Sunny Jain May 28, 2020
Sell Bitcoin with an ease
Bitcoin is a digital currency that can be sent from one user to others without any administrator or central bank. It is a peer-peer network that doesn’t need any intermediaries for the transaction. Bitcoin came into existence in the year 2009. It is an open-source platform that is not controlled by anyone. The purchases made in the Bitcoin are peer-peer fastest transactions with a low processing fee. Selling the Bitcoin is not as easy as cashing it out. To Sell Bitcoin, you can either do an exchange; make a peer-peer transaction or direct trade the Bitcoins.
You can also withdraw your fiat currency using one of the Bitcoin ATM or sell it to any person.
If you want to sell your Bitcoin for cash or ATM, Here are some tips that will help How to Buy and sell Bitcoin quickly.
a) Sell Bitcoin with the exchange:
Despite having all the disadvantages, the exchange is one of the best solutions to cash your virtual currency. The exchange acts as an intermediary holding the seller’s and the buyer’s fund.
To Buy and Sell Bitcoin using exchange you need to set up an exchange account. All the reputable exchanges will ask you for complete identity verification and a bank account to transfer the fund. After opening an exchange account, you need to place a sell offer with all the necessary details like the type of the currency, amount and your asking price per unit.
When someone matches your offer, the exchange will complete automatically. Once the transfer completes, the funds will come to your exchange account. Then you can easily withdraw the fund to the connected bank account. The Withdrawal sometimes takes time if there is an issue with the bank.
One of the crucial factors that you should consider while an exchange is, the exchange of the cryptocurrency is not safe. Although the exchanges offer you wallet, still transfer is not reliable as it is prone to a hacker and the attackers.
b) Direct Trades:
Direct trade is another way to know How to Buy and Sell Bitcoin?
The direct business is selling your Bitcoin to another person via direct trading. Direct deals are usually available on the websites that offer exchanges. It involves the intermediary facilitating the connection.
To sell Bitcoin PayPal, you need to register yourself as a seller.
The registration involves verification of the identity. Once the status is verified, you can post your offer that indicates your intentions of selling your virtual currency. Once any buyer matches your offer, you will receive a notification from the service. After that, you can start interacting with the buyers. The website here acts as a platform to complete the trade. The direct business in the website is time-consuming sometimes. So, it would be best if you do complete research before trading in any platform.
c) Online Peer-Peer trade:
Peer-peer trading is the new features added to the Bitcoins world. In this trading no direct exchange of the fund takes place. Here the websites work as a platform to gather people with various needs.
The online P2P trading provides mutual benefits for the buyers, and those want to spend. You can easily use this platform to buy discounted goods.
d) Sell Bitcoin via ATM:
Bitcoins are not the same as the traditional ATMs. The traditional ATMs are connected to the user’s bank account while the Bitcoins ATM are connected to the internet to facilitate the Bitcoin transaction.
The Bitcoins ATM receives the money in cash and then exchanges it to Bitcoin. The ATM provides the Bitcoin as a paper receipt with a QR code on it. The funds go to the wallet of the Blockchain network, where you can see your available balance. The transaction fees in the Bitcoin ATMs are quite high.
There are Bi-directional ATMs, where you both buy and sell Bitcoin. Selling the Bitcoin in the ATM is a time consuming as it needs much time and effort. Verification in the ATM is a tedious job that involves telephone number verification, government ID verification, palm scan and a current photo. Once the identification is over, then the ATM provides you with a QR code and wallet address to transfer the Bitcoin. After moving the Bitcoin to the wallet address, the ATM dispenses the cash or gives you a redeem code.
e) Selling it in person:
Selling virtual currency in person is the easiest way. It involves two individual who participates in the trade. To sell Bitcoins to any person, you need to scan the QR code on the buyer’s phone. Once you browse the system, you will get your cash on the spot.
Selling the Bitcoins to the person you know is an easy job. However, selling the coins to a stranger may involve long negotiation to decide the price. You can also sell gift cards for Bitcoin; once the former buys the gift card can quickly redeem it but goods on the Blockchain platform.
So, in conclusion, these were some tips to sell your Bitcoin. Selling the Bitcoin is a tedious job, so you should research every option you choose.
How to sell a massive amount of Bitcoins instantly?
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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi’s role is to inform the cryptocurrency and blockchain community about what’s going on in this space. Please do your own due diligence before making any investment. Bitxmi News won’t be responsible for any loss of funds.