What is the safest way to exchange bitcoin for cash in person.
Obviously meet somewhere public but other then that how should an exchange proceed? What steps should be taken to ensure both parties are protected and everything goes smooth.
4 Answers
This is the usual procedure:
- Meet in a public place with wifi
- Person buying bitcoins gives you the cash.
- Person selling bitcoins counts the cash.
- Person selling bitcoins transfers bitcoins to person buying bitcoins.
- Both people wait for 1 confirmation.
If you use localbitcoins, you can skip step 5.
My answer to your question, would be to insure you there is a way, how easy? that all depends on you.
1)are you the sender or receiver
2)yes you can meet in person but no you dont have to there is a way to wire money with a hold unless other wise.
3)it is always safer to do a transaction for BTC to USD or any other currency with a friend family-member or someone you truly feel you can trust.
W/U-has a security password an there for you would NOT use the receivers ID if yall are wanting to go grab a bite to eat an discuss thing I suggest the two party's meet at Star Bucks McDonald or somewhere with Wi-Fi an transaction would take place then an there remember 1BTC=414.59USD
-
-
I also don't understand your last block of words. How would a Western Union password stop someone from running off with my coins once I send them. Once they are in the other person's wallet the coin's belong to them. Commented Mar 31, 2016 at 23:21
You also need to take precautions that someone doesn't just steal your phone. So meet in a place with a difficult entry/exit.
Never done this before.
I've heard that the good way when selling BTC for cash is to meet in the bank lobby and put money directly into the bank account.
Also heard about the limit of the cash transaction: https://en.wikipedia.org/wiki/Currency_transaction_report
