Have you decided to move away from bitcoin craze? Or maybe you just want to be prepared for the moment when you want to cash out your digital currency?
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In this article, we will teach you the very basics of how to sell bitcoin along with other cryptocurrencies.
If you are at the very beginning of your path in the world of digital currencies, then also check out the following articles:
We can sell bitcoin and other cryptocurrencies in many ways. Today, most of the platforms where we buy digital currencies naturally also offer the possibility to sell. However, the selling method that is best for you personally really depends on what amounts you would like to sell, how much control you want over the actual selling price and how much time you have available for the sales process.
In general, there are 2 main methods, with the exception of Bitcoin ATMs.
How to Sell Bitcoin on Crypto Exchanges
Using a cryptocurrency online exchange is probably the easiest method for converting your Bitcoins to cash. They act as an intermediate for decentralised cryptocurrencies, where they sell your Bitcoins instead of you.
A good example of a user-friendly and fully regulated exchange is Kriptomat. Differences between exchanges come in the form of user-friendliness and fees. Different exchanges also have their own interface and some also offer related services, such as safekeeping of your cryptocurrencies.
All of them basically work the same way:
- Open your user account on the selected platform.
- Connect it to your bank account (if the exchange accepts fiat deposits).
- Complete various identity verification steps (not always, but usually to enable higher withdrawals).
- Send bitcoin (or any other supported cryptocurrency) from your wallet address to your exchange address.
- BE CAREFUL: make sure that you’re sending your crypto to a wallet address of the same cryptocurrency. For example, don’t send bitcoin to an ether address. Also, make sure that you’re sending bitcoin to the correct address (remember that transactions are generally irreversible).
- Make a sell order (meaning that your bitcoin will be sold at the current market price).
- After successfully selling your cryptocurrencies, you can then make a withdrawal and the funds will be credited to your linked bank account. The exchanges usually charge a small fee.
If you are interested in purchasing and selling cryptocurrencies, you can use Kriptomat. A regulated and licensed platform which is fast, safe and easy to use.
Possible complications with selling bitcoin on crypto exchanges
Some sites may require you to verify your identity before you can start buying or selling digital currencies. Since someone still has to manually confirm your identity, it may take up to several weeks before your account is verified.
Even if you have everything ready, there is still no guarantee that the crypto exchange of your choice will be operational at the moment of your bitcoin sale. This can happen either due to a huge number of buyers and sellers or due to maintenance. Because of that, your money may temporarily get stuck in the system until the transaction flow is operational again.
It is also important to know that bitcoin is very volatile, meaning that its value can quickly rise or fall. Don’t be emotional in this market. Don’t immediately start buying when the price rises and don’t immediately sell when the price drops.
An unlikely, but still existing risk here is a malicious attack on the crypto exchange itself. In order to avoid this, we recommend that you do not leave money on these exchanges for too long, but rather store it in your private crypto wallets. Learn more about what is a crypto wallet and how to pick the right one.
You can also exchange your Bitcoin for other cryptocurrencies (instead of cash). Some exchanges enable the exchange between Bitcoin and Ethereum for Litecoin, XRP, Dash and many other cryptocurrencies. For a list of real-time values of cryptocurrencies, simply check the digital currencies and their values!
This text is of informative nature and does not apply as a recommendation for an investment. It does not express the personal opinion of the author or service. Any investment or trading is risky, past returns are not a guarantee for future returns – risk only those assets that you are willing to lose.
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