Bitcoin is a virtual currency that can act as a form of payment, and is the most well-known cryptocurrency in current times. It is known to be free of any intermediaries nftsdaily.io/trading-robots/, and can be sent by users on a peer-to-peer network. Bitcoins have gained massive popularity among investors in past several years and is continuing to expand in every possible way.
Buying bitcoins would be pointless, if we are unable to sell them when required. If you have a lot of capital stuck, it could be annoying to not being able to enjoy the benefits. Therefore, having a good understanding of how to sell your bitcoins is very vital, and to help you achieve that we have carefully designed this mini-informative guide.
There are multiple ways that you can make use of when it comes to selling your traded Bitcoins. This informative article discusses four most-common ways of selling bitcoins that are exchanges, P2P trades, ATMs and in-person trades.
- Through Crypto Exchange Platforms
One of the easiest ways to sell Bitcoin is through an cryptocurrency exchange platform. Such platforms support buying and selling cryptocurrency. It acts as a middleman, holding buyers’ and sellers’ funds. Choosing the right exchange platform plays an important role when it comes to selling Bitcoins.
Considering various factors like security, accessibility, coins offered, fees, etc, one can decide which exchange is best for them. After they have decided which exchange is most suitable for them, they need to follow a few steps in order to sell bitcoins.
- The very first step is to create an exchange account where you will be required to complete a KYC (Know Your Customer) process for the complete account process. Once your account is set up, created, you will then be asked to link your bank account.
- As the second step, you need to transfer your bitcoin to your exchange wallet.
- The third and the last step would be placing a sell order, stating the type of currency you wish to exchange, the amount and the asking price per unit.
Withdrawing credited funds can take a long time since some banks might refuse to handle transactions involving funds received through bitcoin trading. Your focus should also be on checking the withdrawal rate of your chosen platform. It is vital to remember that, despite offering wallet services, cryptocurrency exchanges are far from safe or reliable, and are vulnerable to hackers.
- Through Online Peer-To-Peer Network
Unlike exchanges, peer to peer marketplace allows you to sell cryptocurrencies directly with other users using your preferred payment method. The platforms help you find suitable buyers. It is a better option if your priorities are freedom to choose a preferred payment method, minimum interference, privacy and protection from fraud. Also, it offers greater anonymity than exchanges.
- Through Bitcoin ATMs
Cash is obviously the best choice if you are looking for safest solutions. Bitcoin ATMs are like regular ATMs that let you withdraw cash directly if you enter your bitcoin wallet address. Not all bitcoin ATMs offer buy and sell functionalities, and they charge high transaction fees. Also, they demand higher dependency and if there are no ATMs nearby, it will be tough to keep up with the fast-moving crypto market if you ever relocate.
- Through In-Person Meetup
If you hand over the cash to someone and in return they send you bitcoins online, or provide you access to a wallet of coins, it becomes the safest way to trade. There are also establishments in various parts of the world where you may purchase and sell bitcoins for cash. It is critical to use utmost caution while engaging in in-person trading with a stranger because it can turn out to be dangerous.
From institutions to individual investors, everyone is interested in cryptocurrency trading these days. There are various platforms such as Bitcoin Era through which people start their trading journey with a lot of hope, and when they come across selling the bitcoins they have collected, there are several means by which it can be done. However, deciding when to actually sell your bitcoins is a different subject that demands extensive knowledge and experience.