As of 2021, 89 percent of Americans have heard of Bitcoin. It’s getting easier to buy cryptocurrency but many holders still aren’t sure how to sell Bitcoin.
Are you asking yourself “how to sell my Bitcoin” after seeing gains in your account? Selling Bitcoin is a simple process but it can be intimidating if you’ve never done it before.
The following Bitcoin guide will explain how to turn your BTC into cash or other cryptocurrencies. Read on and learn how to sell Bitcoin with confidence.
Selling On Crypto Exchanges
Crypto exchanges offer the easiest method of selling Bitcoin. Transactions are close to instant and you can get updated prices while you trade. It’s a safe option and you most likely use an exchange already if you own BTC.
Although, crypto exchanges do have a few downsides. They usually charge transaction fees to keep their services running. Most exchanges offer limited payment types and use a centralized organization to document transactions.
Peer-To-Peer Trading
A P2P exchange allows users to choose their price and helps find a buyer wanting to pay it. Then, each party negotiates how to pay for the transaction.
Some sites offer direct trades for both parties to complete their transaction on the platform. Although, most P2P users often use a separate bank transfer.
Peer-to-peer trading lets users sell BTC without the restrictions of an exchange. Users can do wire transfers, send gift cards, and trade cash. In fact, they can even agree to trade art and other goods for BTC.
However, there’s always the risk that buyers won’t pay for the BTC. Many P2P keep enough information on buyers to hold them accountable. Always make sure to vet P2P platforms for security and choose them wisely.
Selling Via Bitcoin ATM
Bitcoin ATMs are a secure and private way to convert your BTC to cash. They work just like a standard ATM but they use your Bitcoin wallet address. After inputting your address, you can withdraw cash straight from the machine.
These ATMs are harder to trace than bank transfers and offer more anonymity. You can even use BTC ATMs to purchase Bitcoin with cash. Many of the kiosks also allow you to send BTC to others.
BTC ATMs have become more common and more are popping up each year. Byte-Federal is a popular option and you can check their map for locations.
Keep in mind that you’ll need a smartphone to utilize Bitcoin ATMs. They don’t typically require any other identification to use. Most machines also issue buying and selling limits for their transactions.
Understanding How to Sell My Bitcoin
You’ll have multiple options the next time you ask yourself, “how to sell my Bitcoin”. Exchanges, P2P platforms, and BTC ATMs make up the best methods of selling.
Crypto exchanges offer the most security, P2P offers flexibility, and ATMs offer convenience. Remember this guide and start selling BTC with confidence. Check out our other tech and business articles for more tips.
