How do I buy Bitcoins safely face-to-face?

I've made a contact via LocalBitcoins.com and am going to buy some coins with cash. The seller is not verified, but as we will meet, it sounds ok:

I show him the cash.
He transfers the Bitcoins.
We wait one block.
I give him the cash.

Is this safe enough or is there anything I should take care of? Any scams known?

He requested to use my mobile internet, though (will enable Wi-Fi hotspot on the smartphone).

Borph

Posted 2013-09-04T12:21:40.247

Reputation: 285

I guess that waiting a little longer is not possible, otherwise I would suggest doing so. – fNek – 2014-01-07T17:48:19.097

Answers

Shamelessly summarized from this extensive guide on local transactions:

You want to meet in a sufficiently public location, such as a pub or mall, preferably one that has an open wifi.
If you have agreed on terms in beforehand, print out what you agreed upon and take it with you.
If you have not agreed on terms yet, be sure to check the current price of bitcoin during the meeting.
Wait for the transaction to complete and check if the right amount was paid. If the other person is willing to wait around for one additional block together that is a good sign.
Specify your expectations in advance: When and where to meet, what each person will have on hand to make the deal, how the price for the bitcoins will be calculated.
Consider taking a second person along for additional safety.

Murch

Posted 2013-09-04T12:21:40.247

Reputation: 41 609

LocalBitcoins.com features a transaction service which guarantees that bitcoins have arrived to your LocalBitcoins.com wallet.

You get a secret code when the bitcoin seller enables transaction service (escrow enabled) on the trade
When the bitcoin seller releases the transaction the seller gets SMS with the your secret code
Ask the seller and if he/she knows your secret code from his/her SMS it is safe to hand over the cash as you know bitcoins are then in your LocalBitcoins.com wallet
Now you can transfer bitcoins from LocalBitcoins.com wallet to any wallet you wish

https://localbitcoins.com/faq#howto_transaction

Sometimes when somebody has suggested a deal where there the payment is 50% now and 50% later, it is a sign of potential scam.

Mikko Ohtamaa

Posted 2013-09-04T12:21:40.247

Reputation: 2 417

One more thing: Meet in a public place like a bar. – Murch – 2013-09-04T12:47:20.700

They have interesting services, yes. But I didn't set it up and it costs 1% fee actually, so the question was rather meant without escrow service. – Borph – 2013-09-04T14:11:39.157

My answer would be: "There is no way, to protect self from rapid scammer."

You are, probably, should spent a great time with seller, say 3, may be 4 hours.

E.g. See this thread: bitcointalk.org: If confirmation takes 10 minutes, how will I buy coffee at Starbucks?

Another way is to use an arbiter, e.g. www.bitrated.com

Bitcoin arbitration marketplace Protect yourself against online fraud with Bitcoin's m-of-n transactions.

Before you go to give your money to seller, an arbiter confirm transaction, wait for seller's confirmation, than send bitcoins to you.

user10274

Posted 2013-09-04T12:21:40.247

Reputation: 81