In this contemporary world where bitcoin is the center point of people’s attraction, every day new investor is entering the market. Depending upon their knowledge, they are either gaining or losing. A lot number of newbies lose here due to lack of knowledge. Some of them make the mistake of learning only about how to buy bitcoin or how to register with a crypto exchange. Further, they follow their own rules. However, if you are also a rookie in the virtual currency world, then you should not make the same mistakes. When it comes to a transactional field, which is as sensitive as Bitcoins, then you must not skip learning the selling process as well. You can sell your Bitcoins in the following ways:
Table of Contents
By a centralized crypto exchange:
This is the most common and easy way to sell bitcoin. You can use the crypto exchange platform that you have already used for buying the bitcoins otherwise you can start with a new one.
- If you have an existing platform, you have to bring the bitcoins here. Or, if you don’t have an existing platform, start with finding a new one. There are numerous exchange platforms but with the right research, you have to find a reliable one. For this instance, you can check http://bitcoin-equaliser.net/.
- After that, you have to open an account here and link any of your bank accounts with this crypto trading account.
- Then you have to buy some bitcoins. To buy new bitcoins, you have to transfer some money to the trading account from which you can buy new bitcoins. In case you already have bitcoin, you can transfer them to this account.
- Thus, after getting the Bitcoins in your account, your next target should be to sell them. . Here selling is done by either a process called market order or another process known as a limit order.
- In a market order, the bitcoins will be sold at the current market bid price.
- But, in a limit order, you can set a price limit and when the actual bitcoin market price will meet the limit your bitcoins will be sold automatically.
Some facts about this selling process through the centralized exchange:
- In a centralized exchange, you can safely buy and sell your bitcoins because these platforms are maintained by third-party brokers. So, they provide you with a level of guidance.
- However, it takes around 4 to 6 days to complete the selling process and reflect the balance in your bank account.
- As these exchanges are controlled by brokers, they will charge you some fees to sell your bitcoins or for every type of transaction.
By direct trading platforms:
Selling bitcoins via a direct trading platform is more convenient than any other option. Here the initial steps are almost the same until you have bitcoins in your trading account.
- These platforms facilitate a marketplace where you have to put a selling offer with the selling price.
- Here the buyers can directly see your offer price and whenever a buyer is interested in your offered selling price, he or she will connect with you. Or, you can also search for some buyer’s offer and connect with a buyer if you find it good.
- Now, your bot can negotiate and make a deal.
- After that, you both will be sharing your details. Here you have to provide the buyer with your account details and you need the bitcoin address of that person.
- At last the buyer will send you the money and you have to send the bitcoins to the buyer’s bitcoin address.
Some facts about this selling process through direct trading platforms:
- These platforms sell your bitcoin faster than centralized exchanges.
- As they are not controlled by any third party, you don’t need to bear any extra charges.
- Here selling and buying are done directly. It is a peer-to-peer process.
- During selling your bitcoins, you have the facility to lock them until the buyer sends you the money.
- By Bitcoin ATM: You can also sell bitcoin through bitcoin ATMs. This is done by a QR code scanning process. If you have your bitcoins in your wallet, you have to scan the QR code with the scanning section of the wallet. The code will be provided on the ATM screen. After that, you can choose the amount of bitcoin you want to sell and by selecting the final selling option, your bitcoins will be sold. Now, you can withdraw money from the bitcoin ATM.
These are the ways to sell your bitcoins. All these processes are very easy. They just need complete knowledge and practice.