How To Sell Bitcoin? Cash, Bitcoin ATM, P2P Trading

A few reliable methods exist for selling bitcoin. Whether you prefer a fast and easy technique (like selling on an exchange) or a more labor-intensive yet private one (like using a peer-to-peer marketplace or a bitcoin ATM). Understanding how to trade bitcoin is good, but it prevents you from using the profits you’ve made, which can be irritating if you have a lot of capital committed. You will learn how to sell bitcoin in this article to make the process simpler.

How To Sell Bitcoin?

At some time, you’ll undoubtedly want to sell some bitcoin, whether you want to store it or use it for purchases. Here is our guide on How to Sell Bitcoin. Similar to purchasing bitcoin, there are a variety of ways to sell bitcoin.

 Direct purchases of bitcoin are possible via cryptocurrency exchanges, bitcoin ATMs, P2P networks, and traditional brokers. With the exception of some bitcoin ATMs, you can also sell bitcoin through any of these channels.

By submitting a sell order, you can sell bitcoin on the same exchange or brokerage where you bought it. A sell order, as the name implies, directs a broker (crypto exchange) to sell a particular asset, in this case bitcoin, at a specified price.

Additionally, stable coins like ether or tether can be swapped or exchanged for bitcoin (respectively). This is beneficial if you want to benefit from your bitcoin investment or stop the value of your portfolio from falling.

Additionally, there is a distinction between selling and withdrawing money. Cryptocurrency can be converted into fiat money by selling, but you must withdraw it in order to deposit it in a bank account or use it as cash.

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Selling Bitcoin into Cash

There are two primary ways to convert bitcoin into local currency:

  • Using an exchange service
  • Selling peer-to-peer

Selling BTC Using an Exchange Service

  • A regulated company that works with the conventional banking system is an exchange service. A simple website with little exchange capabilities, a digital wallet with banking links, or a full-featured cryptocurrency exchange with an order book, market makers, etc. are all examples of exchange services.

How To Sell Bitcoin Through an Exchange?

  1. The “buy/sell” option for bitcoin will be available on the exchange’s home screen. To access the purchase and sell screen, click here.
  2. Choose the “sell” tab from the top menu since you are currently on the “buy” tab by default.
  3. You must select the cryptocurrency you want to sell, the quantity of bitcoin you want to sell, and the currency you want to be paid in from the “sell” page.
  4. To preview the sale, select “preview sell,” and to complete it, select “sell now.”

how to Sell bitcoin

Advantages and disadvantages of selling bitcoin through an exchange

Simple exchange and full-service exchange are the two categories into which exchange services can be divided.

  1. Simple exchange services

Advantages

  • Quick, simple, and practical
  • For sales, guaranteed rates at or near market rates
  • may sell any quantity

Disadvantages 

  • requires proof of identity
  • Not accessible everywhere
  • only transfers made to bank accounts
  1. Full-service cryptocurrency exchanges 

Advantages 

  • can establish “limits” on sells to ensure your desired rate.
  • may sell any quantity

Disadvantages 

  • Not accessible everywhere
  • requires the proof of identity
  • only transfers made to bank accounts
  • Custodial (the exchange holds your bitcoin, not you) (the exchange holds your bitcoin, not you)
  • relatively challenging to utilise (for example, requires setting sell orders and understanding order books)

 Selling BTC Peer-to-peer

  • Peer-to-peer sales allow you to partially circumvent the traditional banking system by accepting cash payments, utilising PayPal or other payment apps, or settling the transaction with goods or services.
  • You can buy bitcoin directly from someone you know who wants to sell it. As an alternative, a variety of platforms provide as matchmaking services, assisting sellers in finding buyers and vice versa. Peer-to-peer trade negotiations between buyers and sellers follow.

How To Sell Bitcoin Through P2P Trading?

  1. Head over to the P2P Trading Page.
  2. Click “purchase crypto” and then “P2P trading” on the webpage.
  3. Choose your desired crypto and fiat currencies after clicking “sell.” Additionally, you can specify details like the sum or payment method.
  4. Continue scrolling until you find a buyer whose price, payment threshold, and mode of payment are acceptable to you.
  5. You can select how much bitcoin you want to sell and how you want to be paid when you click “sell BTC” on the buyer’s page.
  6. You can send the buyer an offer to buy your bitcoin by clicking “sell BTC” once more. Keep in mind that you might not be able to withdraw this offer depending on the platform.
  7. Click “confirm release” to give the buyer the bitcoin once you’ve received payment from them and the funds are in your bank account.

The benefits and drawbacks of peer-to-peer bitcoin sales 

Advantages 

  • Identity verification is frequently not necessary.
  • You can use any payment method (including cash, payment app, barter, etc.)

Disadvantages 

  • less practical (you must manually create and negotiate sell orders)
  • heightened fraud risk
  • Typically, only little amounts can be sold legally.

For traders looking to sell their bitcoins, there are many ways available. Popular cryptocurrency exchanges are reliable and well-known, making them a good choice, but peer-to-peer trading supported internet marketplaces may provide you more payment alternatives.

You can also utilise a Bitcoin ATM to have quick access to your cryptocurrency, but the commission will be substantially greater.

Cashing out from a Bitcoin ATM

Cashing out from an ATM is the same as selling your Bitcoin, claims Hermes Bitcoin, a California-based provider of Bitcoin ATMs. At bitcoin ATMs, you can utilise your bitcoins to have quick access to cash. Unlike conventional ATMs, bitcoin ATMs operate differently. To withdraw cash and sell your cryptocurrency, the ATM provides a QR code that you may send your Bitcoin to. It won’t take long for you to receive your money.

However, the commissions on Bitcoin ATM trades can be extremely high, so it’s vital to be aware of how much you’re spending and whether it would be better to take a different path.

You must first submit a sell order using your preferred fiat currency, such as the U.S. dollar, if you want to withdraw your bitcoin’s equivalent in fiat (government-issued cash). Most exchanges will let you withdraw your money right into your bank account after the order is filled.

You should be aware that the majority of exchanges have a minimum withdrawal threshold, so if you keep tiny sums in your exchange account, you could need to deposit additional money to withdraw the rest.

The process of purchasing and exchanging bitcoin has gotten significantly simpler in the short time it has been available. This is also true when selling bitcoin, which is now possible instantly at market value. Therefore, you now understand how to sell bitcoin and withdraw that money, whether you’re trying to do it immediately or only in the long term.

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