how easy is it to sell bitcoins
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How easy is it to sell bitcoins

There is no one best way to sell bitcoin. However, for most beginners, using an exchange is the best way to go. Is It Easy to Sell Bitcoin? Yes, you can sell bitcoin with just a few clicks. As one of the most well-known cryptocurrencies, basically every exchange will accept it, and there are always buyers looking to make a purchase.

Can Bitcoin Be Converted to Cash? You can convert bitcoin to cash directly, either through a bitcoin ATM or a peer-to-peer transaction and choosing to sell it in person. This last one is easy with our guide on how to buy bitcoin , but the other two are still important. The exchange allows you to buy bitcoin from sellers, and the wallet gives you somewhere to store it long term. When choosing an exchange, you should look for one with many users, good customer support and low fees.

Three particularly popular exchanges with newcomers are Coinbase, Robinhood and Binance. On the other hand, wallets can be much more complex. These are generally more secure than most exchange wallets, but there will be transaction fees whenever you move money into or out of this wallet.

You also need to choose which type of wallet to get. You can also use the QR code displayed underneath for quicker trading. How to Sell Bitcoin? There are several ways to sell bitcoin, each with benefits and drawbacks, so you should consider which is the right one for you before continuing. Exchanges Exchanges are the simplest way to sell bitcoin.

Online P2P Trading Rather than doing the work for you, a peer-to-peer P2P exchange lets you choose your price, and the platform helps find a buyer willing to pay it. The two parties then decide between them how to pay. You can sometimes do this on the site — often called direct trades — but normally, you would use a separate bank transfer.

P2P trading allows you to sell cryptocurrency without the limits of an exchange. However, this is still a good step if freedom of choice and minimal interference are your priorities while still having access to things like escrows to hold the bitcoin for protection from fraud. Bitcoin ATM A good exchange is fine, but if you want to avoid any prying eyes, then cash is the way to go. Much like a regular ATM, these machines let you enter your bitcoin wallet address and withdraw cash.

You can also use these ATMs to buy bitcoin. However, you are very dependent on there being one near you. In Person Of course, if you really want to stop people from tracking you, then trade in person. You give the person some cash, and they give you access to a wallet of coins or send you the bitcoin online. Because of this, in-person bitcoin transactions are much riskier than any online exchanges, and you should be careful if you choose this option.

How to sell You can either sell Bitcoin via an exchange, a broker, direct trade or carrying out a peer-to-peer transaction. Or you can withdraw fiat money government legal tender using a Bitcoin ATM. Transaction fees Every bitcoin transaction must be added to the blockchain, the official public ledger of all bitcoin transactions. This is done by miners for a profit. The fee depends on how many people are trading at the time and the data size of your transaction.

A miner bundles the transaction together with other transactions into a block, and Bitcoin users set their own transaction fees within their wallets manually depending on how fast they want it to be processed. You can wait longer, until there is less congestion in the network, and miners begin picking up transactions with lower fees.

This is the most straightforward option. The way fees are charged varies: some but not all will pass on the exact transaction cost to you. Coinbase offers a percentage based fee — currently 1. With Blockchain, you pay the network transaction fee, plus a fee to the service. While many platforms only offer crypto-to-crypto trading, some providers allow you to exchange Bitcoin with fiat currency such as GBP, including Coinbase, Kraken, or Bitfinex.

Some services will process your transaction faster than others. Often, the purchaser is first required to provide identification to prove they are who they say they are. Beware of scam sites and stick with popular, well-known cryptocurrency exchanges. With a Bitcoin wallet you are free to go and find any exchange, where you can set up an account and wallet, then send your Bitcoin across from your existing wallet note this can incur an extra cost.

Alternatively, trades between individual can be arranged peer-to-peer using websites and forums like bitcoin-otc and LocalBitcoins. Sellers set their own price and what types of payments they will accept, often PayPal, bank transfers, credit cards and even cold, hard cash.

Take precaution if you are selling directly to a random person. And recent years have seen the emergence of an increasing number of over-the-counter brokers who specialise in helping large-volume trades and can avoid slippage when the market moves against you before your trade can be completed.

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How to buy and sell Bitcoin - Bitcoin 101

1/9/ · Here’s how to sell Bitcoins for PayPal on LocalBitcoins: Open a LocalBitcoins account Go to “Sell Bitcoins” Choose a country – since you’re not meeting in person it doesn’t . 7/11/ · In the “sell” tab, you’ll need to choose how much bitcoin you want to sell, which cryptocurrency you want to sell and what your preferred currency to receive it in is. Complete the Sale. 3/10/ · When you are ready to sell some or all of your Bitcoin, you can do so through a variety of avenues, including an online cryptocurrency exchange, direct peer-to-peer (P2P) .