When encountering a dog for the first time, is it a good idea to extend your palm?

I remember hearing that at some time. I have tried it and so far it has worked okay. I can remember one time when a dog was barking angrily at me. I extended my palm. The dog stepped forward and sniffed it, and then stepped back and resumed barking. The dog’s owner said the dog did not get along with strangers. What I found interesting is that the dog did not try to bite my hand.