Bitcoin is currently one of the most popular and trending industries. Many people have profited in recent years, and many more are impatiently awaiting their chance to join this ecosystem.
One of your close aides, friends, or family members has given you some Bitcoin! You’ve just found that the price of bitcoin is at an all-time high, and you’d like to sell it for cash!! Your Bitcoin is stored in either a hardware wallet or a desktop wallet.
On a peer-to-peer basis, you bought bitcoin from someone you know firsthand. You’ve decided to put it up for sale on the open market.
Alas!! You don’t know how to sell it!!
How To Sell Bitcoin?
For exchanging Bitcoins, exchanges are a viable option. To begin, create an account with a trading platform that matches your needs. The bulk of the most popular exchanges need complete identity verification. Additionally, you must have linked bank accounts to withdraw funds. Transfer your bitcoin from a cold wallet to an exchange wallet.
Simply navigate to your exchange -> marketplace. Make a “sell” offer and specify the currency you’d like to sell. Its size and the price per unit you’re asking for. Once someone accepts your request, the exchange will assist you in closing the deal.
The monies are credited to your account after the transaction is completed successfully. After that, you must transfer them to your linked bank account.
It’s also crucial to evaluate the fees you’ll have to pay to use specific exchanges.
In addition, most exchanges will have a limit on how much money you may hold. If you are a regular trader on a particular business, your limit will rise over time.
Finally, not every exchange is a safe and secure place to keep your money. They are subject to hacker attacks, and there have been cases of exchanges being hacked in the past. However, there are also exchanges with the highest level of security. As a result, you should safeguard your cash and keep any funds that aren’t needed in a secure offline wallet.
Best Cryptocurrency Exchanges can help you identify the best exchanges.
Direct trade with another person is another way to sell your Bitcoins. This service is available on exchange-related websites and involves an intermediary who facilitates the connection.
To begin, you must first enroll as a vendor. You will have to thoroughly authenticate your identification in addition to setting up your profile. You can publish an offer once you’ve registered, expressing your want to sell Bitcoins. When a buyer wishes to trade with you, the service sends you a notification, and you only deal with the buyer up until that point. The website is just used to complete the transaction.
On some of those sites, selling Bitcoins can be a lengthy and complicated procedure. So, before deciding on a trading platform, do your homework and make sure you have the time and patience necessary.
Coinbase and LocalBitcoins are two websites that provide direct trading options.
Online P2P trading
If you don’t want to wait three days to convert your Bitcoin to cash, consider using a peer-to-peer selling network like LocalBitcoins. You can specify which payment method you wish to use when selling Bitcoins to other people on some exchanges.
You can meet with a local buyer who will pay you in cash for your Bitcoins.
The peer-to-peer service is aimed to help both users who want to buy Bitcoins with their credit card and those who want to spend their Bitcoins on items from places that don’t accept digital currencies as payment.
As a result, the former will have their flat currency converted to BTC, while the latter will purchase products. The website provides users with a transaction escrow service as well as a wallet to hold Bitcoins.
The following is how it works:
John wishes to buy one Bitcoin. He’s from the United States, and he’s looking for sellers in his nation. Mike notifies John that he is selling 1 Bitcoin for a reasonable price and accepts bank transfer as a payment method. Mike agrees to John’s request for one Bitcoin.
Mike entrusts his one Bitcoin to the escrow service. The Bitcoin will be held until John sends the funds to Mike.
Mike releases the Bitcoins from the escrow as soon as John deposits the agreed-upon sum into his bank account, and they are sent to John’s account.
All of the services above are centralized web platforms. To use these services to sell Bitcoins, you must first verify your identity, which takes away the anonymity of Bitcoin trading. Furthermore, once you’ve sold your BTCs, you’ll need to withdraw them to a bank account or a credit card. This procedure will take a long time and cost money. As a result, many people choose to trade offline.
P2P (peer-to-peer) selling is risk-free. Seamsters, on the other hand, must be avoided. Because of their escrow service, exchanges like LocalBitcoins provide a high level of security. This will retain your Bitcoins locked unless you receive confirmation from the buyer that payment has indeed been received.
Bitcoin ATMs are not the same as regular ATMs. Rather than linking to the user’s bank account, they use the Internet to conduct Bitcoin transactions.
Bitcoin ATMs receive cash and exchange it for Bitcoins in a paper receipt with a QR code or by transferring the funds to a Blockchain wallet. Typically, they levy high transaction costs – some reports claim prices as high as 7%.
Furthermore, they are pretty tricky to discover. The Bitcoin ATM map shows the location of the majority of Bitcoin ATMs.
Just a few Bitcoin ATMs have two-way operations, allowing users to buy and sell Bitcoins simultaneously.
Some Bitcoin ATM operators require customers to provide an existing account to conduct selling activities, and the registration process takes a long time, energy, and effort. Newcomers, for example, must supply a phone number for registration and notifications, as well as government-issued identification, a finger scan, and the most recent photo taken by the ATM’s camera.
Selling Bitcoin In Person
It is relatively simple to trade digital currency in person. Simply scan a QR code on another person’s phone to sell your Bitcoins and receive cash on the spot. If you’re selling to friends or family, you’ll need to set up a Bitcoin wallet for them, send them the required amount, and then collect your money.
However, if you’re trading with a random person, you’ll almost certainly have to go through several rounds of discussions about the price, meeting location, and other relevant terms. Furthermore, your safety and the safety of your cash should be taken into account.
Pieces Of Advice For Staying Safe
For individuals who require secrecy and convenience, selling Bitcoin to another person is viable for trading. However, it is critical to check security, mainly when dealing with a stranger via the internet.
First and foremost, you must carefully select a location for the meeting. Both of you should access your online wallets. Therefore it must be a public location with current Internet access. Bringing a friend to the forum is also expected in person-to-person trading, but you must notify the buyer before the meeting.
Take the same care you would if you were carrying a large sum of money.
When Should I Sell Bitcoin?
First, because of the continued market volatility, the price of Bitcoin increased by 15-18% in March. You could think bitcoin is worth selling right now, but keep in mind that it can go much further, possibly even higher than its recent high price.
Furthermore, the crypto market still has room to expand; the market is gradually improving. As consumer protection enhances, you will feel safer as a bitcoin owner. Follow crypto gurus on social media, look for more predictions in crypto forums, and learn from those who were patient and earned more of it than they expected.
I hope you now have a good understanding of how to sell bitcoin!!