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4 different ways and 15 places you can sell your bitcoin online and offline in 2020

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sell bitcoin

The cryptocurrency market has been on an explosive path since the bitcoin outbreak of 2017. While it’s one of the most lucrative, talked about and buzzing sector a lot of us still are in a dilemma or have very little clue about anything.

For instance, a bunch of us may have already bought and hold onto a limb of bitcoins during the mayhem but now we have no place to go. A few governments have banned it whereas a few, just lost interest. You now want to get rid of your bitcoin. But how? 

In this article, we are going to talk about how and where you can sell your bitcoin. What are the ways in which you can exchange your bitcoin? Did you know that you can exchange your bitcoin for other cryptocurrencies as well? Let us find out more about this.

Where to sell bitcoin

where to sell bitcoinThere are a plethora of methods for selling BTC and each one of them a little varied from the other. No matter what choice you pick from the list below, they let you convert your bitcoin into fiat money in the comfort of your own home (or kiosks for if you are going through cash exchanges). 

You can choose the method you like depending on a few factors. Factors like How much time do you have? How much control do you want over the eventual price you get for your cryptocurrency? Or How much of bitcoin are you looking to cash out? These are some of the factors you ought to consider before plunging into cashing out your cryptocurrency. 

In the next segment, we’ll be talking about the ways you can sell your bitcoins in. 

1) Exchanges 

Foreign ExchangesExchange platforms are an ideal one-stop solution for you and act as a middle man that helps you convert and encash your bitcoin on behalf of you. Being one of the most common and simplest ways to sell bitcoin online, exchanges assist in converting the cryptocurrency into hard cash without you having to go through any hassle. You can choose between  Binance, Coinmama, Coinbase and CEX.10. 

And the best part about these platforms is that the registration and the verification process is simple as a breeze. Create an account and a wallet, link your bank account to it, provide them with a photo-ID if necessary and bam you are done. 

Photo ID verification is done before you start placing any orders for authenticity. The only thing you have to ensure is to set up your account well in advance of when you plan to trade, as the verification might take some time to be done. 

Once you are done with the verification and registration, the next step would be taking your deposit address from the exchange wallet and sending the bitcoins you wish to sell to that address. 

And while you are at it, placing a “sell order” would be a preferred option so your coins will be sold at the ongoing market rate. There are many exchange platforms that allow you to set a limit on your sale, so that at times when the Bitcoin’s price drop below a certain point, the sale would not proceed.  

The direct transfer of the funds into either your linked bank account or to your exchange currency account is one of the most significant advantages of an exchange platform.

2) P2P exchanges

Peer to Peer ExchangesAnother alternative for selling your BTC, these platforms, being a way of peer-to-peer trading, is a much more direct method of cashing out your coins, as compared to other exchanges.

Creating an account and getting verified is necessary for this method as well. Cashing out the coins will become much more of a breeze once you are all set-up after the verification. 

If you set up a sell order for a specific value, the site will alert you to proceed with the transaction, when someone comes along looking to buy at the agreed-upon price. The payment can be conducted via a plethora of methods on sites like Paxful and LocalCoinSwap. Gift cards, cash in the mail, MoneyGram and cash in person are some of the methods to conduct the payment as well.

One of the most wonderful advantages of such platforms is that there is no middle-man exchange involved. Therefore, you won’t have to worry about being hacked or the platform itself running off with your money. The only con or drawback we could discover in this method was that it is a lot more time consuming than automated exchanges. 

3) Bitcoin Gift Cards

bitcoin-gift cardsIt’s Christmas already and if you haven’t yet thought of what to gift to your loved ones, then we have wonderful news for you. A bitcoin gift card is a unique way to present coins to your friends and family. 

A plethora of online platforms such as Bit4coin allows you to mail the gift card or voucher to the specified address. Your friend can redeem the gift card against bitcoins at the exchange rate without any hassle. This platform is excellent at not only with the redemption but also at guiding you on how to open your own wallet. 

4) Bitcoin ATM

Bitcoin ATMYou might have heard of these machines only if you are really into cryptocurrency. If selling BTC online does not seem like an enticing idea, there is something even better for you. 

Bitcoin kiosks are the machines connected to the Internet that are uniquely designed to allow the insertion of cash in exchange for bitcoins. They are almost identical to the conventional ATMs in appearance, but they connect the user directly to a cryptocurrency exchange rather than a bank account. You can always rely upon CoinATMradar for cashing out your Bitcoins as it is one of the most reputable and reliable among all Bitcoin ATMs. 

The only catch with these kiosks is that they are not as freely available as that of money ATM kiosks. You can log on to coinatmradar.com to find out if there is any Bitcoin ATM near you

5) Your retirement account

bitcoin retirement planMost of the Individual retirement accounts are usually managed by custodians or trustees for their investors. But, if we look outside of these traditional assets, there are a plethora of other investment opportunities as well. Real Estate, Tax lien certificates, private placement securities, promissory notes, gold and even Bitcoins, are some of the most popular investment strategies. 

Adding BTC to your self-directed IRA is the easiest task of all time. All you need to do is open a self-directed IRA through a secure e-sign application. And when the new account is funded via a rollover or transfer, the final step would be completing a Bitcoin allocation order by the investor. It is only after you have reached the retirement age that you can start using your coins retirement asset, or else you will have to face a penalty for any early withdrawal.

How to sell Bitcoin for USD? (Converting bitcoin to dollars) 

bitcoin to usdThe most significant advantage of bitcoins is that you can exchange them for any currency you feel most comfortable with. If you have been looking for trading BTC for USD but not sure about the best way to sell bitcoin, then the following list contains some reliable cryptocurrency exchange platforms where you can convert bitcoin to US Dollars online. The choice you make would totally depend on what type of holder you are; an institutional holder, a trader or a small investor. 

Coinbase is an ideal exchange platform to sell BTC especially if you are a retail client. Being the world’s largest Bitcoin broker, this exchange is serving around 32 countries as of now. These countries provide direct sales of BTC either at the current average market rate or close to it. 

  • Kraken

Another popular exchange, Kraken has been allowing fiat currency deposits and withdrawals since 2011. Kraken is known to process the most BTC to Euro transactions. Supporting other major currencies like USD, JPY and CAD as well, Kraken charges very reasonable fees. Fiat & Cryptocurrency trades are comparatively much cheaper here than on other exchanges. Excellent security initiatives like 2-factor authentication are encouraged by this platform. The Kraken reach to your bank account just between 1-5 working days. 

  • Gemini

This exchange platform is aimed more at Large orders from traders and institutional investors. The ability to deal with both individuals and institutional clients comes easily to the exchange. You can easily withdraw and deposit to and from your bank account. All the exchanges take is trading fees of around 0.25% off both sides of the trade. 

  • CEX.10

Founded in 2013, CEX.10 is a London-based cryptocurrency exchange platform that has more than a million active traders. This platform allows you to sell bitcoin in a matter of just a few clicks. CEX.1.0 takes proper steps to ensure the security of customer data and financial information thus making this site extremely trustworthy when it comes to the users’ data and money. Even though this exchange is relatively more expensive as compared to the other platforms, their services are worth everything.

How to sell Bitcoin For Cash? 

bitcoin-for-CashAll these exchange platforms are fantastic but they can be a bit of a hassle at times. If you wish to avoid all the squabble associated with withdrawing from an exchange, you can always sell your BTC for cash directly to another person. Do you want to see how it can be done? Read further. 

  • LocalCoinSwap

LocalCoinSwap can be a perfect solution for anyone of you who are looking for cashing out large amounts of Bitcoin. In this exchange platform, people can post their own bids for buying and selling bitcoins for USD and other fiat currencies. 

The transactions tend to be more instant but that can happen only if both parties have sufficient funds in their accounts. This platform also offers the advantage of a face-to-face transaction offline with the other party. 

  • Meetup

This might come as a surprise entry but you can even rely on Meetup.com for exchanging bitcoins for cash too. If you are looking for a platform that allows you to indulge in Bitcoin-related meetups. You can meet other BTC enthusiasts and trade with them. Allowing a safe environment for its customers, this exchange platform is a hit among them. Although, no one can guarantee 100% that you would find exchange opportunities for these easily.

  • Paxful

Paxful is a peer-to-peer exchange platform that promises to radically transform the way you spend money. Connecting buyers and sellers to easily exchange bitcoin, this platform is uniquely designed to accept more than 300 different payment methods. 

Having solid security measures in place, Paxful is gradually becoming a legitimate cryptocurrency exchange platform. The security measures generally include security questions, 2-factor authentication, SMS verification and heavily encrypted servers. 

  • Bitcoin ATM

There is no solution better than a Bitcoin ATM if you are in a rush and want to sell coins instantly. Being the fastest way to cash out the bitcoins, the number of Bitcoin ATM machines are expanding rapidly since their inception in 2013. 

Also the machines have a bit of drawbacks associated with them. For instance, they are usually only available during business hours and they need you to be physically present at the location. 

How to sell Bitcoin for PayPal?

Here is a list of platforms that allow you to cash out BTC to USD cash like exchanging to PayPal. 

Coinbase has been allowing you to withdraw your USD balance to your PayPal account since 2016. This directs to the fact that you can move coins into your Coinbase account and withdraw them as USD straight to your PayPal account. Follow these steps to sell your Bitcoins:

  1.       Move the bitcoins you want to sell into your Coinbase account.
  2.       Go to “Buy/Sell bitcoins” and choose “sell bitcoins.”
  3.       Decide how many coins you want to convert to USD.
  4.       Choose PayPal as your payout method.
  5.       Click “sell bitcoins.”
  •  Bitpanda

It is an Austrian start-up company that holds expertise in selling – buying bitcoins and other cryptocurrencies. Even if Bitpanda does not allow you to buy BTC with PayPal, you could still cash out your coins in order to fund your PayPal account.

  1.       Sign up and get a Bitpanda account
  2.       Choose “sell” and “PayPal” as your payout method.
  3.       Once you send the bitcoins to Bitpanda, you will be sent a payment via PayPal.
  •  VirWox

VirWox stands for Virtual World Exchange which is a reputed and centralized Austria-based digital convertible currency exchange. It is the only website that allows instant buying and selling of Bitcoin with PayPal.

  •       Initial deposit- After depositing a certain amount of BTC, you will receive an email directly from VirWox.
  •       Posting- The expected posting time is supposed to be 1 hour.
  •       Purchase- You can buy the max quantum of L$ at the ongoing market price.
  •       Flat currency- In this step, you can be buying the max USD amount at the ongoing market rate.
  •       PayPal Withdrawal- For every 1$ you pay for PayPal fees, you would have to pay another 2%. 

Wrapping it up

If the cryptocurrency industry keeps on evolving with the pace it is doing right now, in no longer than coming few years, these coins would be ruling the industry but not a lot can be said about bitcoin. It is best to wait for a spike and then sell it for the gains (or hold it; it’s your choice). 

Also, it has become a whole lot difficult to acquire bitcoins in the first place whereas selling them in exchange for fiat currency is a whole different story. But, if you have read the above article, you are sure to be thorough with the whole process. Selling Bitcoin instantly using a Bitcoin ATM or transferring money to your PayPal account can be easy peasy for you. 

This article is just here to inform you of all the ways you can sell your bitcoin. We urge our readers to perform proper research before finalizing their investment decisions. If you have any further questions or need any further clarifications, feel free to write to us in the comments section below. We are happy to answer. 

Also, please be sure that Cryptotapas holds no responsibility for any of the investment decisions you take or the trades you perform using the information provided above. All the language used, no matter how suggestive, is just a form of expression and holds no direct implication nor stands as a set of instructions for you to make your investment choices. The article is a simple form of reference among many others that you would be taking before making an informed choice.

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Why this bull run has no precedence? ONE key metric to rule them all

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bull run 2020

Everyone is singing the praises for the bulls’ arrival in the crypto space.

Some say that 2020 will mark the biggest bull run in cryptos’, albeit short, history.  

We are already in October so we doubt any fireworks will take place now since there is a lot of uncertainty about the US elections.

Add the uncertainty around the stimulus bills, unemployment trends, soon to be lifted forbearances and the list goes on.

2020 still has another 2.5 months to go but most of these uncertainties will take a while to show their true impact.

For instance, what will a Biden presidency mean for the economy and cryptos?  

How many people will be forced to sell their homes once the forbearance’s are lifted?

What happens if the next stimulus bill does not pass through?

When will the vaccine become available?

These are some of the unique situations that we have no precedence for. Do not let anyone convince you that we know what’s going to unfold, because no one does.

Yes, everyone has theories, like the ones we are presenting here, but that is all they are: theories.

The BIGGEST metric that crypto community is not considering

We are no economists nor can we run any fancy charts to impress a point on you.  

We are just good observers and have common sense to deduce a few things based on data.  

For instance, between 2007 and 2010 consumer spending dropped by an overall .2% and we know what that meant for the economy.

Personal consumption expenditure

In 2020, people have literally cut down on their spending.  Some of it is forced due to the restrictions imposed by external forces and most of it is self imposed.

I am sure the spending on marijuana, liquor and food have gone up but what about other spending?

2020 also saw a spike in the savings balances.  

Economy is not stimulated by people hoarding their money. People need to exchange value for the economy to thrive.

What happens to the spending behaviors when the true stats around evictions, lost jobs (that are not coming back) and small businesses that are shutting down permanently are out?

Our guess is that people are going to be weary of spending money in the short to medium term. If we were forced to pick a timeline – we would say about 12-16 months (assuming we get a vaccine in Q1 2021).

When is the next bull run? 

Based on what we have seen in 2007 through 2010 and observing the consumer spending habits in recent times, we think that Bitcoin (and cryptos) will not find their true peak until next halving.

We know this is not what you came to hear.  

If the bull run in your mind is hitting the 2017 highs then we do not think you have to wait until the next bull run.

If the bull run means a $100,000 bitcoin then we stand by our opinion on when that is going to be.

A case for bull run

In spite of what is going on in the street, following factors are acting as strong bull market signals for the crypto space. 

Hype: Crypto space (specifically Bitcoin) has been gathering a lot of steam in terms of brand awareness and mass penetration.  This is great for the long game.

Adoption: More than ever, private and public enterprises are becoming serious about bitcoin and underlying blockchain technology.  What is good for bitcoin is good for blockchain and vice-versa.  MicroStrategy investment, Paul Tudor Jones getting involved with bitcoin are some examples.

Tech explosion: Crypto space is home to some of the brilliant minds in the tech space. Add Big Techs interest in the crypto space and you have a perfect recipe for monumental shifts in crypto perception. Tech giants like Microsoft, Google, Twitter, Facebook are all getting involved with blockchain and cryptocurrencies in some shape or form.

Retail demand: More and more retail investors are looking for alternative investments and they are waiting on the sidelines to get involved with Bitcoin.  As soon as companies like Fidelity or other brands offer crypto investment through retirement plans – there would be a massive influx into this space.

DeFi: DeFi in its current state might be infested with shittty projects but as a concept and technological shift to turn the current banking system upside down – it holds great potential. Any demand to DeFi brings more demand to bitcoin, ethereum and blockchain in general.

Conclusion

The debate around when is the next bull run will hinge on how the market recovers from this pandemic. How soon will we get the vaccine and how many of the lost small businesses and jobs are we going to resurrect?

From a macro perspective, Bitcoin and few select cryptocurrencies will continue their upward trajectory so if you looked back to 2020 five years from now, you might think bitcoin was on sale.  

Question is: how many people have that kind of patience?

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

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Is Cryptocurrency driven by fundamentals or hype?

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Fundamentals or Hype

During the early 2000s India experienced a massive real estate bubble. With a lot of western companies opening their outsourcing centers in India, the land prices shot up 2x, 5x, 10x, and even 100x.

You read that right. 

Have you heard about 100x in Real Estate?

To be sure, the demand was exponentially growing in the major cities like Bangalore, Hyderabad, etc., which were quickly turning into back offices for the many western companies.

The hype in these cities was somewhat justified.

However, here is the kicker.  Many remote places which did not directly benefit from this influx of foreign direct investment started seeing their prices go up in similar fashion.

In a crazy case of trickle effect and super-hype created by the real estate agents, properties were just trading from one party to another for unbelievable markups and the prices constantly went up.

Today, that massive bubble is still intact minus the crazy multipliers.

The reason we like the comparison of what happened in Indian Real Estate market to the crypto is that a genuine need in a specific space has been exploited to translate that hype onto anything tagged with the name. 

In India that hype tag was ‘land’ and in crypto that hype tag could mean anything from ICOs to DeFi.

Ask any crypto enthusiast they will make you believe that crypto is all about fundamentals.  However, anyone who has spent even a few months in the space quickly realizes that crypto prices don’t follow fundamentals.  

This is one place where Crypto space shares its similarities with the stock market as well.

Stock market is completely distanced from the economy and it too acts irrationally, that is, when people are losing jobs and businesses are shutting down permanently, the stock market rallies higher and higher.

Similarly, crypto space, to its own detriment, is ignoring the projects that have amazing fundamentals while pumping other projects solely based on the hype.

Long term vs. Short term

Hype is short lived. Fundamentals are a long game.

That is why we emphasize that anyone interested in the crypto space does their own research in finding the projects that meet their fundamental criteria.

Once you know that a project has fundamentals (team that can execute, problem worth solving, solution that can solve, market demand, etc.,) then you just ignore the FOMO and FUD.

This will help you sleep better and use your spare time and energy in quality endeavors like taking care of yourself or spending time with family, etc.,

If you get on the hype train – it will be difficult to catch the right wave and this constant lookout for the next big thing is going to rob you of all the peace.

And, if you find yourself on the right side of the wave – you will be decimated and drowned.

DeFi defies all common sense

That is what happened with a lot of people who tried to ‘time’ the DeFi market.  

Don’t get us wrong. Many people made a ton of money (and good for them).  However, remember, crypto at this point of its evolution is a zero sum game.  That means, for everyone who made a million someone lost that million.

Unless you got on a project quite early keeping your risk level low or you have some insider information (not to mention this being illegal), you can generally not ‘time’ the market.

Many veteran traders have lost their shirts in chasing the market.

Conclusion: does this mean I should stay away from DeFi?

We cannot tell you that.  That is something you got to decide for yourself.

By market cap, Yearn Finance is considered one of the top DeFi projects. It lost over 67% in less than a month.   

Personally, if the top most project is still trying to find the ground while other projects are losing 99% of their value in a matter of a day, that means one thing:  the space needs time to mature.

We will continue to learn about DeFi. We will continue to invest what we can afford to lose when we find the right project that meets our fundamentals criteria.

That is our strategy at the moment. You have to find a strategy that suits you.

While crypto space is riding on the hype at the moment, we continue to believe in fundamentals.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Will India Ban Cryptocurrency Trading?

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Cryptocurrrency Ban India

India keeps playing with the emotions of the crypto community in India with constant back and forth of change in rules.

First it was a complete ban of crypto transactions. RBI forbids banks from serving any clients that deal in cryptocurrencies. Thanks to the Supreme court decision, RBI had to back off.

Now, there is a renewed effort to place a ban on crypto again.  

Is Crypto Ban a good thing for India’s financial future?

No, Cryptocurrency is here to stay according to many financial investors and billionaires. As nations prepare for a hyper-inflation cycle to sweep the world, Cryptocurrency can act as a hedge in addition to gold and silver.

If the government is concerned about illegal activities with cryptos then they can relax because most crimes happen in fiat cash transactions, not crypto which is traceable.

Crypto traders generally are not the ones that take part in illicit trades.  It is those who introduce illegal ICOs and OTC trades.

How about regulations?

Instead of banning crypto trades, how about bringing clear regulations to provide a framework for the crypto trading.

Such a framework should include stricter guidelines for ICOs and OTC trades.  

Crypto exchanges can relay the trading information directly to the tax authorities (instead of needing to be subpoenaed) so that there is transparency.

Will India Ban Cryptocurrency Trading?

That depends on whether India wants to be in the ranks of the United States, Switzerland, South Korea, etc., or if it wants to be counted among China, Russia and North Korea.

The United States, South Korea and Switzerland (along with other countries) are doing everything to stay ahead in the blockchain and crypto race.

Other countries we stated above are working to stomp on the innovation. 

A better question is: Can India ban cryptocurrency trading?  

The answer is NO.  

To ban cryptocurrency trading – India will have to shut down the internet.  

In the event of an actual law that bans Indians from participating in the cryptocurrency trading, the only people that will be impacted by those are the ‘honest’ citizens because the crooked ones will still find ways to trade using VPN or alias names.

For a country that wants to be at the forefront of technological revolution a ban would be a very backward decision.

We urge the Indian government to NOT punish the honest citizens by introducing a ban.  Rather, introduce a sensible legal framework for everyone to operate in.

This will bring more businesses to India and take India’s platforms to the world.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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