“What is the right way to sell Bitcoin? This is one of the common questions that people who are interested in getting into cryptos ask. It is important because getting your funds out there is as important as any other investment.
Selling your Bitcoins is not so much different from buying, only that it happens in the reverse. For you to be able to sell Bitcoin, you must have them in your wallet. Once you have Bitcoins, whether from a previous purchase, mining, offered as a gift, or paid for product sales, there are a number of methods that you can use to sell them. Below are the most popular:
Although using exchanges comes with a number of disadvantages, they provide a one-stop solution when it comes to Bitcoin trading. The exchanges act as middlemen between the seller and buyer.
To use an exchange, the first step is identifying the preferred platform and then setting up an account. Most reputable exchanges, from Binance to Huobi, will require you to provide verification, and link with a bank account for cash withdrawal. When selecting an exchange, ensure that it supports transactions in your location.
Once you have created an account and transferred BTC into it, selling is as simple as placing a sell order. Then, the transaction is executed at the market price. Make sure to factor in the transaction charges when selecting an exchange.
Direct Trades (Person-to-Person)
If you do not want to use an exchange, it is possible to sell directly, either online or in-person. You can do this in a number of ways:
- Online Peer-2-Peer Selling: This method involves using specialized platforms that allow buyers to post listings with desired prices and preferred payment options. Then, the platform provides instructions for the seller and buyers to follow to ensure that the asset is transferred.
- Face-to-Face Transactions: If you want to sell BTC to a friend or close family members, it is possible to meet and complete the transaction. However, you will need to have a crypto wallet and basic understanding of how BTC works. You should also follow the market trends to understand the latest BTC prices.
Use BTC ATMs
Although they look like the standard ATMs, they operate differently. They are connected to the internet to help facilitate Bitcoin transactions. When you visit a Bitcoin ATM, you are required to scan the wallet QR code and then sell BTC for cash. However, you need to appreciate that Bitcoin ATMs have very high charges.