Back in the year 2009, bitcoin cost mere pennies. However, at the moment, the rate of cryptocurrency has jumped to unprecedented heights. Therefore, the question of where to sell Bitcoin is more relevant than ever. If you are also interested in this question, then read this article. In it we will talk about all possible ways to sell bitcoin. Those are the main ways to sell your Bitcoins:
- Stock exchanges;
- Peer to peer;
- Direct deals;
- Bitcoin ATM;
Why are cryptobirds so popular? Perhaps the main advantage of such services is security. Exchange acts as an intermediary. If you want to sell a cryptocurrency, then you just need to place the appropriate application and specify the desired price. When a buyer appears who is satisfied with your price, the exchange will automatically conduct the transaction. In the end, you get the money, and the buyer – Bitcoins.
Start with creating an account
The service will ask you to answer a few questions and download identity documents. These include a passport, driver’s license, residence permit or official work permit in a particular country. You will also have to confirm your bank account. For this cryptobirge asks for an extract. Still, need to confirm the place of residence. This can be done, for example, with the help of a receipt for utilities.
As with any ordinary stock exchange, the sale of cryptocurrency takes time. During the bidding price is the amount that will be at the intersection of buyers and sellers in the so-called stock glass. Exchange glass is the volume and prices of transactions set by exchange participants. Sellers tend to sell the cryptocurrency at a higher price, buyers want to buy cheaper, therefore, orders of some will be higher than the market value, orders of others will be lower.
Placing Order and withdraw money
When you place an order to close the purchase or sale of bitcoins at a certain price – it is considered that you have placed a limited order. The system will fulfill your demand either at the price you specify or at a price better than the one you set. You can be sure that your order will not be fulfilled at the worst price. An order can be closed in one transaction if the seller/buyer is found, with price parameters that fully satisfy your order, or in several transactions, if there are no such sellers/buyers.
In this case, you can close the transaction at once, if you place an order at market value. In this case, you spend the minimum amount of time, because someone’s application will be executed online. True, one can hardly say that this method will ensure the closing of the transaction at a good price because as a rule, we always want to sell more expensive.
Peer to Peer Bitcoin exchanges
P2P translations were created to solve / avoid problems that appeared with ordinary translations. Due to the fact that a very limited number of structures accept payments in cryptocurrency, it was necessary to exchange it for fiat currencies in order to make purchases. It was then that had to resort to using exchangers. However, a minus of such a system is that the exchangers are controlled by people, the owners of the services are both the solvers of disputes between users and the controllers of their actions. In addition, they charge a fee for their work.
When using conventional exchangers, the user places information that he intends to buy a certain amount, for example, Bitcoins, or sell. The exchanger searches for matching offers and makes a deal. Transactions with such a system can last from 5 minutes to several hours.
ATMs is a good alternative to exchanges. Sale through ATMs is made very quickly. Moreover, ATMs is extremely easy to operate. They do not require any specific knowledge or trading skills from you. Nevertheless, the course in ATMs less profitable than on the stock exchanges. Moreover, ATMs may also charge a fee for the services provided. Because of this, selling bitcoin for rubles through exchange points is not very profitable.
Perhaps the most profitable way to sell bitcoins is a direct deal. The bottom line is that you yourself find a buyer and offer him to buy your tokens. You can dictate your terms of the deal and sell the cue ball at the desired rate. Moreover, the transaction is carried out without commission, as for carrying out direct transactions do not need to use third-party services. However, the main problem with this method is security. The person who decided to purchase your bitcoins from Blockchain’s wallet may well turn out to be a fraud.