As bitcoin is somewhat a new cryptocurrency, there are quite some global changes that support it especially when it comes to selling it.
Currently, there are three central foreign operating exchanges where you can trade Bitcoin, i.e. Coinbase, Kraken and Cex.io. Selling your bitcoin on a cryptocurrency exchange is of great significance. It is convenient, most popular and easy to permit you to sell your bitcoin.
In most cases, the type of exchange platform you choose depends on what kind of a holder you are, as some platforms mainly deal with institutional investors. By using an exchange platform, it merely means you have a variety of options such as trading bitcoin for fiat currency. You can also turn your bitcoin into USD or exchange it for a variety of cryptocurrency of your choice.
How do you sell your bitcoin? Good question!
Given the fact that you are confident that it’s high time for you to sell your bitcoin into fiat currency, the easiest and most programmed way to turn your bitcoin into hard cash is through an exchange platform. An exchange platform acts as a broker for the famously decentralised cryptocurrency, therefore, the main thrust of the platform is to sell your bitcoin for you.
How do you sell it on an exchange platform
• Create an exchange account
Register an account depending on which exchange platform which you would have chosen from. Once you have an exchange account you’re ready to go and you are eligible to trade.
• Deposit your bitcoin into your exchange wallet
For you to be eligible to sell your bitcoin you need to deposit your bitcoin into your exchange wallet.
• Input a sell order
Having done the above steps, you are qualified to make a sell finally. Depending on the platform you would have chosen to sell your bitcoin, log into your account and go to the trading portion of the exchange. You will need to specify and select the account that you want to deposit in. Verify your details first that you would have entered on the screen and click sell.
• Funds Transfer Into Your Bank account.
To complete the exchange, you will need to get your money off the exchange platform. Therefore, you will have to transfer your funds into your bank account. Crosscheck your details properly and see if you have put the correct information before you finish the transaction.
However, you can, if you want, sell your bitcoin without an automated exchange platform.
How do you sell your Bitcoin without an automated exchange platform?
To avoid any hustle you can use an alternative way to sell your bitcoin, i.e. peer to peer trade. Since some people won’t have access to exchange platforms. This is to sell your bitcoin directly to another person to avoid trading and withdrawing from an exchange platform. Here you are dealing directly with other people who are willing to buy cryptocurrencies from you in exchange for fiat currency.
To be eligible to sell you bitcoin directly to another person you would need to register as a seller on any exchange platform of your choice. For example, LocalBitcoinCash which facilitate direct contact between users and interested parties will contact you if they are interested in your price.
Peer to peer transaction gives you freedom and control over the specifics of the deal. You can set your price, nominate how you want to receive payment and wait for a buyer to come along. It can also help you get a better price, provide you with more flexibility and control over the sale process and may offer increased privacy.
NB: These trades are usually done via transactions as long as both clients have got sufficient cash in their accounts. Unlike the robotic deals, you can do a direct transaction offline with another party if they have a bitcoin wallet.
Safety – Keep your BTC safe
However, when conducting peer to peer transactions and selling your Bitcoin, there are safety tips which one has to follow if you do not want to lose your hard earned BTC.
Below are some of the tips you can apply:
1) You need to keep your funds safe as cryptocurrency history is marred with a history of exchanges being hacked
2) Bitcoin transactions are not reversible; therefore you have to crosscheck and see if you have entered correct details before making a deal.
3) When conducting a face-face meeting with another partner make sure you are in a safe and secure environment. Avoid doing transactions at another partners house, especially when you are meeting up with an anonymous person.
In conclusion, keep in mind that you have to be clever and sell your bitcoin once the prices are higher. Also, decide the appropriate time to sell your bitcoin so that you will not sell your BTC at the same time as everybody else is selling.