How to Sell Bitcoins?
Bitcoins are a form of digital currency that is not controlled by any centralized
administration or authority. The whole process of rising and fall of the prices of Bitcoins
depends on the bitcoin miners.
It is a highly volatile investment due to the unexpected changes in its value, which can
easily be driven by investors who hold a large number of bitcoins with them.
As we all know, for owning bitcoins, you need to have a bitcoin wallet where you store
the cryptocurrency you own. Bitcoin is not any tangible asset, so to influence a rise in its
price, it is necessary to transfer them, convert them, or use them for buying or selling of
any product or service.
How to sell a bitcoin, where to sell bitcoins, when to sell bitcoins, or can you
sell bitcoins for cash are popular questions people generally ask. Exchanges are a
one-stop solution for digital trading currencies in today’s market.
Exchanges like Coinbase, Coinnama, Binance have become the top choices for selling
and buying bitcoins and other cryptocurrencies.
The essential requirement if you would like to sell bitcoins is to acquire them first. Set
up a bitcoin wallet and connect it to an exchange platform. Most reputed exchange
platforms require you to verify your identity by requesting various personal
identification documents like driving license, Social Security Number (SSN), and many
others. Then, store up bitcoins for trading them.
There are many ways to sell bitcoins, just like buying it and sending or receiving it. Let’s
explore the options to know which one suits you best.
#1 How to sell bitcoins by direct trading
It is one of the fastest ways to sell bitcoins or any other cryptocurrency. This method is a
direct trade between two people. The websites for direct trading allow you to check from
many listings to find the best pick for yourself.
At first, you need to register yourself as a seller and verify your identity. Then, you can
post an offer indicating the number of bitcoins that you would like to sell along with the
preferred payment method.
If a buyer shows interest in your offer, you will receive a notification from whereon, and
you will be able to interact with the buyer one-on-one. The websites that offer the
feature to trade directly with another person might sometimes be time consuming and
lengthy. The most trusted websites for direct trading are Coinbase, BitStamp, Binance,
LocalBitcoins, and Bitfinex.
#2 Peer-to-peer trading
The peer-to-peer (P2P) trading option needs you to first sign up to one such platform
which supports P2P services. Then the buyer or seller each can post their requirement
mentioning the requested price, and a location for the exchange. It is a direct interaction
between the buyer and seller in this process.
People indulging in P2P business often take advantage of arbitrage, which means it buys
bitcoins at a lesser price and sells it at a higher rate.
There is no identification required for peer-to-peer transfers, and thus, it is preferred by
people who like to keep trading private or reserved. It is difficult to track such
transactions as they are often in small amounts. The degree of safety is comparatively
lesser in this method, so it is advisable to do ample research before proceeding with a
deal.
#3 How to sell bitcoins for cash
Selling bitcoins for cash are mainly done with the help of bitcoin ATMs. Bitcoin ATMs
are mostly similar to the traditional ATMs we use for depositing or withdrawing money.
These ATMs are connected to the internet, wherein you can both buy and sell bitcoins.
However, transactions at these ATMs incur a hefty fee, which is much higher than the
other options.
The registration for Bitcoin ATMs generally takes a long time to be processed, and it can
be time-consuming for first-time users. For some machines, users also need to register a
phone number to activate it and receive notifications, a government-approved ID, and
even a photo of the owner.
Once the identity is verified, you can proceed to sell bitcoins using these ATMs. You are
assigned a QR code and a wallet address. After completing a sales transaction in these
ATMs, some machines allow you to directly withdraw funds while some generate a code.
If you receive a code, you need to wait for the transaction confirmation and then
proceed to withdraw funds.
While some countries do not allow the installation of bitcoin ATMs, some require you to
have a money transmitter license to be permitted to make transactions from these
ATMs.
#4 How to sell bitcoins for USD
One thing people often search online is how to sell bitcoins using for USD. It is
simple and easy if the account is already activated to receive funds. If you already have
an account with PayPal, follow the below instructions-
● Choose ‘from Bitcoin’ and ‘to PayPal’ from the front page of the site
● Now, enter the number of bitcoins that you want to exchange for US dollars
● You will now need to enter the e-mail address that is synced with PayPal
● You have already been assigned a unique bitcoin address, click on ‘start exchange’
to send the bitcoins to your address
● The amount is deposited in your PayPal within a matter of time
In case there is any dispute, you can always reach out to the 24x7 toll-free customer
service number for PayPal.
Conclusion
With the growing popularity of bitcoins, it is a great idea to indulge in trading it to earn
more money. But it is vital to keep in mind the various safety measures while carrying
out any transaction or trades.
As we all know, bitcoin exchange platforms are transparent, and anybody can see the
transactions and movement of bitcoins between people. When you put up an offer on
any of these exchange websites for selling bitcoins, you are also letting the potential
hackers know that you have a substantial amount of bitcoins with you at the time.
Using a secure and encrypted connection is primary to not compromise on the security
of your investment. Do not miss to enable a login password, a two-factor verification
method, and verify the buyer before accepting or making any payments.
Most importantly, read and research more about the fraudulent activities that have
happened or can happen to get an idea about the necessary precautionary methods.
I hope this article was useful to know about the various ways to sell bitcoins.
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