Post
Topic
Board Trading Discussion
Re: question on using localbitcoins.com paying in cash
by
morantis
on 06/03/2016, 07:11:57 UTC
I've never made a bitcoin transaction so this will be my first, need some advice!

i need to pay in cash, $500 worth of USD to buy bitcoins

is this the way i should do this and standard?

we meet in public place
i show him the cash
he transfers to my wallet
i verify it's in my wallet
i hand over the money

please let me know what you suggest is the best way to protect myself

Wow, that is a fun adventure.  Obviously bring a smart-phone with a wallet app installed and wait for the actual transaction to appear in that wallet.  I use coin.space for a portable wallet.  The wallet itself should cover an appropriate number of confirmations so you don't have to deal with it.  Copy and paste the TX ID somewhere in a document in the phone and email it to another person, just to confirm the date and time.  Biggest thing is that even a few confirmations can take a long time.  Find an outside restaurant because you could be there a few minutes or even an hour or more.  Have fun and don't hand that money over until the transaction is in your wallet history.