There are so many things that must be understood when it comes to cryptocurrencies, especially if you’re relatively new to this. If you’ve decided to invest in cryptocurrencies, then you should get your facts straight regarding the purchase of Bitcoin.
Besides that, you should also gather as much information as you can when it comes to selling it. So if you’ve recently purchased a certain amount of bitcoin, and you’re not sure how you can sell it, don’t worry, there are a plethora of options out there.
Nowadays, there are lots of people who are interested in cashing-out their bitcoin, which is why this article is here, to show you all your options related to this topic. Let’s see and uncover the best ways to sell it.
1. Create An Exchange Account
One of the easiest ways to turn Bitcoin into money is to make use of the exchange platform. Namely, they act as a mediator for the decentralized cryptocurrency by selling Bitcoin for you.
There are lots of reliable and reputable platforms on the market, however, possibly the best one is Coinbase. If it doesn’t seem like the best option for you, then you can always select another line, like Bitfinex or Bitstamp.
As far as Coinbase is concerned, it’s really easy to set up an account, however, there are some hurdles along the way that you will have to jump through. Depending on the country you’re coming from, you will have to obey certain rules.
For instance, the website will ask you to send some ID forms. Now, this isn’t anything that’s too complicated, however, it does take a couple of days to process. If you sign up for this website, you will have better control over the sale.
2. Determine A Currency You Want To Cash Out In
What are your options in this case? If you’ve decided to leverage crypto, then you should opt for the currency you utilized to purchase the crypto. For instance, if you bought Bitcoin with EURO, then you should sell it for EURO as well.
On the other hand, if you want to cash out by using a different currency, such as USD, then you should look for a cryptocurrency exchange that trades USD and go there to trade.
3. Transfer The Coins To The Platform
If you’ve successfully created an account on a certain platform, now is the time to transfer the coins. You can either transfer your coins from the exchange wallet into any digital platform wallet on the crypto marketplace.
Now, before you do so, just make sure that you are utilizing someone who is reputable and reliable (this refers to the vendor), meaning, that it’s somebody who doesn’t have any problems with the safety or security of funds in their possession.
This is of huge importance and something you should always keep in mind, because if something negative occurs once you transfer the coins, you will not have enough resources for recovery.
4. Place A Sell Order
If you’ve decided to use Coinbase for this purpose, then you will quickly realize that it’s not difficult at all to make a sale. All you have to do is click on Buy/Sell from the menu and then go straight to the Sell section.
Then you should click on Bitcoin since this is the currency you’ll be choosing, and then just make sure the proper destination is chosen for the funds in the Deposit To department. If your bank account is linked to your account, then you will be able to choose it there for a direct transfer.
Furthermore, now you should check the connected wallet to see the amount of Bitcoin you have and then pick the amount you wish to sell.
5. Direct Trades
If you want to be more involved in the trades that you are currently part of, then you should opt for this alternative. What’s great about it is the fact that it provides you with more control during this whole process and allows you to choose how much to sell.
First, you will have to set up an account and then register as a seller and then once again deal with that whole identity verification process that is similar to the one that you’ve experienced on an exchange platform.
Once you’re done with it, you will have to accentuate that you want to sell some Bitcoins, and then at some point, potential buyers will contact you if they are interested. During this process, you will only be communicating with the buyer, there will be no third parties.
6. Face-To-Face Transactions
Another simple way of selling your Bitcoin is precisely through face-to-face transactions. There are lots of people nowadays who simply want to meet up in person and then sell their own Bitcoins.
Now, if you’re considering this option, then it would be recommendable if you understood how to send your Bitcoin and deal with the platform or crypto wallet. Bear in mind that the value of Bitcoin constantly changes, hence, it would be smart to get yourself familiar with the price (at the time you’re selling it) before you meet up with anybody.
A majority of traders employ rates from reputable exchanges. Moreover, you can always rely on services like Cointelegraph’s Bitcoin Price Index to reveal the newest price of the crypto asset. In various countries, you can go to shops to perform this exchange.
7. What About ATMs?
Another great way to sell your Bitcoins is via Bitcoin ATMs that can be found in a lot of different places in the world. Now, before you choose this option, make sure to see if it’s available in the area you live in.
Moreover, this service lets people deposit their money into a machine and then get the same amount of bitcoin in return. Remember that some machines have daily withdrawal limits, while there are those that demand verification from a team member of the ATM’s owner.
If you’re a newbie who isn’t too familiar with this whole crypto scene, then things may seem a bit confusing at the beginning. That’s precisely why you should carefully go through this article to get all your facts straight.