If you’ve already purchased Bitcoins, you might want to know how to sell them. People buy Bitcoins in many ways, including from friends and via crypto exchanges. Unless you believe that Bitcoin will eventually displace fiat money, you will want to sell your digital asset at some point. For instance, you might realize that selling your Bitcoins now will earn you a good profit.
But, how do you sell Bitcoins? Well, you can sell this virtual currency to get fiat money by following three simple steps. These steps are as follows.
Step 1: Create a cryptocurrency exchange account
Using a crypto exchange like Crypto Genius is the easiest way to sell Bitcoins. Such a platform serves as an intermediary between a buyer and a seller. That means you can easily find somebody looking to buy Bitcoin on the cryptocurrency exchange. Perhaps, you can try Bitcoin Code if ready to sell your Bitcoin. Apart from enabling you to sell your Bitcoins quickly, this platform provides information to help you determine the right time to trade. Thus, it allows you to make a more informed Bitcoin trading decision.
Registering with this platform is easy. However, depending on the country where a cryptocurrency exchange operates, it may require you to comply with rules like Know Your Customer. Thus, it may require you to share some identification information.
Step 2: Link your crypto exchange account with your bank
Once you’ve registered with a cryptocurrency exchange, link it with your bank account. That way, you can send the money you get from selling Bitcoin to your bank account. Most cryptocurrency exchanges require users to use the same bank account to register and withdraw money. And this measure helps them in preventing money laundering.
Step 3: Transfer Bitcoins to your crypto exchange wallet
If you store your Bitcoins in a secure wallet, you need to transfer them to the crypto exchange wallet. That way, you will be ready to sell your Bitcoin at any time. Some wallets are easy to connect with crypto exchanges. Navigate to the settings of your digital wallet and then connect to a crypto exchange.
Follow the prompts provided by the digital wallet to connect to the Bitcoin exchange and then complete the authentication process. While this can take time, it should go through if you follow instructions from the digital wallet and cryptocurrency exchange.
Step 4: Place your sell order
Once you’ve set up a crypto exchange account, linked it to your bank account and digital wallet, you’re ready to sell your Bitcoins. Most crypto exchanges allow you to choose Buy/Sell from the menu. In this case, select Sell. Next, pick Bitcoin as your preferred currency and select the correct destination for the funds in your Deposit To part. Finally, since you already connected your Bank account to your crypto exchange, you can choose it for a direct transfer.
Check the number of Bitcoins in your wallet and then the amount to sell. Some crypto exchanges have a limit for the number of Bitcoins a user can sell. Also, some platforms allow users to select whether to repeat their sales and the frequency for this. After that, click Sell Bitcoin.
The sale transaction will take some time, and the transfer won’t be complete until the end of this holding period.
Using a reputable crypto exchange is the safest and easiest way to sell Bitcoins. However, you can use other methods like peer-to-peer trades and sell to a friend or relative. Some of these methods require careful attention to ensure that a person has sent you the money, and they can’t reverse the transaction before sending them your Bitcoins. Complete the transaction publicly for your safety if you don’t know the person buying your Bitcoins.