Do you want to deal in Bitcoin but are confused about where to buy and sell Bitcoins? In reality, selling your bitcoin is not a straightforward process like buying Bitcoins, but the best thing is that there are many ways to sell Bitcoins online. You even don’t need to move out of your house to sell bitcoins and can do it directly from your home online.
The very first way that we will discuss selling bitcoins is through direct trade. Some websites have been developed that are linked with exchanges and intermediaries that allow users to trade with another person by directly providing the connection. At first, traders need to register on the website as a seller and set up the profit by verifying their identity. After registering on the website, the seller can post their offers and search for buyers. If any buyer desires to trade with you, you can directly trade with the buyer through the platform.
The direct trade process is a bit time-consuming, and therefore it is imperative to choose the right trading platform and be patient after posting your offer to sell bitcoins.
Exchanges are the online marketplaces, or we can also say the best solution to trade bitcoin. There are many disadvantages of online exchanges, but these act as middlemen between both buyer and seller when it comes to selling bitcoins. Traders need to open an account with exchanges and complete the identification details. You must choose a reputable exchange as it will ensure that you agree to Anti-Money Laundering and Know Your Customer policies. After setting up an account, you can connect your bank account to withdraw your funds when your bitcoins are sold.
As a seller, you only need to place an offer in a currency that you want to trade, its price per unit, and the total amount. Exchange as a mediator will find a buyer that matches your and the buyer’s needs. But you also need to know that exchanges are not a reliable and secure place to store your bitcoins and other cryptocurrencies, and even if you still choose to trade through an exchange, choose the right and reliable one.
A new development in the cryptocurrency world is the P2P trading marketplace. In P2P, no direct exchange takes place; instead, the websites act as a platform that allows buyers and sellers to meet different needs. P2P trading is developed to provide a mutual benefit to both buyers and traders who want to spend their bitcoins and buy bitcoins. P2P trading websites also allow buyers and sellers to exchange their fiat currencies for bitcoins to get discounts while buying goods.
The sellers have to verify their identities on these centralized platforms to continue with the selling process.
Selling in person
Despite all the factors that include intermediaries, selling Bitcoin in person doesn’t involve any intermediaries. Also, trading bitcoins in person is a more convenient process than other ways. To sell bitcoins, a seller needs to scan the QR code and receive cash from the buyer instantly. All you require is a Bitcoin wallet to get the number of Bitcoins.
It completely depends on the seller to choose the person to trade bitcoins with. Even if you find a random person to deal with, you can carry out the negotiation process, and when both buyer and seller come at a price, they can make the deal.
Bitcoin ATMs are somewhat similar to traditional cash machines in many terms. These ATMs accept money and get it exchanged for bitcoins, which means you can also trade bitcoin through Bitcoin ATMs. These ATMs are connected to the internet; through these, users can easily send and receive Bitcoin payments. Users can either directly move their funds from bitcoin wallets or deposit them.
The only demerit with Bitcoin ATMs is that they charge high transaction fees. Also, these ATMs are not developed everywhere, so it becomes difficult for users to locate ATMs. Only a limited number of Bitcoin ATMs provide bi-directional functionality, allowing users to both buy and sell bitcoins.