Bitcoin is that rare case that it is easier to sell than to buy it. As everyone knows, things are usually the other way around. In other words, bitcoins sell like hotcakes. However, you might have some problems with cashing it out, as the selling process is not as straightforward as the buying one.
If you’re interested in selling your cryptocurrency, you can do it via an exchange platform, direct trade, or a P2P transaction. Or you can either make a withdrawal via an ATM or sell your assets privately. Here is a simple guide to cashing out your assets for US dollars or another cryptocurrency.
A few years ago, mining was the primary way of obtaining cryptocurrency. However, with the technological development, the industry is changing. Today the main driving force of the new economy is crypto exchanges.
A crypto exchange is a digital platform for exchange of one cryptocurrency to another at a set rate. Users create exchange requests by setting the value and volume of the cryptocurrency. If a suitable counteroffer is already registered on the site, a transaction is made between users.
The speed of transactions at the cryptocurrency exchange is higher than at the traditional one. The speed is ensured by the fact that the order book contains only those offers that are secured by the user account, i.e. cryptocurrency on the account balance. The exchange connects buyers and sellers, receiving a percentage of the number of transactions.
After the funds are credited to your account, you will need to withdraw them to your connected bank account.
Despite having a few drawbacks, exchange platforms like Cryptex bitcoin exchange are a one-stop solution for selling Bitcoins. This automatic service helps you exchange bitcoins hassle-free online for electronic currencies and back with no signup.
Direct crypto trading is another way of selling your assets. The name speaks for itself.
This option is available on exchange-related websites and presupposes a middle-man facilitating the connection. This method requires full identity verification, thus being more time-consuming.
Once you set up your account, you can post an offer. When a buyer is interested in your bid, you get a notification. After that, it is only you and the buyer. The selling process on such websites is more involved than the exchange trade. Therefore, most sellers opt for the first trading option.
Peer-to-peer (P2P) is a decentralized network with equal members. In this case, P2P means that the exchange takes place between two individuals registered on the website. You can buy, you can sell, or you can do both. The platform acts only as a guarantor of the transaction, while members finish the transaction themselves. Although such a trading method is less popular than others, there has been a spike of popularity recently.
P2P marketplaces are now known for many real-uses cases. Additionally, the most significant benefit of such platforms is that there are plenty of payments to choose from, hence you can trade crypto for practically anything you want. The personalized trading process is another reason why lots of traders flock to p2p marketplaces.
As a trader, you can input preferences, chat, or negotiate with other members and set offer details. This method also allows your trading process to be more cost-efficient. Since you are in charge of everything, the platform charges lighter fees.
Bitcoin ATMs are great if you want to buy or sell bitcoin and keep your personal information discreet. However, regulations differ depending on the location. In America, you need to provide a passport or phone number to your purchase due to KYC restrictions. There are many places in the world where you can use a bitcoin ATM to buy bitcoin without an ID.
These days ATMs are usually located pretty conveniently around any major city. The process is simple: grab your ID and download a digital wallet to store your coins. After you have all your credentials online, you’re ready to use ATMs. Then, you need to choose the buy coins option on the ATM’s user interface. After selecting the buy coins option, the screen will ask the amount you’re buying.
Usually, prices range from $1 to $7500. Once your requested amount is selected, you’ll need to enter your phone number to receive your validation code. After that, you create a secret pin and choose the coin you want to purchase. And voila, your assets will be sent to your online wallet.
In general, selling assets in person seems to be the easiest method of trading. All you need is to scan a QR-code and get cash right away. However, if you are trading with a stranger, the process becomes lengthy and stressful. Be ready for tiresome negotiations and safety issues.
Although lots of people value private trading as the perfect anonymous option, taking precautionary measures is vital. First, you need to think about a meeting place. It has to be a public place like a coffee shop or park with a WiFi hotspot, as you need to access your online wallet. Usually, bringing a friend along is common practice, but make sure to notify the other part. Be alert, avoid public transport, and never meet in private homes.
The Bottom Line
The modern world is gradually becoming a virtual reality. We meet new people, communicate, have fun, and work online. Even for shopping, you don’t need to leave your house’s comfort, and all payment transactions can be carried out using the virtual system – Bitcoin.
If you have Bitcoin at your own disposal, you can sell it in several ways. The best way for newbie-bitcoinners is to trade via exchange platforms. Crypto platforms are similar to the stock market ones.
They have monitoring tools, easier transactions, and security measures in place. But if you are overwhelmed by bitcoin rate fluctuations or just want to convert virtual savings into real banknotes, it’s time to choose the most appropriate way to exchange from several existing ones at the moment.