How to sell bitcoin? Maybe you are one of those who have bitcoin and do not know how to sell it and convert it into Fiat currencies.
Selling bitcoin has the same process as buying bitcoin, but the procedure is the opposite. You must first have a bitcoin amount in your digital wallet.
As there are many ways to buy bitcoin, you can also sell it through various channels. For example, peer-to-peer platforms, digital currency exchanges, or Bitcoin ATMs are some of the things that are practical to sell.
Digital Currency Exchange
Leaving aside its minor disadvantages, the best way to sell Bitcoins is to use cryptocurrency exchanges. Any exchange can sell your Bitcoins in the fastest possible time. To use online exchange offices, you must first go through the general procedure of registration and verification of their identity, which consists of several different steps. You must also provide a bank account to an exchange office to receive money in Fiat currency. Depending on the area where you live, you may have limited access to some exchanges.this exchange include Bitcoin exchange, Coinbase, Kraken,Binance and bitstamp
Once you have created an approved account in cryptocurrency exchanges, you can submit a request to sell your Bitcoin, which is now in your digital wallet, to these platforms. You will be asked the amount of the sales request and the price set. The exchange automatically transacts when a buyer is found for your bitcoin. Of course, there are challenges in this that we are not talking about at the moment. For example, transaction costs or withdrawal costs are high in some cryptocurrency exchanges and generally do not sell less than one bitcoin.
After your sale order is done, you must proceed to withdraw money from the exchange. This process is both time-consuming and creates liquidity problems. Also, some US banks do not approve withdrawal requests that are for Bitcoin. Therefore, you should also consider that you will probably have to provide a bank account at the time of withdrawal that accepts the Fiat currency request from Bitcoin.
As we said, every exchange office demands a certain amount of money from you as a cost of receiving money. It is also possible that your withdrawal amount has a specific limit, and you can not withdraw more than a certain amount from that exchange account. The more you work and trade in exchange, the higher the withdrawal limit. This can be even higher if you can load your KYC and AML circuits into a sale.
Note that you should not quickly take your digital currencies out of your wallet and put them in an online exchange account. Hackers have probably attacked every exchange office, and the money you have invested in these websites may have been stolen. So try to request a withdrawal quickly and do not leave any money left in the exchange account.
Instead of selling Bitcoins and converting them into Fiat currency, you can exchange them for a stable coin and store that token in your digital wallet. By doing so, you can minimize Fiat currency security issues or withdrawals from Bitcoin. It is also much easier to request money from a personal wallet than from large exchange offices.
There is another way to turn your bitcoin directly into a commodity. Some exchanges turn your Bitcoin into a marketable credit card so you can buy with that product and no longer have to worry about converting it and withdrawing overdraft costs.
Some of these credit cards also accept Stable Coins, so you can save all kinds of Stable Coins on your credit card and use it to buy goods without worrying about sudden fluctuations in Bitcoin.
Direct methods of selling Bitcoins
There is another way to sell Bitcoins, and that is direct transactions with other people. There are different ways to do this, which we will explain below.
Peer-to-peer selling
With a peer-to-peer Bitcoin sales system, you can sell your Bitcoins directly to someone else and receive cash instead, for instance, bitcoin to naira, or other Fiat currency.
In this case, each seller or buyer announces his price for Bitcoin and based on payment methods or price. You can sell Bitcoin to one of the people.
Peer-to-peer platforms also have multi-layered security systems to ensure you sell your Bitcoins to the last step without a hassle. According to the payment methods available on the platform, the bitcoin seller must receive the Fiat currency directly or wire transfer in his bank account and deliver the bitcoin.
Face-to-face Bitcoin sell
One of the easiest ways to sell Bitcoin is to sell your cryptocurrency directly to someone you trust and then cash in or ask the person in question to deposit Fiat currency into your bank account. In this method, you need to know how to send Bitcoins to the other person’s wallet.
The price of bitcoin fluctuates sharply, so it is essential to consider the exact price when sending it to a friend or relative for sale. Most traders have used the rates offered by exchanges, and you can also search for Google to get the current price of Bitcoin.
In this way, anyone can buy or sell your bitcoin at any price. If you can trade Bitcoin at the price you want or more than the online price, you successfully sell it.
This method also has problems. For example, you should not sell Bitcoins to someone you do not know because the chances of fraud, in this case, are significantly increased.
Bitcoin ATMs
Unlike classic ATMs, Bitcoin ATMs connect to the Internet and buy and sell for you, and you can receive cash from it.
The easiest way to sell Bitcoins at an ATM is to place the QR Code of your wallet under the scanner, specify the desired amount, and then receive the converted amount in cash. Of course, these devices charge a higher transaction cost than other ways to sell Bitcoins, so go for it if you want to sell a lot of Bitcoins. Of course, not all ATMs support bitcoin trading.
Some ATMs include user authentication, so selling Bitcoins in this way will be much more time-consuming than exchanging. For example, new users must register their phone number on this device and confirm it. They even have to enter government ID or scan their documents and photos into the machine. The ATM authentication procedure is different, so you should consider another method if the process takes too long.
There is also a limit to payment on Bitcoin ATMs, depending on the type of user confirmation. In some countries, you even have to have a money order to be able to receive cash.
After authentication, you will be given a QR Code to send your Bitcoin to your ATM. You can then withdraw cash from the machine. Of course, there are many limitations, but this method is also applicable.
Bitcoin withdrawal
There are many ways to withdraw Fiat currency. For example, you can wirelessly transfer the money you earn from selling Bitcoins to your bank account. Money can also be transferred to your bank account through transfer methods in the SEPA system. This method is set for international payments in Europe and is very secure and fast. Some European financial ways do not deliver currencies derived from the sale of Bitcoins.
Conclusion
As mentioned, there are many ways to sell Bitcoins and deliver Fiat currency, each with its advantages and disadvantages. In some methods, the transaction cost is high, some have lower security, and some have lower speeds. You also need to verify your identity or provide valid identification documents to withdraw money at an exchange office or ATM. In any case, you can choose one of the methods to sell Bitcoins and receive Fiat currency.
