Have you decided it is time to get out of Bitcoin because it has reached a different low point, or just want to be prepared if you do that? In this guide we will teach you how to sell Bitcoins to ensure that you can walk away when you want and get what you get in return. However, keep in mind that if you decide to sell with everyone at the same time, you may encounter some problems. Fortunately we are here to talk you through everything, so that you can ensure that you are selling your crypto in the right way.
For those who don't even have your first bit of the Bitcoin pie, make sure you read our guide about everything Bitcoin and how you can make your first purchase.
: Set up a swap account
The simplest and most & # 39; automated & # 39; way to convert your Bitcoin into hard money is through an exchange platform. They act as an intermediary for the famously decentralized cryptocurrency by selling your Bitcoin for you. Because it is one of the most popular and well-known, we recommend Coinbase. If you prefer to choose your own account, there are many others to choose from, including popular international options such as Bitstamp and Bitfinex.
Signing up for an account is easy, but there are some steps you need to go through. Depending on the country in which you are located, you must adhere to various forms of "Know your customer" rules, which may mean that you send certain proof of identity to the site. This can take a few days to process. Simultaneously registering with Coinbase Pro is also recommended, although not strictly necessary, to give you more control over your sales.
Once your account has been created, link your bank account to it so that when you have completed your transaction you can get your money with as little hassle as possible.
Step 2: transfer your Bitcoin to your exchange portfolio
If you have followed our guide to buying Bitcoin, you can have your Bitcoin stored in a secure – maybe even cold wallet. To trade on Coinbase, you want to send your Bitcoin to an exchange wallet and keep it ready for sale.
Beginners can always use the Coinbase Wallet app, which makes linking the wallet super easy because it automatically trades with Coinbase. Open the app and wait for the "Connect now" message and enter your Coinbase login information. If you do not see the message, you can always go to Settings and select Connect to Coinbase to start. The Coinbase wallet also has a few other useful features, including the ability to pay merchants directly from the wall if they are part of the Coinbase Commerce program.
Coinbase security is good and offers support for biometrics and advanced authentication technology. However, if you prefer to use a different digital wallet, go to the settings and look for ways to connect to a currency exchange. You should be able to enter your Coinbase login on most popular digital wallets and initiate an authentication process to connect. However, it can take several days to complete this, so it is definitely not a last-minute step.
Step 3: Place a sales order and
With your exchange account set up, your bank account linked, and your Bitcoin deposited on the stock market, it's time to actually make a sale. The latest version of Coinbase makes this very easy. Simply select Buy / Sell in the main menu and go to the Sell section. Choose Bitcoin as your currency of choice and make sure the correct destination is selected for your funds in the Deposit to area. If you have a bank account that is linked to your account, you can select it here for a direct transfer.
Check your connected wallet to see how much Bitcoin you have and choose the amount you want to sell. In 2018, Coinbase raised its standard limits for trading and began to allow people to trade their cryptocurrency immediately after purchase, which is why we are fans of this specific service. You can see your weekly bank limit in the same section. Finally, choose whether you want to repeat this sale and, if so, with what frequency. Then select Sell Bitcoin . That's all!
There will be a short wait before the sale is completed. You can make as many sales as you want during this period, but the transfers are only ended when their retention period is over.
Regarding the decision to sell, well, you get a lot of investment advice, and there are many strategies based on your long-term plans and how much Bitcoin you want to move. Bitcoin has recently gone through a long period of devaluation and corrections, mixed with slight recoveries. You may need serious research to decide when the best time is for you to sell.
If you would rather have more to do with the actual sales process, you can trade directly (or peer-to-peer trades) are a possible alternative. You must register, which in some cases means that you confirm your identity, so as with all sales methods, we recommend that you set up your account well in advance before you actually want to sell. However, once you are set up, you can sell your Bitcoins in a much more "direct" way.
Unlike the stock exchanges, where the transactions are automated, you must perform the transaction in direct contact with the buyer. You set a sales order for a specific value and when someone comes to buy at the agreed price, the site will warn you that you can continue the transaction. As soon as you give it your thumbs up, the buyer pays you and then returns them to the cryptocurrency.
The actual method for making the payment is highly dependent on the platform with which you execute the transaction. Sites such as BitQuick keep things exclusively online, using bank transfers. However, sites such as LocalBitcoin or Paxful have many more options, including Moneygram, gift cards, cash by mail and even cash in person.
Although some of these methods are much more time consuming, they are much more anonymous and you can keep your transaction away from prying eyes if that is an advantage for you. If you decide to conduct transactions personally, make sure that you do this in a public environment.