robbery or theft and the qualitative research revealed that some agents are hiring security guards which is increasing costs.

I have a concealed carry permit but I open carry when I do local deals, It makes them think twice if they had any ill intentions to start with. We know not all people use bitcoin in legal ways, and you never know who you area dealing with.

I have a concealed carry permit but I open carry when I do local deals, It makes them think twice if they had any ill intentions to start with. We know not all people use bitcoin in legal ways, and you never know who you area dealing with.