How to Sell Cryptocurrency
Cryptocurrency has become the major driving force in the trading of digital assets as well as s goods and services. With the decentralization of the crypto world more and more are expanding cryptocurrency investments with businesses using the opportunity to engage with a growing tech-savvy demographic offering them opportunities to interact with them through the purchase of goods and services in addition to promotional tokens and collectibles such as NFTs.
What is the Best Way to Sell Cryptocurrency?
There are several ways where you can sell cryptocurrencies. You can opt to sell them directly either online or in person, through Bitcoin ATMs, a brokerage, or through cryptocurrency exchanges. However, the best way to buy and sell cryptocurrencies is through crypto exchanges popularly known as crypto apps. The reason being is that they offer not only a good selection of digital currencies but also facilitate bitcoin transactions in the trade of digital assets. To use a cryptocurrency exchange, users will need to set up a cryptocurrency exchange account with the platform and connect to a bank account for withdrawing cash. In terms of accepting payment and payment options check out our article on how to accept crypto payments.
Exactly How to Sell Cryptocurrency
Once you buy your cryptocurrencies, there will come a time when you will want to sell them. This is how to sell cryptocurrencies safely.
1. Get a Cryptocurrency Wallet
For you to start dealing in digital currencies, you will need a place to store them, and that’s where cryptocurrency wallets come in. Simply put crypto wallets are vital tools for buying, trading bitcoin, and selling cryptocurrencies. They not only help in storing cryptocurrencies securely but also validate transaction information. Crypto wallets can come in either as hardware or software. It is important to note that each cryptocurrency needs a different type of wallet, most wallets can store multiple crypto coin types. Make sure to have a wallet that can accommodate various currencies if you want to capitalize in cryptocurrency trading.
2. Choose a Bitcoin Blockchain
The Bitcoin blockchain and other cryptocurrencies blockchains run on blockchain technology which are decentralized ledgers meaning that they are not controlled by a third party or financial institution. They offer secure and instant transactions where users can confirm transactions, manage fund transfers and settle trades. Different blockchains come with different fees associated with transferring money and digital goods.
3. Choose your Currency
The pool of available cryptocurrencies has dramatically grown since the debut of Bitcoin over a decade ago. There are thousands of cryptocurrencies in the market and including the likes of Dogecoin, Ethereum, Litecoin, and others. Some might not be not well known and might not have much to show in terms of the trading volume. To make the most in trading in cryptocurrencies look for cryptocurrencies that are universally accepted and can be traded across several cryptocurrency exchanges.
4. Add Your Cryptocurrency to Your Wallet
Once you open an online wallet you will need to store some cryptocurrency in it for you to start speculating the market. You can start by buying bitcoin, using a paper wallet or a hardware wallet to transfer your cryptocurrency to your digital wallet.
5. Choose How You Want to Sell Bitcoin
There are several ways where you can sell bitcoin or any other cryptocurrency. Below are some available options:
Crypto exchanges or Crypto apps act as marketplaces for trading in cryptocurrencies. They offer several tools such as advanced analytics, robust security, user-friendly features, support and offer relatively lower fees that make buying and selling bitcoin or other cryptocurrencies easy.
You can use Bitcoin ATMs or kiosks to sell bitcoin. All you have to do is log in to your account, indicate how much Bitcoin you want to sell, and which crypto wallet address you want to sell from. Once verified you will receive a notification and can withdraw your cash.
Peer to Peer Exchanges
A Peer-to-Peer (P2P) exchange is a cryptocurrency platform where users can privately exchange crypto with one another without the use of an intermediary. To sell bitcoin on a P2P exchange, users will need to create an account and verify their identity and go about the business of selling bitcoin and other cryptocurrencies.
Some brokerages facilitate selling bitcoin by acting as intermediaries between buyers and sellers. The downside is they often charge higher commission fees compared to crypto exchanges.
You can also opt to sell your cryptocurrency in-person location through the use of online platforms. All you have to do is simply choose to meet up with a buyer go to bitcoin’s website create an account, verify your identity and connect your bank account. Once you have opened your account you can then send the bitcoin (BTC) you’d like to sell to a specified Bitcoin address. After the sale is processed, you’ll receive cash in your bank account. You can also s?m?l? scan a QR ??d? ?n the buyer’s phone ?nd conduct transactions as well.
6. Have a Strategy for Selling Bitcoin
Whether your cryptocurrency investment is to sell them off for potential growth in the future or trade cryptocurrencies regularly to maximize profits and revenues you will need to formulate a concrete strategy. Your strategy should include what to buy be it a bitcoin, a digital asset, or NFT; when to buy crypto; how much to buy; and when to sell your cryptocurrencies. To know more about cryptocurrency and taxes check out our article do you have to pay taxes on cryptocurrency.
7. Complete the Transaction
Cryptocurrency transactions can be completed through the use of your private key to transfer the cryptocurrency to the new owner. The transaction is then broadcast to the network to be included in the blockchain. Some cryptocurrency transactions aren’t entirely free and require users to pay for the network fees- payable to the blockchain network members who are mining your coins or transactions.
8. Withdraw Cryptocurrency to Your Bank Account
Once you have sold your crypto you have the option to bank transfer the funds to your bank or buy more crypto. If you have linked your digital wallet to a bank account you can opt to transfer funds to your bank account. You have the option to select your desired currency and the amount of money you wish to withdraw in some cases you might be charged with withdrawal fees. You can also transfer your funds to your debit card.
How do you convert crypto to cash?
You can also opt to use an exchange, broker, or third parties that include bitcoin ATMs and debit cards to exchange your bitcoins for cash at a given rate.
What is the cheapest way to buy and sell cryptocurrency?
Investing in cryptocurrencies over exchanges is the cheapest way to sell and buy bitcoin. For example, the Binance app exchange offers competitive rates and is compatible with multiple devices. In addition, it offers low trading commissions and payments can be made via bank transfer, credit or debit card, and cash. For insights on purchasing bitcoin check out our article How to Buy Cryptocurrency.
This article, “How to Sell Cryptocurrency” was first published on Small Business Trends