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
yeah, that is the general idea when buying bitcoin with cash.
you meet up and change cash face to face with the seller. but you have to keep in mind a couple of important things.
1. meet in a public place like a coffee shop or a mall not in a car or a dark alley! and do the exchange in the public place.
2. bring your own smart phone, ipad,... to check the transaction and see the confirmation on your own.
make sure to read this before doing anything:
http://www.coindesk.com/bitcoin-stolen-new-york-gunpoint-robbery/