One of the many questions people ask before investing in Bitcoin is — “How do I sell my Bitcoin.” Well, this is expected, as getting your profit out is equally as important as investing your money.
Selling Bitcoin is quite similar to purchasing Bitcoin. So even as a beginner, you shouldn’t find it difficult to sell your Bitcoin. To sell Bitcoin, you sure must have a fraction of Bitcoin stored in your wallet for sale.
There are several ways to go about selling your Bitcoin once you’re ready to take profit. You can use a variety of methods which include the use of online crypto exchange, Bitcoin ATMs, and direct peer-to-peer (P2P) transactions.
Using Crypto exchange
Even with their obvious drawbacks, crypto exchanges are a one-stop-shop all solution as regards buying and selling of Bitcoin. Exchanges basically act as an intermediary between buyers and sellers of digital currencies.
To make use of crypto exchange, you must first register and set up a trading account with an exchange of your choosing. You can then complete the verification process and have your bank or debit and credit card connected. You won’t need to go through the above processes if you initially bought your Bitcoin from the same exchange. Just be mindful of the restrictions that apply to bitcoin investment in your region.
Once you’ve set up your trading account, you can then transfer your bitcoin from your personal wallet. However, if you have your Bitcoin stored on the same exchange, you can just proceed to place a sell order. Simply place a sell order, and input the fraction of Bitcoin you wish to sell. The exchange will automatically complete the transaction immediately if someone matches your offer.
After you’ve received the funds in your account, you can make withdrawals to the bank connected to your crypto account. Bank withdrawal usually takes a couple of days to be approved and completed. You should also be mindful of the withdrawal fees charged by your exchange on each withdrawal.
Direct trades/Person-to-Person (P2P)
Direct trading is also another method you can use to sell your Bitcoin. Direct trading involves setting up a meeting with another entity either in person or online to sell your Bitcoin.
Online P2P selling
Online P2P selling of Bitcoin is achieved using specialized exchange platforms. In fact, some specific products for popular exchange are made available to facilitate these transactions. These platforms essentials set up a virtual meet online between seller and buyer to trade Bitcoin for cash
These platforms serve as escrows to provide some level of security for both parties and ensure the transfer of assets is completed.
Another possible method is the direct trading of bitcoin in person. Several crypto platforms also help facilitate selling BTC for cash in person. Each party meets up and completes the transaction at an agreed rate.
To be able to sell your bitcoin in person, you need to fully understand how to work your way through a crypto wallet or platform. This will help make transactions go smoothly.
Bitcoin ATMs look exactly like conventional fiat machines, but they are not actual ATMs in the conventional sense of things. This is because Bitcoin ATMs don’t connect to users’ bank accounts but are connected to the internet. The Bitcoin ATMs’ connection to the internet then helps to facilitate transactions.
Bitcoin ATMs at the simplest allows users to scan their wallet QR code and then sell their Bitcoin for cash. Bitcoin ATMs are found all over the world and their specific locations can be found on the internet. Although a major drawback to using Bitcoin ATMs is the high transaction fees compared to other methods.
Choosing the Best Method to Sell Bitcoin
Frankly, there is no “best” method to sell your Bitcoin. Each of the methods explained above is ideal for specific circumstances and situations. Hence, we advise you to always choose a method that best suits your current situation, and offers the easiest way to sell your Bitcoin. You can click on the 1kdailyprofit.app to learn more about bitcoin trading.
For instance, if you’re well versatile with the technicalities of crypto exchange platforms, it’s best you sell your Bitcoin through them. On the other hand, if you’re more security conscious, and want to avoid scams, you should opt for online P2P or Bitcoin ATMs.
Regardless of your situation, you’re sure to find a method that best suits your current situation.
Depending on your level of experience, you find one method to be more tedious and complex than the other. But whichever method you use, ensure the entire transaction is safe and secure to protect yourself against frauds.