5 Popular ways to sell bitcoins
Bitcoin is one of the largest cryptocurrencies in today’s time. Many people invest in bitcoin while some bitcoin trade. This digital currency has eradicated all the worries of people who want to trade globally. The main perk of trading bitcoin is that users don’t have to pay high transaction fees for transferring funds over the internet. Also, it is a decentralized currency which neither involves neither government nor financial institutions. You must have heard that it is quite easy to send and receive bitcoins as all you need is a private key to send bitcoins and a bitcoin address to receive bitcoins.
But have you ever heard how to sell bitcoins? Buying bitcoins is quite a straightforward process but selling bitcoin is surely a complicated one. There are several ways to sell bitcoin online, including selling them through a bitcoin exchange, a peer-to-peer network, and direct trade. Also, users can sell their bitcoins in person or by selling them at a bitcoin ATM and withdrawing fiat currencies in exchange for it. You can also know about Crypto GPS in this article which will help you to learn everything about bitcoin.
Let us have a look at some of the ways through which we can sell bitcoins.
Direct Trades
One of the best ways to sell bitcoins is by doing is a direct trade with another user. Many websites allow users to carry out direct trades, and it only involves a mediator that makes connection easy. The user who wants to sell the bitcoin needs to register him/her as a seller on profile and verify their identity. If any buyer is there as per your need and wants to carry out the trade, the seller will receive a notification from a website, and then both buyer and seller can interact with each other.
In direct trades, it is quite time-consuming to sell the bitcoins, and therefore patience is required when you want to sell your bitcoins through direct trade.
Exchanges
Exchanges are the online marketplaces that allow users to trade bitcoins. If a user wants to sell the bitcoin or any other cryptocurrencies, exchanges act as a mediator between buyers and sellers. Users are required to set up an account and complete the verification process to sell bitcoins. After selling bitcoin, the user gets the fiat money in their account.
ATM
Bitcoin ATMs are also known as BTMs, and these are completely different from traditional ATMs as they are connected to the internet. Bitcoin ATMs are a great way to carry out transactions and to buy and sell bitcoins. You can easily locate a bitcoin ATM near your area and sell your bitcoins and get fiat money in exchange. The only disadvantage of selling bitcoins through Bitcoin ATM is that they charge a high transaction fee.
It is crucial to have a bank account to carry out the selling process, and also users need to complete the registration process, which involves efforts, time, and energy.
P2P trading
The newest development in the world of bitcoin is trading marketplaces, which allow online P2P trading. The P2P trading platform acts as a mediator between the buyer and the seller, and there is no direct exchange that takes place. This trading platform brings different people who different needs and provide mutual benefit to both buyer and seller.
The price is fixed in P2P trading marketplaces, and the seller gets the fiat currency in exchange for bitcoin. Users need to complete the identification process to sell their bitcoins because these trading platforms are centralized.
In-person
One of the easiest ways to sell digital currency is in person. This requires users to get out of their comfort, which can be done by scanning the wallet’s QR code and receiving cash in return. Users can easily sell bitcoin to their friends and family, and all you need is a bitcoin wallet. You can transfer the bitcoin and can collect cash in return.
If a user decides to sell bitcoin to a random person, it is a lengthy process as you need to negotiate the price and meet them at a certain place. Also, to ensure the safety of your funds, you need to consider a few things.
