Bitcoin, as well as all the other cryptocurrencies, are very volatile. Although primarily started as a currency to avail transaction and purchase of products and services,
it became a way of investment for many of the cryptocurrency users.
But, the volatile nature of bitcoin keeps investors on their toes. The investors are very captivated by the idea about the potential increment of the price of bitcoin. But, they are also very anxious that the price may fall at any time.
These are partially some of why cryptocurrency investors want to sell their bitcoins or convert them into cash. In this article, there are some steps for selling bitcoin or converting them into cash.
When Can I Sell Bitcoin?
The constant dilemma about staying as an investor of bitcoin or selling them has been a trouble for many investors. Bitcoin has risen at a peak point of market price in 2020 since its birth. But the price later dropped within 2021.
As a result, many investors are willing to sell their bitcoin. If you have bought your bitcoin for a lower price than the current market price, you can sell them for the current higher price.
Also, Suppose there is a better investment option that is less volatile and more viable than investing in bitcoin. In that case, you must consider selling your bitcoin and shifting your money to a better investment option.
How To Sell Bitcoin?
Here are a few steps on how you can sell your bitcoins or convert bitcoin into cash.
When thinking of buying and selling bitcoin, the first option that comes into my mind is using a bitcoin exchange platform. This is because the cryptocurrency exchange platforms act as intermediaries who help you buy and sell your bitcoin.
Many bitcoin exchange options are available, but I suggest you use the most credible and trustworthy ones. For example, Coinbase is a bitcoin exchange platform; I recommend using Coinbase for its popularity and security, and customer service.
There are other exchange platforms as well, like Binance, Coinsmart, Gemini, etc.
Once you create an account on any of these exchange platforms, you will have to link your bank account to your Exchange platform; and you will be able to sell your bitcoin or convert it to cash.
Transfer Bitcoin To Exchange Wallet
Transferring your bitcoin to your exchange wallet is the next step in selling bitcoins. If you want to sell your bitcoin, you will have to send your bitcoin to the exchange wallet.
You just have to simply open the exchange app, for instance, Coinbase Wallet, and log in.
Once you log in with your Coinbase login information, you can easily sell the bitcoins.
There are few other interesting features of the Coinbase wallet, like paying merchants directly. However, you can use these features to sell your bitcoins with ease.
Place A Sell Order
Once you have entered an exchange platform, set up your bank account with the exchange, and completed the transfer of your bitcoin to the exchange app wallet, you are ready to place a selling order for your bitcoin.
If you are using Coinbase, then the buy/sell option will be easily visible to you. In addition, for a Coinbase account connected with a bank, direct money transfer for your bitcoin will be available to you.
Before the trade is complete, there are usually some short holding periods. You can sell your required amount of bitcoins during this period. Although the transfer does not complete until the holding period is over.
Alternative Methods Of Selling Bitcoin
Apart from selling bitcoin via an online exchange platform, there are few other lesser-used methods for selling bitcoins. Here are some of them-
- A bitcoin owner can sell their bitcoin through the P-2-P method. They can set up an online or face-to-face meeting with a buyer and sell directly to the buyer.
- Although the bitcoin ATMs are available only in a few places globally, it facilitates selling bitcoins. The bitcoin ATM holders can scan a wallet’s QR code and then cash out their bitcoin in the form of regular currency. This method consumes lots of fees.
Bitcoin users may feel a little overwhelmed at times and sell their bitcoins, which is sometimes good if the selling price is good.
The steps, as mentioned earlier, maybe a little different in other bitcoin exchange platforms since all the exchange platforms do not work in the same way. Different apps like BitQuick, LocalBitcoin have different selling methods.
Please let us know if this article was of any help to you. If you are willing to sell your bitcoin, you can use Coinbase and follow the methods mentioned above.
Ani Johnson is a passionate blogger. She loves to share her thoughts, ideas, and experiences with the world through blogging. Ani Johnson is associated with TheBitcoinMagazine, Gossipment, TheParentsmagazine, ThePetsMagazine, TheDatingDiary, TheLegalGuides, TheSportsMag.