Selling Bitcoin or ‘Cash Out’ is one of the most important things that you should understand if you are a Bitcoin owner. You can use this to make direct purchases from different companies like Microsoft and Subway. The Bitcoins can also be sold on the same exchanges and services where you can also buy it from. When you sell BTC, the transaction is not complicated, it will just take a few seconds but may take more time to withdraw them from that sale into your bank account. Let this guide show you the best ways to sell bitcoins.
What Are Bitcoins?
Bitcoins is the base of cryptocurrency, created by Satoshi Nakamoto in 2009. Currently, bitcoin has a market cap of $128 billion and one bitcoin today is worth $7,692. Compared to hundreds of cryptocurrency in the market these days, Bitcoin is the most expensive and the best option to invest in.
TOP 5 Options When Selling Bitcoins
There are different methods of selling bitcoins and each of them is different from the other. Your choice would depend on how much you are going to sell, your control over the price for your cryptocurrency, and how much time do you have to wait in order to sell it.
- Exchanges. This is one of the most common and the simplest way to sell your bitcoins online in order to turn it into cash through different exchange platforms. The Exchanges will act as the ‘middle-man’ and they will sell your Bitcoins for you.
- PSP Exchanges. This is ‘Peer-to-peer’ trading and one of the most popular alternatives when selling your bitcoins. You might need to verify your account and confirm your identity in order to sell your bitcoins. Once this is set up, you can start selling your Bitcoins much faster through this ‘direct’ method compared to other options.
- Bitcoin ATM. If selling your Bitcoin online is not an option for you, can also look for Bitcoin ATM. There are different Bitcoin kiosks or machines that are directly connected to the internet where it allows you to insert cash in exchange for bitcoins which will then be given as a paper receipt. This will also allow you to move money to a public key on the blockchain. These look like the traditional ATM machines but they do not connect to a bank account but instead, they are directly connected to a Bitcoin exchange.
- Bitcoin Giftcards. This is another way to give Bitcoins as a present to your family and friends. Once you have purchased it online, this gift card or voucher will be sent directly to the specified address. The recipient will then be able to redeem the gift card at an exchange rate at that time. These portals will not only help you redeem but also guide you on how to open your wallet.
- Retirement Account. Most individual retirement accounts are managed by trustees for investors and you can choose Bitcoins as one of your assets. It is very simple to add Bitcoins to your IRA. just open a self-directed IRA using an E-sign application then this account can be funded through a rollover or a transfer. Completing the Bitcoin allocation order is very important to finish the process and you can start using Bitcoin retirement asset once you are 59 ½ years old.
Bitcoin is continuously increasing in popularity and there are now plenty of services online to help you get your hands on bitcoins or maybe turn bitcoins into USD and other fiat currencies. Learning how to sell them is very important and the ones mentioned above are the most popular and the most convenient compared to other options available.