Selling your Bitcoins may not be as easy as you think it is. so, when you make up your mind to sell then you have to do through an exchange, or direct trade, or via peer-to-peer transaction.
Ways in which you can sell your Bitcoins
Let us go through different methods where you can sell bitcoin.
The easiest way for selling Bitcoins is via an exchange platform. These exchanges act like middlemen and sell the crypto coins for you; you can choose from many exchanges depending on their ratings. You have to sign up to get an account and comply with “Know Your Customer” regulations that require you to send specific IDs to the website.
When the account has been successfully created, it can be linked to a bank account which ensures that you can withdraw cash after the trade easily.
Another method for selling Bitcoins is via direct trade. This can be with another individual and the service is readily available on sites that are associated with exchanges. To get started you must register yourself as a seller and verify your identity. Thereafter you may post your offer stating your intent to sell Bitcoins.
If a buyer is keen to do a trade with you, you will be notified and then you can start interacting with this interested buyer. The site acts as a middleman to conduct the trade. Since this process of selling Bitcoin on websites may take up a lot of time, it is wise to do some research before choosing a platform for trading.
Online P2P Trading
Online P2P trading is another method for selling your Bitcoins. The peer-to-peer trading sites are comparatively new in the world of cryptocurrencies. Here, there is no direct fund exchange; rather, the site will act as a platform to bring together people with complementary needs.
These platforms are meant for the mutual benefit of people who wish to spend Bitcoins to purchase goods from sites that do not yet accept digital currency as payment, and for those keen to buy crypto coins with credit cards. Automated bitcoin trading applications also help in the effective trading of bitcoins.
Check http://bitcoinera.app/ for a detailed review of the Bitcoin era which is an automated bitcoin trading app.
Since the above three methods are all through online-based platforms, you must have complete identity verifications to sell the Bitcoins. This is why anonymity may be compromised and once you do sell the coins, you must withdraw them to a bank card or a bank account. The entire process is very time-consuming and entails fees. This is the reason why investors now prefer offline trading.
Bitcoin ATMs are not really the regular cash machines; instead of getting linked to user bank accounts, these are connected online to foster Bitcoin transactions. These ATMs can take cash and exchange this into Bitcoins that are provided with a paper receipt having a QR code, or by shifting the money to wallets on the blockchain network. But these will charge you high transaction fees, almost to the tune of 7%, according to certain media reports.
Besides, these ATMs are hard to locate and only a handful provides bi-directional facilities that imply that users are free to buy and sell the coins through these. At times, Bitcoin ATMs may demand that users have existing accounts for doing sales and this registration may be a time-consuming and energy-consuming process.
This is why in spite of there being many Bitcoin ATMs worldwide; these are mainly used for buying the coins, and not selling them.