How to sell bitcoin
For bitcoin users and investors, sales of the digital currency from time to time is one of the most valid ways to maximize profits- both in the short term, as well as in the long run. When adopting bitcoin for a transaction or speculative purposes, one of the things to readily consider is how to sell the coins and convert them to the desired fiat currencies. There is also the need to know the best methods to market and dispose of your bitcoins, so as not to lose the investments and earnings, one way or the other.
Since more people are joining the expanding community of bitcoin users, there are new methods of selling bitcoin that are being introduced as the days go by. But then, bitcoin traders must be careful to make sure the methods used, are those generally considered reliable and safe. This is important at least, till every other way have been primarily verified and deemed fit for public use.
Proven ways of selling bitcoin
Nowadays, the trusted methods of buying bitcoin, are almost the only proven ways to sell them. This may be attributed to the fact that the virtual currency is continually circulating between hands.
Below are two of the safest and widely recognized means of selling bitcoins:
- Cryptocurrency exchange platforms
Cryptocurrency exchange platforms are the most recognized and the most reliable means of selling bitcoins, yet available. Bitcoin users all over the world are continually engaging in an exchange of fiat currencies for bitcoin, and vice versa. Although the methods differ from exchange to exchange, some platform such as Localbitcoins allows intending seller’s trade directly with other intending buyers, while they only serve as the third party mediator. Others such as Coinbase and Changelly enable instant transactions, where you can sell your bitcoin and get paid in local currencies almost immediately. An advantage of the use of exchange platforms is the fact that transactions are faster, with some increased level of security for your funds.
- Bitcoin shops and commercial vendors
Depending on the country and its binding laws, intending sellers of bitcoin may exchange the coins for local currencies at bitcoin shop outlets that are dedicated to the virtual currency trade. All they need to do is go to the shops or search for their service websites online, where a transaction can be made. Unlike the exchanges where sellers are more likely to sell the cryptocurrency using its current pricing, bitcoin shops and commercial vendor operators may sell at their rates- which may be a little lower than the prevailing general price.
While operating a bitcoin shop is quite comfortable in some countries, it is not allowed in others.
Other things to pay attention to
When carrying out trade transactions involving bitcoin, security and precautionary measures must be observed, and in all essence. Asides the activities of online fraudsters, there are other possible ways to lose funds, and hence the need to be careful with every transaction procedure. When sending bitcoin from one wallet to another, the sender must be sure that the wallet information is correct, so as not to mistakenly send funds to the unintended address. Bitcoin transactions are irreversible. Thus lost funds cannot be traced.