How to Sell Bitcoin – A Guide to Selling Bitcoin
Bitcoin can be sold almost as easily today as it can be bought. There are a number of methods that can be used to buy bitcoin, and almost every one of them also offers ways to sell. Before you decide on any of them, ask yourself which group of owners you belong to – small investors, large investors or traders. Either way, here’s what you can do if you plan to exchange your Bitcoins for other cryptocurrencies or money. Learn how to sell Bitcoin below.
Exchange platforms are mainly used to buy Bitcoin. However, they also allow their customers to sell. The most popular are Bitstamp, Kraken and Coinbase. Such platforms act as intermediaries between you and potential customers. The sales process is always the same: you register on the platform and link your wallet to your bank account. Transfer the amount of Bitcoin you want to sell to your wallet and let the platform take care of everything else. It could be said that the exchange platforms of all Bitcoin sales methods are the easiest to use.
However, they also come with some drawbacks. First of all, you leave all the decisions to the platform, which can result in the sale of Bitcoin for much less than they are otherwise worth. Also, there are periods when a large number of sellers and buyers pour on the platforms, which often leads to system crashes. If you are a major investor, the above platforms will probably not suit you. You need ones that are targeted by larger orders. Some of the best in that category are Gemini and GDAX.
Although it is a direct sale, the P2P store involves the use of platforms. Some of the most popular are LocalBitcoins, BitBargain and BitQuick. Their purpose is to connect salespeople with customers and facilitate the sales process. If someone wants to buy from you, they will contact you via the platform, after which all you have to do is make a handover. One of the major advantages of this method is that it allows you to hold the reins in your hands.
P2P trading, however, also has some drawbacks. The biggest would be the amount of time you would have to spend to actually sell your bitcoins. Exchange platforms automate this process, while P2P platforms leave most of the work to their users. Before you decide on one of them, think about how much time you really have.
Of course, you can sell Bitcoin without involving exchange service providers in the process. Customers can be family members, friends and acquaintances. Those interested will have to make their wallets, but once that is done, all you have to do is send them the agreed amount of Bitcoin in exchange for the money. Unfortunately, this method has a drawback that will not be easy for some to ignore. Namely, in direct sales, you must already know your potential customers or look for them yourself. This can be very restrictive, especially if you have larger amounts of Bitcoin that you would like to sell.
The exchange of this cryptocurrency for money at an ATM could also be considered a Bitcoin sale. You may not have known this, but there are also Bitcoin ATMs where you can withdraw money according to the current exchange rate. Coinatmradar is a service that people use for the purpose of locating bitcoin ATMs. Unfortunately, not all such ATMs offer cryptocurrency exchange for money.