How to sell Bitcoin?
It is not easy to sell Bitcoin compared to buying, but with the aid of newly established sites, it has become easier. Before Purchasing a Bitcoin, you must choose the best method that is comfortable for you. You might choose to sell online or in person, with each having its own advantage. Selling of Bitcoins online is a very good way of trading Bitcoins.
Here are some ways to sell your Bitcoins online
– The first method is to engage in direct trade with other individual, through an intermediary.
– The second way is to sell through online exchange, where your trade is with the exchange and not an individual.
– New Peer-to-peer trading in which; sites gives access to owners of Bitcoins to earn discounted goods with Bitcoins through other people intending to earn cryptocurrency via debit cards or credit cards. The peer to peer exchange connects the two together to solve problems.
1. Direct Trading: Some websites offers related selling structure; you will have to register as a seller. You verification details must also be provided, and you can make a post of an offer after your verification if you intend to sell. You will be notified if buyers are interested in your offer and wants to trade with you. Some websites are easy to use and you can continue on your transaction with that.
2. Exchange Trading: This involves registering online by verifying your identity; less work is required in organizing sales.
The exchanges perform the role of an intermediary that holds funds for everyone. You can thereby place a sell order, and state the amount, quantity and the currency that you intend to sell like Bitcoins and the exact price you want to dispose per unit. Transactions will be completed immediately there is a match order from a buyer. You account will then are credited with the currency. The stress involved when dealing selling Bitcoins for fiat money, you will have to deposit the funds to you account. You may be delayed if the exchange is faced with some problems like liquidation, you will have to be patient in receiving your funds. Some people have suffered loss; make sure you make research on the exchange you want to use. Optionally, you may make use of cryptocurrency exchange to exchange for Bitcoin for another cryptocurrency. Though this way is rare, but in situations like arbitrage or the acceptance of other values like dogeocoin or litecoin.
You might be requested of some fees in using some exchanges, like BTC-e that charges 0.2% flat rate. Some other considerations are that there could be limitations to sum of money you are granted access to load on an exchange. Though it might seem easy if speculating but it is not advisable to deposit the whole of your Bitcoins in an exchange. Take the charge of your money and save amounts on devices or offline, and not depositing your entire sum in an exchange to avoid risks.
3. Peer to Peer Trading Marketplaces: There are some newly created sites advancing the Bitcoin spaces, aiming at connecting individuals with specific needs. The first set of people is the ones that desire to purchase from websites by using Bitcoins, the websites does not accept digital currency directly. The second set of people is those who would intend to purchase Bitcoin by using credit cards or debit cards. This point of market connects the two groups together and matches their requirements for selling Bitcoins and offers discount goods.
This medium acts as an intermediary that offers individuals the choice of transacting via Bitcoin wallet or Escrow.
The most common way to move your money is via wire transfer. Virtually all the Bitcoin markets accept this method of transfers. SEPA is also another way to transfer funds to your account after selling your Bitcoins. This system was prepared for international transfers among the European Union. Though it might take some time like 4 days and high charges up to 4 pounds per payment may be deducted. If your main aim is to open an account for funds you receive from Bitcoin trading, you may not be welcome by some banks like HSBC.
Some of the listed markets require few verification of your identity from sellers and buyers. There are some records of user’s data saved by Bitcoin markets as requested by legal law, and some identity are collected for future regulations. For ease in selling, it is advisable to fill in some details when you first login. You may be required to scan some utility bills that show your name and address alongside with photo ID like Driver’s license or passport. If you are not comfortable with the terms, it might be hard to sell your Bitcoin online.
SELLING BITCOIN IN PERSON
It is the easiest way of selling digital currencies. You can just scan a QR code on a friend’s phone and accept cash in hand making your transaction very easy. Some friends or family may intend to purchase Bitcoin, just set a Bitcoin wallet for them and transfer the Bitcoins to them then you have your cash.
Ways to be aware when selling Bitcoins in person
Price agreement: Make sure you decide on the rate that works best for you. You can scale with price from a reputable Bitcoin exchange. You can use your mobile device for calculating prices, like BTCreport and others.
Safety: It is recommended to meet in public or have an escort when carrying large sum of money.
LocalBitcoins: You can advertise your services as a Bitcoin seller to people around. There is no need for verification identity compare to other sites.