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How to Sell Bitcoin?

BitForex Editor
Sep 23, 2020

With the consistent rise in Bitcoin, investors are having a field day reaping huge profits as the numbers climb. However, of what use is having the profit on a digital screen and not knowing how to cash it out.

Cashing out your Bitcoins is really easy, but the options aren’t that obvious as buying them. If you have Bitcoins and wish to sell them, this article will give you all the options you need to enable you to sell it as easily as you bought it.

Some ways of selling Bitcoins are online, via an exchange, P2P transaction, ATM withdrawal, direct exchange, or in person. It all depends on where you are what is accessible to your region.

Exchange Platforms

This is the number one way to turn your Bitcoin into hard cash. These platforms act as middlemen between the crypto platform and the bank. They do charge a token but you have a guarantee being that your money equivalent will be in your bank account in 24 hours. Now, exchange platforms do not come without disadvantages but their advantages outweigh the cons.

To start, you need to register with a recognized and reliable exchange of your choice. Next, you need to verify your email and activate a 2-factor authentication of extra security. Add your bank details, and whatever requirement the platform requested. All details are verified and an email sent to confirm the process.

To sell your Bitcoins, you collect a wallet address from the exchange platform, go to your Blockchain account, paste the wallet address, and transfer the amount of Bitcoin you intend to convert. The transfer should be in your exchange wallet with minutes to 24 hours.

When the fund reflects in your account, you withdraw them for the current selling rate to the attached bank account. This is usually a swift process but could be longer. Although exchanges are common they are not the most secure platform to sell your Bitcoins. They are prone to hackers and some banks can withhold the money if it is too large until further verification is presented. Commonly used exchange platforms are Coinbase, Bitstamp, and Kraken.

Peer-to-Peer Trading

P2P trading is relatively new but very effective for people looking to sell their Bitcoins. Just like exchange platforms, there is a risk if you do business with a bad person. These peer to peer exchanges are usually done via digital platforms that connect sellers and buyers together.

The website acts as the escrow service where you can store the Bitcoin while you look for a buyer with a good rate to sell your Bitcoins. The platform works like this. If you have Bitcoins to sell, you post it on the platform with the rate you want for it. When a buyer that can offer that price is interested, they get connected with you and your talk about the deal and close it if it suits you.

When the deal closes, you can withdraw them into your savings account, but the process is sometimes tedious and includes some charges.

Bitcoin ATMs

Bitcoin automated teller machines are relatively new but offer security and safety to selling your Bitcoins. In fact, they are so easy; it is like walking to a regular ATM to withdraw money but facilitates Bitcoin transactions. Bitcoin ATMs can accept cash into Bitcoin or vice versa. Although the machines make selling Bitcoin easy, they are not very common and the transaction fee is absurd. Furthermore, most Bitcoin ATMs are designed to help you to convert and transfer Bitcoin to your wallet.

Bitcoin ATMs offer buying and selling services are Robocoin, Satoshi2, BitAccess, and others. Users that intend to use this method must have an account and various verification processes make this difficult but otherwise, it is secured and tiring. When your identity is confirmed, a QR code is provided with a wallet address where you send the Bitcoins.

Depending on the service provides your Bitcoin is immediately converted to cash. You are given another code that you can use to collect your money once the transaction is confirmed. Overall, Bitcoin ATMs are good, but the process is long and not for the faint-hearted.

Direct Exchange

This involves exchanging your Bitcoin with another person for cash. The process of selling on these platforms involves registering yourself as a seller, verifying your identity, and be honest in all your dealing. When there is an offer for you, the site sends you a notification about the buyers who want to exchange, and you make it happen. These sites are affordable but require some patience.

Private Sale

If you have a circle that sells and buysBitcoins, you might want to deal with them. Private sales are free, convenient, and highly secure. It depends on trust, as friends and family are the buyer or seller in this transaction.

It involves selling your Bitcoin to the one with cash to offer immediately your transaction is confirmed.

These are some methods to sell your Bitcoins for cash. Remember to know the current price before selling, as fluctuation is real with cryptocurrency, and it can happen immediately. Selling Bitcoins Peer to Peer or at your local Bitcoin meet are the two most secure ways to sell your Bitcoin.

We are not in any way discrediting other platforms most if security and quick fish are your requirements, the above will provide such for you. Remember to take a friend along when dealing with another person at such meeting.

About BitForex:

BitForex is an exchange service platform that can be classified as one of the Top 10 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.

BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts,  derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.

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