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
There 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.
Exchange 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
Another 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
It’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
You 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
Most 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)
The 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.
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.
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.
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?
All 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 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.
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 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.
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:
- Move the bitcoins you want to sell into your Coinbase account.
- Go to “Buy/Sell bitcoins” and choose “sell bitcoins.”
- Decide how many coins you want to convert to USD.
- Choose PayPal as your payout method.
- Click “sell bitcoins.”
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.
- Sign up and get a Bitpanda account
- Choose “sell” and “PayPal” as your payout method.
- Once you send the bitcoins to Bitpanda, you will be sent a payment via PayPal.
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.
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