If you’re new to crypto-money, you want to know how to buy or sell bitcoin. This guide will explain the fundamentals that will help guide you when you want to sell bitcoin. There are a couple of ways to sell bitcoins, all with varying rates of efficiency. You can also elect to sell instantly or on a crypto-account.
Create a Crypto Account
The easiest and most hassle-free way to sell your bitcoin is via a crypto-wallet exchange platform. Crypto wallets act as a go-between for buyers and sellers. There are various crypto-wallets on the internet today. All you need to do is select one that suits your needs, sign up, and are ready to buy and sell bitcoin.
The sign-up process on most e-wallets is pretty straightforward. Depending on your location, you may be asked for identification documents during the sign-up process. On other platforms, you will only require an e-mail address and you are set.
Transfer Bitcoin to Your Crypto-Wallet
If you don’t have any bitcoin in your wallet, you will have to send some to your wallet. If you had already stored some before, then you can proceed and make your sales. Most crypto-wallets offer a variety of services other than buying and selling bitcoin. You can pay for goods and services or even transfer bitcoin or other crypto-currencies to your family and friends. Some e-wallets or exchange platforms may charge you a certain percentage of the transaction fee, and you can click to read more on that.
I know this is the step you’ve been eagerly waiting for. Once you have your e-wallet set up, loaded with bitcoin, or linked to your bank, you are now set to make a sale. Most crypto-wallets have a buy or sell button or option. Select the sell option and ensure to set Bitcoin as your crypto of choice. Ensure that you confirm the amount of bitcoin you want to sell. If everything is right, you can then progress with the sale. In most cases, the cost may fluctuate depending on the crypto value you are exchanging or transacting.
You can also sell bitcoin via direct trades or what is instead known as peer-to-peer trades. In this case, you will have to set up an account on platforms that deal with cryptocurrency trades. Once you’ve set up the account, you can then start selling bitcoin.
Ideally, unlike in crypto-wallets where the exchanges are automated, here things are a little bit different. You will be required to trigger a sell order on the amount of bitcoin you want to sell. The platform will then alert you when someone is interested in buying the bitcoin at your price. Once you agree on the price, the buyer will send you the money and the exchange platform will release the bitcoin once you confirm that you’ve received payment.
Each method of exchanging cryptocurrencies is efficient in its way. However, you need to pay maximum attention when selecting an exchange platform to avoid scammers who will try to defraud you.