Selling something that is of value can generate more profit at the end of the day. This is the case with selling Bitcoin. Before that, you need to know things about Bitcoin to fully understand it. Bitcoin is a type of cryptocurrency. Cryptocurrency is a digital currency that is created through encryption software.
Cryptocurrency is different from the normal money. Cryptocurrency is created by private organisations with the goal to make more money. Unlike normal money with government support, cryptocurrency depends on the encryption process. With this, cryptocurrency garnered mainstream attention. Although it is volatile, no one can deny that it is lucrative.
How can you get some Bitcoins? You need to utilise an exchange to buy Bitcoins. In choosing exchange platform, you choose the most popular. You also need wallet app to store the Bitcoins securely. After signing up, you are ready to buy. If you are planning to buy right away, you have to check the current prices first. When you are ready to buy, you simply hit the Buy icon in the menu of the exchange platform. During the process, you will choose your wallet and as soon as you hit the buy button, you will be directed to the confirmation page.
You have to keep in mind that exchanges take a few days to process. Do not fear if you do not see the cryptocurrency reflected in your wallet. Every time you complete a transaction, the exchange platform will send a confirmation email to you. If you decide to sell bitcoin, there are three ways you can do it:
Selling via exchange
You already have an exchange platform. With this, selling won’t be that hard. However, many people say that selling via exchange platform has several disadvantages. When you use an exchange to sell, you simply hit the “sell offer” button. You will be asked to state the type of currency you want to trade and the amount price per unit. As soon as someone matches your offer, the exchange will be completed automatically. You need to wait for few days though to withdraw the funds.
Selling via Online P2P Trading
You can also consider peer-to-peer trading. This is a new concept in the Bitcoin world. In this transaction, there is no exchange present. The websites only seek to connect the people with complementary Bitcoin needs. The service is created for the mutual benefit of the people. People can easily buy Bitcoins using their credit card. There are others who want to spend their Bitcoins to purchase goods. The websites give their users with escrow service and wallet to store the Bitcoins.
Selling via ATM
Yes, there are Bitcoin ATMs. It does look like traditional ATM machines but it functions differently. Bitcoin ATMs are connected to the Internet to facilitate easy and convenient Bitcoin transactions. However, according to some sources, they usually charge high transaction fees. More importantly, Bitcoin ATMs are difficult to locate.
When you choose to sell it, make sure that you are getting the best price. If you do not understand cryptocurrencies, you should spend more time researching. Do not indulge blindly.