5 min read
If you are looking to invest and sell using bitcoin, then you should definitely ask yourself a couple of important questions;
Do you want to sell for USD or another Cryptocurrency? We’d advise you to take on Cryptocurrency.
How quickly do you want to sell your bitcoin?
Do you want your funds in cash or deposited in a bank account?
Will you be willing to settle with the price well below the market rate?
Which country are you in at the moment?
Now that you have decided on what you want and have figured out the answers to those questions, you need to learn how to buy bitcoin. After that, you will be able to know how to sell the bitcoin to your buyers.
There are multiple ways to sell bitcoin using different established exchange platforms. If you are planning on using an exchange, e.g., Paxful, Bitflex, and Bitstamp, you have to follow the following easy steps;
Step 1: Set Up An Exchange Account
Having an exchange account will enable you to turn your bitcoin into hard cash. These exchange accounts act as a ‘middle- man’ for Cryptocurrency by selling your bitcoin. As said earlier, several well-established exchanges will facilitate this, including coin-base, paxful, among others. You are free to choose which one works for you best. The process is easy, but sometimes it may be a little complex, depending on your country. You will have to comply with different rules. At times, you will be asked to send the site certain ID forms for credibility and other security reasons. Nonetheless, it will only take a few days to process, and once you have an account, you will be able to proceed to the next step. This 2-day process is useful to secure your bitcoin wallet account. It would help if you considered linking your bank account with your bitcoin account so that when you have completed a trade, you can have your cash transferred to your bank without a hassle.
Step 2: Transfer Bitcoin To Your Exchange Wallet
With your bitcoin safely stored in a secured wallet, you are set to trade. You will then have to send it to an exchange wallet safe and ready for sale. You are free to select the wallet App of your choice, which will aid your connection with your wallet and the other traders. If, for example, you are using the Coinbase wallet app, launch it, wait for the notification to “ connect now,” then enter the log-in details that you registered with for your exchange account. If you fail to see your notification, you can head on to settings and choose “ connect to coinbase.” Follow the easy steps displayed on your device and within a short while your transaction will be complete.
Step 3: Create A Sell Order
You now have your account onset, your bank linked and your bitcoin safely deposited and stored on the exchange. Time to sell! On your wallet app, select the buy/sell tab and move to the sell tab section, where you will either sell at the price a buyer offers or create your custom sell order. Choose bitcoin as your currency of choice and ensure you select the right destination for your funds in the deposit section. If you have linked your bank to your bitcoin account, you will be able to select it here and have a direct transfer. Check your connected wallet to ensure you have enough bitcoin and choose the amount you wish to sell. You can always choose to repeat the sale and in what frequency, then select sell bitcoin. Sometimes there might be a little delay before a sale is complete allowing you to make as many sales as possible, but your transfers will not complete until the holding period finishes.
When your trade is complete, you can download your public receipt. Always ensure you check the vital information about the buyer before making any sale. You would not want to start making losses.