If you've already bought Bitcoins, you may want to know how to sell them. People buy Bitcoins in many ways, including from friends and through cryptocurrency exchanges.
Unless you believe that Bitcoin will eventually replace fiat money, sooner or later you will want to sell your digital asset. For example, you may realize that selling your Bitcoins now will earn you a good profit.
But how are Bitcoins sold? Well, you can sell this virtual currency to get fiat money by following three simple steps. These steps are as follows.
Step 1: Create a cryptocurrency exchange account
Using a crypto exchange is the easiest way to sell Bitcoin. This platform acts as an intermediary between a buyer and a seller. This means that you can easily find someone looking to buy Bitcoin on the cryptocurrency exchange.
Maybe you can try Bitcoin system if you are ready to sell your Bitcoins. In addition to allowing you to quickly sell your Bitcoins, this platform provides information to help you determine the right time to trade. Therefore, it allows you to make a more informed Bitcoin trading decision. Registering on this platform is easy.
Step 2: Link your cryptocurrency exchange account to your bank
After signing up with a cryptocurrency exchange, link it to your bank account. This way, you can send the money you get from selling Bitcoin to your bank account.
Most cryptocurrency exchanges require users to use the same bank account to sign up and withdraw money. And this measure helps them prevent money laundering.
Step 3: Transfer Bitcoin to your cryptocurrency exchange wallet
If you keep your Bitcoins in a secure wallet, you need to transfer them to the cryptocurrency exchange wallet. This way, you will be ready to sell your Bitcoins at any time. Some wallets are easy to connect with cryptocurrency exchanges. Go to your digital wallet settings and then connect to a cryptocurrency exchange.
Follow the instructions provided by the digital wallet to connect to the Bitcoin exchange and then complete the authentication process. While this can take time, it should be successful if you follow the instructions of the digital wallet and cryptocurrency exchange.
Step 4: Place your sell order
After setting up a cryptocurrency exchange account, linked to your bank account and digital wallet, you are ready to sell your Bitcoins. Most cryptocurrency exchanges allow you to choose Buy / Sell from the menu.
In this case, select Sell. Then, choose Bitcoin as your preferred currency and select the correct destination for the funds in your Deposit To part. Finally, since you have already linked your bank account to your cryptocurrency exchange, you can choose it for a direct transfer.
Check the number of Bitcoins in your wallet and then the amount to sell.
Using a trusted crypto exchange is the safest and easiest way to sell Bitcoin. However, you can use other methods like peer-to-peer trading and sell to a friend or relative.
Some of these methods require careful attention to ensure that a person has sent you the money and that they cannot cancel the transaction before you send them your Bitcoins. Complete the transaction publicly for your own safety if you don't know the person buying your Bitcoins.