Earning Bitcoin through mining is a tough procedure, however, investors nowadays looking into cryptocurrency as a golden venture prefer buying Bitcoins instead. Buying could be directed against cash, or one could sell products or services against Bitcoin payments. Buying and selling Bitcoin is easier and if you have the right platfor, then you can gain easily.
Get Signed up for a Cryptocurrency Exchange
There could be multiple ways to sell off your Bitcoins, but perhaps the most accessed and easiest way is to link with an exchange which is an “automated” platform to turn your Bitcoin into hard cash. Bitfinex, Coinbase, etc are some of the well know exchanges all of which act like a middleman arranging to sell your Bitcoins for you. Since Bitcoin is a decentralized currency, you need a trustworthy and reliable, easy-to-handle exchange to sell or buy Bitcoins. However, if you are a newbie to cryptocurrency trading, a platform like https://bitqh.net/ is seamless trading assistance, allowing investors and traders to learn, understand and evaluate the market from the Bit Index Ai Demo platform. Also, when you sell, it is important that you do not sell through the portal that asks for extra money or if there is any requirement of any middleman in between. The procedure with any cryptocurrency exchange is simple:
- The first and foremost step is to register, where you need to provide your basic details like name, contact details, etc. Some exchanges might also ask for ID forms which you accordingly need to fill up.
- Once the account is created, the next essential step is to link the account with your bank account for direct cash deposit after Bitcoin selling.
- Now any Bitcoin which a person possesses is stored in wallets whether online or cold wallets. So to proceed with trading or to sell your Bitcoins you need to move them from the wallet to your exchange wallet.
- But first, you have to set up an exchange account with full security on your part, so that there is no tampering or mishandling of data.
Issue Sale Order
Once you are done with registration, account set up and bank linking, and Bitcoin transferred in your exchange, the rest is quite easy. All you need to do is find out the ‘Sell’ option and select the account you want your deposit to be transferred to. If you have already linked your bank account, it will be exhibited in deposit options, and you can select your bank account for direct deposit of cash against the selling of your Bitcoins.
- Different exchanges have different regulations about the limit of Bitcoin selling. Check the limit in your exchange, for how much Bitcoin you can sell at once.
- Many exchanges also allow you to sell off Bitcoins immediately after buying, while some have a definite period for which you need to keep your digital coins in the exchange wallet.
- Once you have checked these, check for your Bitcoin balance, and select the preferred amount to sell.
- Check the timing, holidays etc. that are enlisted for the exchange, and then you can make your selling plan accordingly. You should read before how to transfer Bitcoin to the exchange wallet that you have.
Many trading sites associate with exchanges or have an intermediatory network to perform Bitcoin trading. These sites allow you to register as a seller, however, while registering one needs to verify his identity to be authenticated as a reliable seller. Now once when you are registered and you have tagged yourself as a seller of Bitcoin, a buyer who seeks to buy contacts you through the site.
Online P2P trading
Peer-to-Peer trading of Bitcoins allows one to directly associate with the buyer on the other end and transact. One can complete this kind of transaction online by mentioning the preferred mode of payment or deposit, or if you are locals, both parties could meet and close a deal. Find out the biometric and how to do the authentication before you start selling the Bitcoin. This is because as said earlier most exchanges have a holding period. Even trading sites sometimes have a complex procedure for buying and selling Bitcoins.
You can also spend your Bitcoins to avail yourself of services like Overstock, Starbucks, to buy airline tickets, or restaurants where they accept Bitcoins.