Decided it's time to get out of the bitcoin craze or just want to be ready for when you do? In this guide, we'll teach you how to sell Bitcoins to make sure you're ready to walk away. Be aware though, that if you decide to sell at the same time as anyone else, you can run into a few problems. Fortunately, we're here to talk you through them all, so you can make an informed choice about when and where to sell your cryptocurrency.
For those of you who do not even have your bitcoin pie yet Bitcoin and how to make your first purchase.
: Setup to exchange account
The simplest and most automated way to turn your Bitcoin into hard cash is through an exchange platform. They act as a middle-man for the famously decentralized cryptocurrency by selling your Bitcoin for you. Since it's one of the most popular and well established, we recommend Coinbase.
Singing up for an account is easy, but there are some steps you'll have to jump through. Depending on which country you are in, you may have to "comply with the rules", which may be the form of ID. That can take a few days to process. Signing up to Coinbase Pro at the same time is recommendable, but not strictly necessary, to give you more control over yours.
Once your account is created, link your bank account to it
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If you're going to buy Bitcoin, you 'll have your Bitcoin in a secure – maybe even cold – wallet. To trade on Coinbase, you'll need to send your Bitcoin to your exchange wallet.
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With your exchange account set up, your bank account linked, and your bitcoin deposited on the exchange, it's time to actually make a sale. To do so, login to your Coinbase or Coinbase Pro account, and head to the trading portion of the exchange. Make sure you buy selected bitcoin, and buy the amount you want to trade. From there, you can place a "sell order" at the current market rate, orrange, place a "limit" order, which will only sell at the price.
From there the trade will take place without any further input from you. As long as you are selling at a reasonable price – like the market rate – the trade should happen quickly. Once it does, your Bitcoin wants to fill out with your chosen fiat currency.
Step 4: Transfer your funds to your bank account
Once you've completed the trade , it's time to get your money off the exchange. Select "Withdraw" from the menu and choose "bank wire" in the "To" field. Then input the amount you want to send to your bank account. When ready, double check you've got all the correct information and that your bank account is properly linked to your exchange account. Then select "Withdraw" to complete the transaction.
Though there may be a slight delay in sending it, the funds should reach you quickly. And that's it!
If you'd rather have more of a hand in the actual sale process, direct trades (or peer-to-peer trades) are a possible alternative. If you want to register, which in some cases will mean confirming your identity, so as with all selling methods, we'd recommend you to get your account ready. Once you're set up, though, you can sell your bitcoins in a much more 'direct' manner.
Unlike the exchanges, where the transactions are automated, you'll need to perform the transaction in direct contact with the buyer. You are looking for a specific value for someone who is looking for a good value for money. Once you give it the thumbs up, the buyer pays you, and you send the cryptocurrency in return.
Sites like BitQuick keep things online exclusively, utilizing the bank account transfers. However, sites like LocalBitcoin or Paxful have a lot more options, including Moneygram, gift cards, cash in the mail, and even cash in person.
Although some of these methods are more time consuming, many are more anonymous and if that's an advantage to you. If you do not decide to do trades in person, make sure you do so in a public setting.