Have you bought Bitcoins? Are you wondering how you can sell your Bitcoins? Simple, just read this blog post!
Selling Bitcoins is not as easy and straightforward as buying them. If you want to sell your Bitcoins, you need to know all about it. There are three online ways in which you can sell your Bitcoins. These include an exchange, direct trade, or a peer-to-peer transaction. When it comes to offline ways, you can sell Bitcoins in person or you can withdraw money via a Bitcoin ATM.
Exchanges are a great way to trade Bitcoins even if they have many drawbacks. Exchanges act as intermediaries since they have funds of both sellers as well as buyers. When using an exchange to sell your cryptocurrency, you first have to make your account on any of the exchange you prefer. There are a lot of trustworthy exchanges that ask for full identity verification, along with a linked bank account for withdrawing your funds.
- Direct trades
One of the other ways to sell Bitcoins is through a direct trade with another person. You can use this service on websites, which are generally linked with exchanges and have an intermediary that simplifies the connection.
For this, you need to make an account as a seller and verify your identity. Then, you can post your offer of selling Bitcoins. When someone wants to trade Bitcoins with you, you will receive a notification from the website and then you can directly interact with the buyer.
- Online P2P trading
Peer-to-peer trading is quite new in the world of Bitcoins. In this, no direct fund exchange takes place. Rather, P2P trading websites bring different people together so that they can benefit from each other. These people include those who want to purchase Bitcoins using their credit cards and the ones who want to spend their Bitcoins for purchasing goods from places where digital currencies aren’t accepted as payments. There are many websites that provide this service to users. These websites have an escrow service as well as a wallet for storing Bitcoins.
- Bitcoin ATMs
Bitcoin ATMs look like conventional cash machines, even though they don’t work in the same way. These ATMs are connected to the Internet instead of the bank account of the user so that they can make transactions using Bitcoins.
Bitcoin ATMs accept money in cash and move it to a Blockchain wallet or change the money to Bitcoins, which are given in the form of a paper receipt that has a QR-code. These ATMs generally charge a high transaction fee, as high as 7%.
- Selling in person
For selling Bitcoins in person, you just need to scan a QR-code on another person’s phone and then you can get cash instantly. If you’re selling your Bitcoins to your relatives or friends, you can just set them up with an online Bitcoin wallet, send them the Bitcoin amount you want to sell, and get your cash.
So, these are the five ways in which you can sell your Bitcoins if you want to. However, I would suggest you hold onto your Bitcoins for some more time as they might get more valuable over time. Better than regretting later on!