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Knowing how to trade bitcoin is good, except that it doesn’t allow you to use the profits you get – and that can be discouraging if you have a lot of money tied up. To simplify the process, this article will show you how to sell bitcoins. There are a few good ways to sell bitcoin.
Whether you want a quick and easy process (like selling and exchanging) or a slow but private process (like using a peer-to-peer market or a bitcoin ATM), we’ll show you how to sell bitcoin. Key points to remember:
Choose an exchange for basic bitcoin transactions.
Sell bitcoin in four ways: exchange, P2P transaction, ATM or human transaction. Withdraw your money in cash, transfer it to your bank account or through a third party platform.
Check the transaction fees for the system and services you use. Although there is a lot of information about what bitcoin is and how to trade it, you need to make sure that you can sell it. It won’t be difficult – selling and changing only takes four steps – but there are many ways to do it, depending on the priorities.
There is also a difference between selling and withdrawing your money. The sale turns the cryptocurrency into fiat money, but you have to withdraw it to put it in a bank account or convert it into cash. We’ll go over both, so you don’t get stuck halfway through your fundraising process.
Start: Before selling Bitcoin
To start bitcoin, you need three things: an exchange, a crypto wallet, and know how to buy cryptocurrency. The last one is easy in our guide on how to buy bitcoin, but the other two are still important.
The exchange allows you to buy bitcoin from sellers, and the wallet gives you a place to store it for a long time. When choosing an exchange, you should look for one with more staff, good customer support, and lower fees.
The three most popular exchanges with newcomers are Coinbase, Robinhood, and Binance. However, nothing binds you to the exchange, so you can try new ones and change quickly at any time.
On the other hand, wallets can be more complicated. A “cold wallet” – a physical device that holds cryptocurrencies offline – has a high value up front, but a “hot wallet” – software that stores your coins on a computer – does not .
However, since small wallets are good for short-term storage and are free to set up, it is good to start with them. Set up a bitcoin wallet
If you plan to buy a lot of bitcoins, you will get a dedicated wallet to put it.
These are generally more secure than most exchange wallets, but there will be transaction fees every time you transfer money into or out of this wallet. You need to choose the type of wallet to get.
We will focus on hot wallets, but even then, you should make sure that you check the one you choose, so that you don’t lose all the money invested in a security breach or fraud.
How to sell bitcoins? Many solutions
If you have arranged everything, bought a few coins, waited for the price to rise, and now you want to sell your bitcoin, the first obstacle is how to sell it. There are different ways to sell bitcoins, each with advantages and disadvantages. So, you have to decide which one is best for you before proceeding.
Exchange is the easiest way to sell bitcoins. Trading is almost instant, you can get new information as you trade, there is a small chance of success, and you probably already have a trading account where you buy the part first.
However, change is not the best thing for everyone. In order to keep the project going, it has to charge, so it’s not always cheap. It will also limit you to certain payment methods, and there will be some kind of central agency that monitors transactions – exactly what many cryptocurrency users are against. P2P online shopping
Instead of doing the work for you, peer-to-peer (P2P) exchanges allow you to choose your price, and the platform helps find a buyer willing to pay. The two parties then decide between themselves how to pay. You can sometimes do this on-site – often called instant transactions – but you’ll need to use a separate bank transfer.
P2P trading allows you to sell cryptocurrency without the limits of exchange. That means you can make a bank transfer, send a gift card to a popular online store, exchange money in the real world, or even send an expensive painting if that’s what you’re after. wanted; as long as both parties agree to be in a P2P market without limiting payment methods.
There are a few issues with this, like what happens if the buyer doesn’t pay, and peer-to-peer marketing will still have information about who you are. However, this is still a good step if freedom of choice and minimal interference is your priority while you still get things like escrows to hold bitcoin to protect against fraud.
Bitcoin Trading Machine
Good change is good, but if you want to avoid the bad guys, money is the way to go. Obviously, you can’t withdraw money from your PC alone, but there is a device called a bitcoin ATM that allows you to do just that.
Just like regular ATMs, these machines allow you to enter your bitcoin wallet address and withdraw money. Although it is not impossible, it is difficult to find more than a wire transfer. You can also buy bitcoins using these ATMs. So if it’s close, you can prevent someone from finding out what you’re buying.
However, you depend on having someone close to you. This makes it difficult for many people to use bitcoin ATMs, and since you can’t always count on one being nearby if you move, your transactions will be delayed for a long time. rapid market movements.
In fact, if you really want to stop people from following you, do business on your own. You give the person money and they give you access to a wallet or send you bitcoins online. Once that’s done, it’s harder to get information than even a bitcoin ATM – as long as the other party doesn’t tell anyone
. However, there is no option to get escrow in real life – or rather, if you do, it will completely defeat the purpose of keeping it from someone else. Because of this, bitcoin transactions in person are more dangerous than any online exchange, you should be careful if you choose this option. A step by step guide to selling bitcoin
Now that you know your options for selling bitcoins, let’s go over two ways online. To get started, you’ll need an account with the exchange you want to use and some bitcoins in an exchange wallet to sell. Sell Bitcoin through an exchange
Moving on to exchanges is the fastest and easiest way to sell. This is because cryptocurrency exchanges work hard to set a good price and find someone who doesn’t want to buy bitcoin at that price. For this example, we will use Coinbase, but many crypto exchanges have a similar process.