Bitcoin selling is not that much simple as you buying bitcoin. But we are here to guide you to cash out your digital currency. When you are mentally prepared to sell your bitcoin, you have two options in front of you selling bitcoin online and selling bitcoin in person. You have to decide that which option you are going to choose because both options have advantages and disadvantages. Here we will discuss both options to clear your difficulty.
Online selling bitcoin
This is the most common option of trading your bitcoin. Which include the three ways of selling your bitcoins.
- Direct trade
- Exchange trade
- Peer to peer trading marketplaces
and then put an offer of sale. Sites alert you when a buyer will available and you can contact the buyer by using a website to complete your trade. Bitbargain and bootylicious are quite different so you have some patience.
In this way, you also have to verify yourself. You may not be going to trade with an individual but with an exchange. Where exchanges act intermediary who keeps’s everyone’s funds. You just need to place a sell order, amount and type of currency you want to sell, and per unit price you want to sell. As soon as buy order places, an exchange will complete the transaction and your desired currency will be credited to your account. The downside is if you are selling bitcoin for fiat currencies, you have to withdraw those funds to the bank. These are some difficulties you can face in future If you’ll make the wrong decision with bitcoins. So be careful while you are purchasing or selling the bitcoin. Circle, Kraken, and Bitstamp are some examples of crypto to fiat currency.
On the other side, you can use the currency directly in shops where bitcoin directly use or a bitcoin shop rarely accept lite coin and dogecoin. that’s the rare case if someone wants to use pure currency exchange to change bitcoin for another currency.
For exchange, BTC e-charges a flat 0.2%. but on the other hand, you must store on exchange for your future.
Trading in which site like brawler and purse combine the two or more groups of people to competes for their specific issues. In this process, the first group combines the group of people who wants to buy goods from sites which don’t accept digital currency directly. They want to be able to use bitcoin. And in second, there is that type of people who buy bitcoin with a credit or debit card. The marketplace combines the people of same requirements.
- Emi place her amazon wish list on marketplace
- Hash want to buy bitcoin by using his credit/debit card on the same rate place by Emi. So, he’ll accept the trade by using marketplace platform. And things were delivered to Emily’s place.
- Once the good delivered, hash’s bitcoin are released and arrive in his wallet.
In this system, hash pays an amount for service but easily able to attain bitcoin via bank card.
Withdrawing from your own funds
The worldwide way of moving money is international wire transfer. Most of the online bitcoin markets use this way also. But for the ease of the people, another way of transferring your money is single European payment areas. This SEPA was created to make international transfer between the member if European union more efficiently. e-support these payments.
Transfer take a long time and heavy charges of services. If you are going to open an account for this purpose you’ll face heavy refusal from banks. HSBC directly refused this guide accounts for bitcoin trading.
Your identification is necessary
Your identification is must when you are going to buying or selling the bitcoin. While you going to buy a bitcoin, there will be a small process of your identification but when you are going to sell your bitcoin, you must face different difficulties. So, while buying the bitcoin, you must complete your identification process. When you first enter, the site makes your identification clear by uploading at least two utility bills, your pic, id card to make your selling process easier.
When you are going to sell your bitcoins, you have to be aware of several things,
- You can use mobile phone application for the calculation of the rates.
- Worldwide meetup of bitcoins is existing. Where people easily trade the bitcoin and cryptocurrencies.
- Many use the same price as prominent bitcoin exchange or bitcoin desk.
- For the sake to cover costs, some seller applies the percentage on the top of the rate.
- Prices vary from country to country, so it will help you in local fluctuations.
- Keep yourself safe, so create your meeting in public places.
- There is a site, where you are can easily advertise yourself as a bitcoin seller.