Those who have managed to profit from their cryptocurrency investing might be interested in selling some of their Bitcoin. In the beginning it was more difficult for an individual to sell Bitcoin than it is today. Now there are a variety of methods which will let a Bitcoin investor exchange their tokens for cash. Here is a brief primer on how to sell Bitcoins after buying Bitcoin.
Selling Directly to an Individual
There are websites such as LocalBitcoins.com which serve the purpose of connecting individuals who want to buy and sell Bitcoins. A person can go on this website and find people in their local community who want to make a purchase. This approach is not without its share of risk. Under no circumstances should one meet a person that they have never met to exchange Bitcoin. Always insist that the transaction be completed without the need for a personal meeting.
Another option is to sell your Bitcoin to a friend or family member that you trust. This can be much safer. In both cases you will need to use the current exchange rates to make sure you are getting the right amount of cash for the Bitcoins that you want to sell.
Selling to an individual also carries the added advantage of having no fees to contend with. You don’t have to pay for the privilege of selling as long as the person you are selling to is willing to accept the current exchange rate.
Selling Your Bitcoin on an Exchange
Another popular way to sell Bitcoin is to use a cryptocurrency exchange. With this method you will need to create and verify an account with the exchange. This can require you to provide some personal information. Some people don’t want to reveal their identity when selling Bitcoin for a variety of reasons. If this is the case with you, an exchange might not work.
When you join an exchange you will be allowed to deposit your Bitcoin into a wallet that is provided by the exchange. From there you may be able to withdraw fiat after converting the Bitcoin into a currency like the USD or EUR. It depends on the exchange. Some exchanges will only trade one cryptocurrency for another.
Reasons for Selling Your Bitcoin
There can be many reasons that a person would want to sell Bitcoin. One of the main ones is that they may want to liquidate their holdings because they are apprehensive that the market will take a tumble. Bitcoin is a very volatile asset. Its price can fluctuate wildly from day to day. Some people will want to exit the market with a profit when they have experienced significant gains.
Perhaps you simply need money and cannot no longer justify holding on to a digital asset that can be hard to spend. Before you cash out in this case, you might want to look into the option of a Bitcoin debit card. This type of card can give you much quicker access to your money when you need it. You can use the card at an ATM machine just like a regular debit card to withdraw cash.
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