Investing and Selling in Bitcoins is an easy process, even if it’s your first time. After purchasing Bitcoin and watching the price climb, you must now sell them. But here, one question comes to your mind: how to sell bitcoins.
Selling Bitcoin Era is a simple process similar to buying bitcoin, which has several options. However, each option for selling bitcoins has benefits and drawbacks, allowing you to decide the best option.
Four Ways to Sell Your Bitcoins and Cash out Instantly
- Crypto Exchanges: One of the best solutions to sell BTC holdings is exchanges. Exchanges serve as middlemen in the cryptocurrency realm where buyers and sellers can exchange money. To use this option, you need to create an account with the exchange platform of your choice.
You can easily trade bitcoins at the price you are requesting if you already have an account on an exchange. When you match the offer with someone, the transactions will be automatically completed. Once the funds are credited to your bank account, you can withdraw the amount from the bank anytime.
Drawbacks: Exchanges can’t be a good option as it charges fees and is not the cheapest. Crediting the funds may take excessive time if the bank faces any issues. In addition, some exchange platforms may have withdrawal limits on the money. Some experts say that it is not a reliable and secure option to store your funds. Exchanges can be shut down or hacked by hackers.
- P2P Trading
Another way of selling bitcoin for cash is online P2P selling. Peer-to-Peer(P2P) exchange method is the perfect option to facilitate such transactions. You can set your own price and find a customer that is eager to buy. Online P2P exchange platforms make it easier for sellers and buyers to negotiate prices and direct trades.
Without the restrictions of an exchange, you can swap bitcoins for cash using online P2P Selling. With this method of selling bitcoins, it is easier for you to transfer money, send gift cards to popular online stores, trade cash in the real world, or even send expensive art, as long as both parties agree and there aren’t restrictions on payment methods on the P2P marketplace.
Drawbacks: Peer-to-Peer exchange involves escrow functions to provide security and ensure successful transactions. Though it offers the freedom to choose the payment option and listings and has the least interference, the P2P marketplace will keep the information about you if the buyer doesn’t pay up the amount.
- Bitcoin ATM
A good exchange is fine when avoiding prying eyes, but cash is best. Some devices, such as bitcoin ATMs, allow you to withdraw cash. It works like a regular ATM, where you must enter a bitcoin wallet address and take your cash. These installed ATMs allow you to buy bitcoins.
If you are a new user, you need to enter a telephone no., an ID, a palm scan, and a current photo for activations. The procedure of identification and verification may require a lot more time and effort. Bitcoin ATMs will help you get cash out for Bitcoins immediately.
Drawbacks: Most of the time one confirmation is sufficient, but occasionally, up to six confirmations are needed to withdraw money. In some countries, installing a Bitcoin ATM is forbidden, leaving you only three options for selling Bitcoins.
- In-Person Trade
Online P2P selling of Bitcoins can’t be a good choice if you want no interference. It is as simple as meeting up with friends or other parties and selling Bitcoin for money. Then, you can directly trade BTC holdings for cash in person through online platforms.
To sell Bitcoin in person, you must understand how to send and work with a crypto wallet. In-person sales require knowing Bitcoins price since it fluctuates constantly. The majority of traders use rates from reputable exchanges. Using platforms such as Yuan Pay Group, you can also find the latest crypto asset price.
Drawback: In-person Bitcoin Selling is much riskier than any other option. You won’t have any security when you trade bitcoins with strangers. It is important to exercise caution when you trade at physical locations and exchange bitcoins for physical currency.
In Conclusion
The process of purchasing and exchanging bitcoin becomes simpler in a short time. You can sell bitcoin instantly at market value. You know how to sell bitcoin and get your money now. You have the option of selling Bitcoins now or later.