There are several ways to sell your bitcoin: online or offline
Typically, people that have something to do with bitcoin can be divided into two categories. The first is “buy and hold” people while the second are speculators. Apparently, the “buy and hold” type of investors hold their digital assets for some period of time (mostly long periods), while speculators try to sell assets as fast as possible once they achieved their desired returns. This article suits those, who decided to sell bitcoin and have not yet decided on a method to do this. Generally, someone can sell their digital coins in two ways: online or offline.
How to sell your bitcoin: CryptoExchange
The cryptocurrency exchange is the most popular option to buy and sell digital coinage. We think there is a strong possibility that you have purchased your bitcoins in this way (we are sure you also use them if you’re looking for a way to get rid of them). If so, then it will not be a problem for you to set up all the processes. The whole process is not particularly hard – all you do is convert crypto money back into fiat money. After that, you can transfer conventional currency into your banking account.
All you need to know about an exchange is that they carry out transactions immediately, but it costs money. You sell coins, they are converted into conventional money, but you’ll have to pay fees for that. The more quickly it takes – the higher the fees you’ll have to pay. Fees may be divided into withdrawal fees, deposit fees, and transaction fees.
Talking about cryptocurrency exchanges we cannot but mention another interesting way to sell bitcoins – P2P marketplaces. A marketplace connects a buyer and a seller based on their mutual needs. The scheme is easy and as old as time. Someone, who owns bitcoins, is put in touch with another person who wants to buy bitcoins, and they agree on all the details and terms of the deal.
The best thing about P2P marketplaces is that they don’t set buying and selling prices as exchanges do. The users are able to choose a target price for buying and selling. One of the most popular and interesting ways to use the P2P marketplace is to buy something (the item that a bitcoin seller needs) for a person with bitcoins using fiat money, and receive digital coins from the seller for it (under agreed conditions and agreed exchange rate).
Physically Selling Bitcoin
Why do so many people prefer physical trades? The most probable reason is that they wish to avoid any deals with regulators, and it is not about doing something illicit. Banks, for instance, are wary of regulators. That’s the reason why most banks stay away from cryptocurrencies. Also, if you plan to deal with banks, you should know that it is not free, and sometimes it costs customers a pretty penny.
You can also sell bitcoins in person. The scheme is simple here – the same that you use to buy/sell items, goods, etc. The trouble is, such deals are risky, and there is a high possibility of fraud. The best option here is to deal with family or friends. It will be better for you to know who are you dealing with.
Using a Local Service
If someone has chosen to use a service like Localcoins.com, they probably will have a need to agree on terms. Also, it is essential to remember that cryptocurrencies still rank as volatile assets. Thus, prices can change surprisingly quickly and sometimes not in the way that one has been expecting.
Meetups are also a good way to trade. You meet new people or groups of people who are looking to sell or buy crypto assets. In any event, you should not forget about safety. Apparently, it is a bad idea to walk around with $10,000 in your pocket. The same rule applies to bitcoin.
A cryptocurrency ATM is one more good option to cash your bitcoin. You can find them almost anywhere in the world. The pros of using this method are obvious – as a minimum, you don’t have to deal with the endless cycle of fees. ATMs work to directly charge users’ wallets and obviate the need of doing it with their own hands.
Any of these methods has its pros and cons, but if you are certain you want to sell your coins, you can use both online and offline.
For now, it is not so easy to sell bitcoin. Maybe the situation will change in the near future, but today, if you decided to sell bitcoin, you should know that it will take some time and cost fees.