Ways To Sell Your Bitcoins
Are you wondering how to sell you acquired bitcoins. To speak truly selling bitcoins isn’t as straightforward as buying it. There are mainly two ways of cashing out your digital currency. When you are deciding about selling your bitcoins, it is essential to consider which methods best suits your needs. You can either sell your bitcoins online or you could sell to some other person. Both of the options have its own advantages and disadvantages as well.
Ways Of Selling Bitcoins Online
Selling Bitcoins online is more common way of trading the bitcoin. Selling of the bitcoins could be done in three distinct ways.
- a. Direct Trades
There are many websites which facilitates the selling of the bitcoins onlines such as Coinbase and LocalBitcoins in the United States and Bittylicious and BitBargain in the United Kingdom.
You would be required to register yourself as a seller on these websites. The registration process involves the verification of your identity. Once you had registered on this website, you could easily post an offer which signals that you are willing to sell your bitcoin. Later on the website would alert you when a buyer wishes to trade with you. From there on your interaction would only be with the buyer but you would be required to use the website to complete your trade.
- b. Exchange Trades
You can even register with an online exchange for selling your bitcoins. Here also you would be required to verify your identification but you would find it easier to organise your sale via exchange. Exchange generally acts as an intermediary who holds everyone’s funds. You will place a sell order stating the volume, the type of currency you wish to sell into and the price per unit as per your wish. As soon as someone places the matching buy order, this exchange would complete the transaction. The currency would be then credited into your account.
Ways Of Selling In Person
Selling the bitcoins in person is regarded as the easiest of trading your digital currency. You would simply be required to scan the QR code on another person’s phone and in return you would accept the cash in hand. This could be done if any of your friend, family member or person you know wishes to buy the digital currency from you. Just set them up with a bitcoin wallet, send them the exact number of bitcoins and collect you cash in hand.
Things To Be Aware Of When Performing In Person Sales
- Agree upon a price to sell your bitcoins by checking the bitcoin price on a prominent bitcoin exchange.
- Stay safe by bringing up a friend or any family while dealing in huge amount of money.
- You could even a website called LocalBitcoins which specialises in finding buyers for such selling methods. This website would allow users to rate each other, which forms trustworthiness of a potential trade partner.