Investing in Bitcoin cryptocurrency is very risky. One morning Bitcoins cost $100,000 the next day it is nothing. It is crucial that when you invest, you conduct research first. You can use Bitcoins as a payment method today. If you want, you can hold on to it until you think it is necessary. However, if you think about the volatility of Bitcoin, it is time to think about selling it.
When you sell bitcoin, there are methods that you can consider. The right method will depend on how much you are looking to sell, how much time you have and how much control you want to assert over the ultimate price of the cryptocurrency. Here are the methods for selling Bitcoins:
The simplest way to turn your Bitcoin into cold cash is through exchange platforms. There are many exchange platforms that you can consider but you have to determine which is reputable. The exchange platforms act as mediators or middlemen. Whatever platform you choose, the process is generally the same. The first thing that you should do is to create an account and wallet then you have to link your bank account.
Once you deposited your Bitcoin there, you can start selling it. Place a “sell order” and indicate the amount you want to sell the Bitcoin. The good thing about exchange platform is it will let you set a limit – if the price drops below the set limit, the sale will not continue. After the sale, the funds will be transferred to your linked bank account.
If you want to personally handle the sale, you can consider direct trades. This is accessible on websites that are associated with exchanges. You need to register first, set up and account, and confirm your identity. Once you are registered, you can easily post an offer. It is direct trade because you are the only person interacting with the buyer. As soon as there is a buyer, you will get a notification.
Another method is through peer-to-peer trading. This is ideal for people who want to buy Bitcoins using a credit card and those who want to use Bitcoins to purchase goods from places that do not accept digital currencies as a payment form. With this, the former get Bitcoins while the latter buy goods with discount.
Selling in person
There’s another way to sell Bitcoin. By scanning QR-code on the buyer’s phone, you can receive cash on the spot. If you consider this, you have to ensure your safety and your funds.