Want to sell the Bitcoins that you have but don’t know how to do it? Well, don’t worry. Selling Bitcoins is not as direct as buying them. Here, I am going to guide you through the steps you can sell Bitcoins.
One of the best and the simplest ways to sell Bitcoin is through exchanges. Exchanges provide a one-stop solution to trading Bitcoins by acting as the middle man who holds the funds of both buyer and seller.
You have to set up an exchange account. There are many exchanges that you can pick from, such as Coinbase, Gemini, and Coinmamma, paxful among others. Identification verification and link to the bank are usually required while setting up the account.
Now, follow the website’s instructions to sell your coins. Usually, as for Coinbase, transferring your Bitcoin to the exchange wallet is required. You can now cash out the funds into your bank account if you sell your Bitcoins for fiat money. Or, you can place a sell order to sell your coins at the current market rate, or at a specified figure.
Withdrawing money to your connected bank account takes a certain time, as specified by the exchanges during the transaction.
You can also sell the coins for another cryptocurrency through such cryptocurrency exchanges.
However, in order to make an exchange, you will need to pay the fees assigned, which depends upon the currency exchange platform that you are using.
To make a direct sale, you need to register as a seller on certain platforms that provides this option. Some of the platforms include BitQuick, LocalBitcoins, BitBargain, among others. Identity verification is required in such platforms too. Now, you can post your offer of Bitcoins along with the price. You will be notified if a buyer is interested in your offer.
You can also decide to sell Bitcoins directly by sending your Bitcoins to the receiver’s wallet and receiving cash or mobile payments. But, it is recommended that you perform such transactions with only someone you trust.
P2P Trading Platform
Peer-to-peer (P2P) trading platforms bring people with different but complementary needs together to make a Bitcoin transaction.
For example, if you want to spend your Bitcoins to buy goods from places, where digital currencies as a form of payment are restricted, you can make a P2P trade with someone who wants to buy Bitcoins with their credit card. In this way, you get the product that you required and the other person receives the Bitcoins.
Although not widely available, a few specific Bitcoin ATMs offer users the ability to sell Bitcoins. Here too, there is a requirement of identity verification as an obligation before making any transfers. You will either receive cash or a redeem code from the machine in exchange for your Bitcoins. However, the charge of transactions is usually high in such ATMs.