How to Sell Bitcoin: A Complete Guide
There are quite a few Americans investing in Bitcoin these days. Recent reports have revealed that almost one-fifth of people are buying and selling Bitcoin on a regular basis.
But there are many Americans who are still getting their feet wet when it comes to Bitcoin trading. They’re learning about the different types of Bitcoin and figuring out what they’re supposed to do to turn themselves into legitimate Bitcoin investors.
As part of this, people need to know how to both buy and sell Bitcoin. Buying it is usually the easy part, as it doesn’t take too much time to set up a cryptocurrency wallet and add Bitcoin to it through the use of a cryptocurrency exchange.
But selling Bitcoin can be a different story. If you’re not 100% sure how to sell Bitcoin at this time, you should discover how to do it ASAP. It’ll help you make a successful Bitcoin sale the next time you would like to do it.
Here is a guide on how to sell Bitcoin effectively.
Make Sure You Know Exactly How Much Bitcoin You Have
A single Bitcoin is going to be worth tens of thousands of dollars in most cases. So unless you’ve invested a whole lot of money into Bitcoin, there is a good chance that you won’t have more than one Bitcoin at a time.
In fact, most people will own just a small fraction of a single Bitcoin. Because of this, they aren’t always totally sure how much Bitcoin they own.
Before you even think about trying to sell Bitcoin, you should sneak a peek at the cryptocurrency wallet that you keep Bitcoin in to see how much of it you have. It’ll help you to decide how much of it you would like to sell.
Take a Look at the Current Bitcoin Price
Once you know how much Bitcoin you actually have, you should look up the current Bitcoin price. The price of Bitcoin is pretty much always changing, so even if you looked up the price yesterday, it may have gone up or down within the last 24 hours.
If you find that the current Bitcoin price is down from when you first bought it, you may want to think twice about selling it at this time. If you go through with selling it when you don’t have to, it could lead to you losing money and wishing that you had held onto it.
Your best bet is going to be bookmarking a Bitcoin price tracker and checking it early and often when you’re considering trying to sell Bitcoin. In a perfect world, you’ll want to sell it when it’s at its highest point in recent weeks to get the most cash back possible.
Attempt to Sell Bitcoin Through a Cryptocurrency Exchange
If you like where the current Bitcoin price is at and you’re fully committed to selling Bitcoin, you should be able to do it through whichever cryptocurrency exchange you use. This crypto exchange will give you the option to sell Bitcoin at a moment’s notice for top dollar.
There is typically some kind of fee that is going to come along with selling Bitcoin through a crypto exchange. That fee will often be based on how much Bitcoin you’ll be selling and what the current price of it is.
When you sell Bitcoin through a cryptocurrency exchange, it’s going to be very easy to do it. Just click “sell” and an exchange will prompt you to provide some basic information before asking you to agree to the sale of your Bitcoin.
After you sell Bitcoin in this way, you can then convert it to cash by transferring the funds that you receive to your bank account. Just be sure to keep your eyes peeled for the fees associated with selling Bitcoin in this manner since some exchanges are going to charge you more than others to sell Bitcoin.
Sell Bitcoin Directly to Someone Who Would Like to Buy It Online
In an effort to get around paying the fees that so many cryptocurrency exchanges charge, some people have started to try to sell Bitcoin directly to those looking to buy it online. There are peer-to-peer crypto marketplaces that have popped up that will enable you to sell Bitcoin to those interested in purchasing it at this time.
There might also be fees that will come attached to this method of selling Bitcoin depending on which marketplace you use. But oftentimes, these fees will be less than the fees that you’ll pay to a crypto exchange for helping you sell Bitcoin.
You’re just going to want to make sure that you’re cautious when it comes to selling Bitcoin to someone else through a marketplace. You should look high and low for a marketplace that is reputable and well-respected within the crypto industry. Otherwise, you could end up making a lot less money than you were expecting to when selling Bitcoin.
Meet Up With Someone Who Wants to Buy Bitcoin in Person
If you would prefer to sell Bitcoin to someone in person as opposed to doing it online, this is another option that you’re going to have. Most crypto wallets will let you buy and sell Bitcoin in person with family members, friends, etc.
It might take you some time to figure out exactly how to buy and sell Bitcoin in person. But as Bitcoin has become more and more popular, many crypto exchanges and wallets have started to create features that make in-person Bitcoin sales possible.
You might want to be wary about selling Bitcoin to someone you don’t know in person. Crypto-related crimes have been on the rise over the last few years. But as long as you meet in a safe place, you shouldn’t have to worry about becoming a victim of a crypto crime anytime soon.
Visit a Special ATM Machine That Can Help You Sell Bitcoin
At this point in your life, you’ve probably seen your fair share of ATM machines. There are, after all, well over 400,000 of them scattered throughout the country.
But there are also new kinds of ATM machines popping up that you can use specifically for buying and selling Bitcoin. If you would like to unload Bitcoin and turn it into cash, you can utilize one of these machines to do it.
At this time, there isn’t anywhere near as many Bitcoin ATMs as there are regular ATMs. But you should be able to find at least a few of them in your area. Visit this page to see where a Bitcoin ATM might be so that you can turn Bitcoin into cash in no time at all.
Use Your Bitcoin to Buy Something You Want Online
If you’re committed to selling your Bitcoin for cash, buying something online isn’t going to help you accomplish this goal. But you should know that many online merchants have started to accept Bitcoin as a viable payment form.
With this in mind, you might want to completely eliminate any fees that could come along with selling Bitcoin and use Bitcoin to buy something that you were planning to buy with cash online. You can send Bitcoin straight to a merchant using your crypto wallet and get the products and/or services that you’re searching for in exchange.
See If You Can Find a Store That Accepts Bitcoin
Outside of kicking around the idea of buying something online with Bitcoin, you might be surprised to learn that you can also find many stores that will accept Bitcoin in this day and age. Many physical stores are starting to accept Bitcoin at their registers since this particular form of cryptocurrency has become so popular.
It should be simple enough for you to find a whole bunch of stores that accept Bitcoin by conducting a quick Google search. After doing this, you may very well decide that you want to shop at a store in your area and use Bitcoin to pay for your purchase rather than trying to sell Bitcoin and convert it into cash.
Look Out for New Ways to Sell Bitcoin
It might seem as though Bitcoin has been around forever now. But in reality, Bitcoin hasn’t even been around for 15 years yet. It didn’t get its start until 2009, and even then, there weren’t very many people trying to buy and sell Bitcoin.
As Bitcoin has turned into a national phenomenon now, there are so many ways to buy and sell it. But the truth of the matter is that we’ve really only scratched the surface as far as investing in Bitcoin is concerned.
In the coming months and years, there will undoubtedly be new ways to buy and sell Bitcoin. So if you’re going to be someone who is buying and selling Bitcoin routinely, you’ll also want to always have one eye on the crypto industry.
You should get into the habit of reading crypto-related news articles and blogs and listening to podcasts that cover the world of crypto. By doing this, you’ll be able to expose yourself to the latest Bitcoin developments so that you can learn more advanced methods for buying and selling Bitcoin when you decide to do it.
The last thing that you want to do is fall behind the times and continue to sell Bitcoin in the same way for years to come. You might end up spending more in fees than you would like to if you choose to take this approach versus finding a more reliable way to sell Bitcoin.
Consider Hanging Onto Bitcoin for a Little While
Bitcoin prices have been trending in the wrong direction for a few months now. Over the summer, the price fell below the $20,000 mark for the first time in a long time. And they’ve continued to plummet, getting as low as under $17,000 at certain points.
If you’re panicking when it comes to the price of Bitcoin and thinking about selling all your Bitcoin because of it, you might want to reconsider. You can, of course, sell Bitcoin whenever you would like. But if you’re going to be a serious Bitcoin investor, you will need to prepare to ride out the highs and lows.
This isn’t the first time that the price of Bitcoin has fallen. There have been similar scares in the past that have led to people selling Bitcoin at a loss to try and avoid bigger losses. But Bitcoin has continued to bounce back time and time again, and this time shouldn’t be any different.
If you still want to sell Bitcoin in spite of this for whatever reason, you can go ahead and do it by using one of the many methods that we’ve mentioned here. But you might also want to keep at least some of your Bitcoin to avoid regretting your decision to sell it later on.
There Are So Many Great Ways to Buy and Sell Bitcoins Nowadays
Now that you’re a little bit more familiar with how to sell Bitcoin, you can use one of the methods that we’ve talked about here to do it. You should be able to sell Bitcoin within just minutes so that you can transform it into the cash you need.
Consider each of the options that we’ve laid out so that you can decide which one you want to use to sell Bitcoin. It’ll put you in a position to pick the best one of the bunch.
Read through more informative cryptocurrency content by browsing through our other blog articles.