Speaking of battery gases, has anyone else seen that video of the crocodile chewing up a drone? Smoke and gases everywhere. Poor thing probably died 
They had been buzzing it with the drone of course. 
I did some more research, and I'm NOT going to do this:
I'll take the bulging battery to a proper recycling center. 
Why not just give it to a battery recycling location?
That's what I just said I was going to do. 
For the same reason you wanted it out of your house you should not bring it into any other building in its current state. It should be fully discharged. Put it in a small plastic container with just enough water to cover it and put in a half teaspoon of salt. Let it sit outside for a day in the saltwater. Then rinse it with fresh water. At that point you ca.n take it anywhere you want.
I would like to think that locations that accept batteries for recycling have adequate safety measures in place. The batteries they accept are all old, malfunctioning, expired batteries. Its likely 90% of them are bulging in some way.
Bulging indicates it is damaged. So it is a DDR battery. Watch the video till the end. DDR batterys should not be transported or stored with other batteries. Home Depot Lowe’s and Staples apparently all have containers for regular recycled batteries but not DDR batteries
Lawn darts. Better’n tannerite.
That I’d like to see
Like I said, I did some research, and I am NOT going to do that.
"Do not put/store the battery in water."
https://www.ifixit.com/Wiki/What_to_do_with_a_swollen_battery
...
I looked online for instructions on exactly how much salt to add to the water, and I couldn't find one website (reputable looking or not) that recommended putting the battery in any type of water. 
...
So, Oli, if you have a source, please provide a link.
I think I'll order a fireproof & explosion proof LiPo bag to transport the battery.
Same thing happened to the battery in an iPhone 6 I had.
Took it to an Apple shop to have the battery replaced.
They flatly refused to even handle the phone, said it was forbidden by Apple to handle it doing a swap. Apparently really dangerous.
So YOU had to solve a problem that occurred with one of THEIR products?
And you were forced to fix this problem on your own?
On such a moment I wish I live in the USA and sue their pants off.
Take a look at this LINK
The links mentions a cracked screen, which is not uncommon with a bulging battery.
I don’t know your “situation”, but where I live I can go up and down a dozen times to the recycling facility before the explosion proof bag I order arrives at my doorstep.
Yep, but I'm in no hurry.
In this case, I'd rather be safe than quick.
(The potentially dangerous battery isn't going anywhere.) 
To be fair:
They did take care of the phone and sent it to destruction.
They destroyed the phone?
Couldn't they just remove the battery and leave the phone alone?
According to Apples instructions, they were not allowed to do that.
They did offer me to just take it back with me.
But I was just glad to get rid of it.
(Opening up an iPhone does put stress on the phone and battery, and I wasn’t that interested in taking the risk myself.)
Okay, I didn't know that.
I have an inexpensive, but nice for the price, android phone, and removing the battery is no big deal for my phone.
iPhones are sealed units glued together, so opening them up normally includes both force and heat.
Not something for the faint of heart close to a dodgy battery…