How To Sell Bitcoin?
Bitcoins, in addition to being a convenient form of currency, are also a great investment to get into. They have the growth rate and follow similar trends that stock market commodities do, but have potentially much higher dividends. Investing in this digital currency is one way to really grow your money quickly. But eventually, once you’ve made your investment, you’re going to want to collect on it. When that day comes around, or if it already has come around, you might find yourself scratching your head, asking yourself how to sell bitcoin. Cashing out can be done in a number of ways, whether you actually want physical cash or just want discounts on your amazon wish list. This page will detail all of the best ways to sell your bitcoins. From in-person transactions to completely online trades, you’ll find all of the information you need to sell your bitcoins right here.
The most direct way to exchange bitcoin for cash is by meeting with the person who wishes to purchase the BTC. You can arrange it with someone you know or don’t know through various online chat rooms or things like that. Meeting up with someone in person allows you to collect the cash and then send the bitcoins. This is the most direct way to conduct a bitcoin sale and should be done with caution. Make sure to meet in a public location during the day time or in a well-lit area if the sun has gone down. If you’re dealing with a large amount of money, it would be smart to bring a friend or two with you. Trading bitcoins is not illegal and shouldn’t be kept in the dark. Don’t let yourself walk into what could turn into a bad situation unnecessarily. In addition to safety precautions when it comes to handling the actual deal, you should always use the most secure bitcoin wallets for these types of transactions, like paper bitcoin wallets.
You’re probably asking yourself why should I use a paper bitcoin wallet if the whole point of this currency is that it’s digital. The advantage of a paper bitcoin wallet is that it develops your two keys, the private and public one, offline, so that it cannot be accessed by anyone but you. They get added together to form a signature, one that is unique to your private key but that can’t be hacked or forged like a digital key can.
When you go to sell some of your bitcoins from a paper wallet, you aren’t going to be operating with your entire store of XBT. Instead, you create a sub-wallet that just contains the number of bitcoins that you are selling. Think of it like you’re taking a small amount of money out of your savings account and purchasing a money order or gift card – the items only contain a set amount of money on them. It’s the same principle with the paper wallet you’ve created. Except instead of a routing number, the paper wallet has your unique signature on it to enable the transaction when the buyer scans the QR code.
You’ll create a new wallet for every transaction you conduct, so the signature will remain a combination of the new public key and your private key. This way, they won’t be able to get to the bitcoins that are in your cold storage, and you’ll be able to collect the cash value of however many bitcoins you just sold. Because everything is done in person and without any online activity, there’s no chance of hackers getting ahold of your private key. Paper bitcoin wallets are the best way to do any sort of bitcoin-to-cash exchange, because of how secure they are.
Paper bitcoin wallets are also a great way to hold on to your bitcoins until you’re ready to sell them if you’re viewing them from an investment standpoint. A bitcoin’s value isn’t dependent upon what kind of account you store it in, so keeping your coins in the most secure location is in your best interest. Because of the wholly offline nature of a paper bitcoin wallet, you basically can’t have your funds stolen unless you have your private key taken, which won’t happen unless you give your paper to somebody.
There are a couple of different ways for you to sell your bitcoins for physical fiat money in addition to selling bitcoins for cash in a person to person exchange. These methods do have fees attached to them, as you’re using a system to sell the bitcoins. But there is less risk involved in these methods.
First, you can sell bitcoins for cash at an ATM. Bitcoin ATM’s exist in order to allow users to buy bitcoins wherever they are, but some 40% of machines are enabled to allow users to also sell their bitcoins. You can use an ATM Radar to find a machine local to your area that is enabled to sell bitcoins.
The downside to using an ATM to sell your BTC is that you have to pay extremely high fees, anywhere from 5-10%. More so than you would at an exchange and definitely more than if you were doing it face to face. It does offer more reliability than a face to face meet up because the machine won’t try to pull something shady on you.
Next, you have an online exchange. Using an online exchange is literally just trading bitcoins for a designated fiat currency, electronically. Fiat currency is any legal tender, so you could conduct a trade for any type of currency in the world.
To conduct an online exchange trade, sellers must place a “sell order”. This will list the amount you’re selling, what you’re selling it for, and what currency you want the payment made in. The exchange will find a buyer for you, and then process the transaction in full. When the transaction is complete, the funds you receive will be credited to your account.
With online exchanges, the seller who is receiving fiat currency in exchange for their bitcoins will need to withdraw the funds they are receiving and put them into a bank account. To do this, you’ll need a well-established bitcoin exchange, like Circle, Kraken, or Bitstamp.
If you purchased an amount of bitcoins purely as an investment, you might be wondering when the right time to sell is. This is when bitcoin becomes almost identical to commodities on the stock market. Knowing when to sell your bitcoins is tricky because it involves a level of speculation that even most professionals have trouble with.
The basic principle of investments of this nature is to buy low and sell high so that you presumably collect a profit at the end of your investment. So the best advice this bitcoin review can give is to watch the bitcoin daily exchange rate and study what the outside world is doing in relation to XBT. Public opinion, as well as outside influences from exchange markets or new regulations in certain countries, can have a huge effect on the value of bitcoin.
There are a couple of different ways that you can start selling bitcoin online. These also come with user fees, but they’re extremely reliable sources for you to exchange your bitcoin for fiat currency, goods, or services. Below, we’ll go over the most popular ways to sell bitcoins online.
Your first option is called a direct trade. Direct trades are done on websites that pull together sellers and buyers in order for the two to make a transaction. LocalBitcoins, CoinBase, and BitBargain, to name a few. These are popular direct trade websites. Sellers who wish to use these sites will have to register and verify their identities before they are able to create a “sell” ticket.
Once you do finish verifying your identity, you can begin selling. The site will contact you once they’ve found a buyer willing to pay what you’d like for your bitcoins. Once you are alerted to a potential buyer, everything is taken away from the site and communication is conducted directly between the buyer and seller. These transactions take time and can become quite in-depth, but they put more control in your hands. It’s sort of like a less intrusive version of an online exchange.
Next, you have what is called a peer to peer transaction. This method of selling BTC online is rather creative. Peer to peer bitcoin transactions are conducted through an online marketplace. This site brings together people who have bitcoins and want to exchange them for discounted goods with people who want to acquire bitcoins.
So, let’s say John has a set number of bitcoins he wants to get rid of. Jenny has a debit card and wants to acquire a number of bitcoins. John can put his shopping list for an online retailer into this marketplace along with the discount he wants, let’s say 20%. From there, Jenny can purchase the items on John’s list with her debit card and have them shipped to his house.
Once John receives the items from his list, he will send the amount of the transaction, minus his discount and the transaction fee charged by the marketplace, to escrow. Once the payment is validated, Jenny will receive the amount in her BTC wallet. The exchange rate might be a little high for some people, but it is a convenient way for both parties to receive what they want. Peer to peer marketplaces will require both parties to verify their identities before they are able to conduct any transactions.
How you verify your identity depends on what website you’re using exactly, but the same basics will generally apply. First, you’ll need at least two bills or pieces of mail with your full name and address on it. Next, you’ll need a form of picture identification that corresponds to the address on the mail you’re submitting.
Sending these forms of verification is easy enough – you basically send an email or just upload the info directly onto the verification page – but can be a little time consuming, especially if you have to scan everything in. You only have to do so once, though. The market you use will keep your information filed so that you don’t have to go through the process multiple times.
As a new and independent currency, Bitcoin is a bit more volatile than other traditional stock commodities. This is, in part, because it doesn’t have a physical component to add to its value, like gold or silver. It also lacks government backing, like fiat currency. Without these things, some people are speculating that bitcoin won’t be able to stand the test of time. That doesn’t mean you should be concerned about bitcoin’s volatility.
These concerns have surrounded new currencies throughout the ages. People are overly cautious when it comes to change and getting behind new things. But half the time they end up kicking themselves for not getting in at the beginning. We’re not saying that investing in Bitcoin is not without its risks. As with anything that you speculate on, the value will fluctuate and you will have to take a chance on the currency.
When investing in Bitcoin, the best we can say is try to watch the exchange rate and track its behavior on the markets. When you see that the currency has been trending upward for a while, that is the best time to sell. If it’s been low, hold off for a little while until it starts to rise. As it matures and becomes more well-established, Bitcoin will lose some of the volatility surrounding it.
One way that many people have begun “selling” their bitcoins is by buying goods or services that they were already in need of. Bitcoin has become popular enough with global retailers that you can now purchase gift cards, quantities of gold or silver or other commodities, and even pay your bills online. Amazon is one of the most popular online retailers that has begun accepting bitcoin, while many online exchanges will allow you to trade commodities for bitcoins.
To pay your bills, you’ll have to use an app called cashila. This is a European based transaction site that converts bitcoins into Euros, which you can then use to pay bills, make transfers, and even buy things from online retailers. The great thing about Cashila is that it also allows you to convert Euros to bitcoins. The conversion fees are incredibly low through this website, much better than you’ll find at most commercial bitcoin exchange companies.
Currently, Bitcoin is accepted in almost every country around the world. In fact, only two countries have outright banned the digital currency: Iceland and Vietnam. Several countries are reviewing the matter, and have yet to settle on a decision as to whether or not they will accept BTC transactions. Those countries are China, Colombia, India, Jordan, Kazakhstan, Mexico, Russia, and Thailand. Everywhere else in the world either allows the usage of bitcoin outright or hasn’t felt the need to address it.