Meta Description: A digital concept created to work as a medium of exchange in monetary terms. As a beginner, do you want to know how to sell bitcoin?
Cryptocurrency has been an emerging and popular concept in the field of business for the past few years. In simpler terms, it is an online mode of payment exchange that lets you make purchases or trade them for profit.
Bitcoin was the first cryptocurrency that works as a file saved in a digital wallet for making transactions. Your needs are what can determine whether buying or trading them will suit you the best. Here, we will elucidate to you on how to sell bitcoin!
What Is Cryptocurrency?
A Cryptocurrency is a digital, encrypted, and decentralized asset designed to work as a method of exchange.
To secure transaction records, it uses strong cryptography and stores individual data in a ledger in the form of files.
Bitcoin, the first Cryptocurrency, was found in 2008 and has found its way to this date. It is a digital currency, which does not involve the supervision of any centralized administrator. It can be transferred among the users through the bitcoin network.
You can only make your way up in this field when you are completely enlightened on how to sell bitcoin!
How To Buy Bitcoin?
As the admissibility of exchanges and wallets is growing with time, buying bitcoin isn’t as complicated as before.
In order to make it simpler, the buying process can be broken down into various steps. However, without knowing how to buy first, you would never make it to knowing how to sell bitcoin!
Privacy and Security are the prime issues of importance for a bitcoin investor.
Before investing, an aspiring buyer must need :
- A Cryptocurrency Exchange Account
- Personal Identification Documents
- Secured Internet Access and
- A Method of Payment
Here, we have the following process for buying bitcoin:
Step 1: Choose an Exchange
There exist many types of cryptocurrencies. Registering for a cryptocurrency exchange will allow you to buy, sell or keep the same on hold.
When creating or choosing a Cryptocurrency account, safe internet methods must be practiced using a two-way authentication process.
Step 2: Connect Exchange to a Payment Mode
Once you’re done with creating the exchange account, you must get your personal documents verified, which include your driver’s license, social security number, and source of funds.
You can now connect to any payment option, such as your bank account or debit/credit card.
Step 3: Place an Order
Now you are all set to buy Bitcoin or any other cryptocurrency. With the increasing legitimacy of bitcoin, it is now becoming very mainstream.
Cryptocurrencies can now be considered to have the same level of features as their stock brokerage counterparts.
Read Also: How to Make Money With Crypto Arbitrage
How To Sell Bitcoin?
Here comes the most interesting part, where you get to know how to sell bitcoin in various forms.
Cashing out your bitcoin is not as easy, but it can be done online or via an exchange, direct trade, or peer-to-peer exchange.
However, an easy process of selling bitcoin can be fragmented in the same way as purchasing one. Following are the steps to guide you on how to sell bitcoin:
Step 1: Setup Exchange Account
Coinbase is one of the most favored and well-established exchange platforms. Hard cash can be easily obtained by selling bitcoin through this automated forum.
In addition to that, you can link your bank account to your exchange account so that you can experience minimal inconvenience while cashing out after a trade.
Step 2: Transfer Bitcoin to your exchange wallet
If you are a beginner, you need to know your way of trading on coin base. For that, you can transfer your bitcoin to an exchange wallet and keep it ready for sale.
As a novice, you can use Coinbase Wallet App or any other digital wallet having high security and advanced authentication technology.
Step 3: Place Sell Order
With everything set up, you’re now on your way to sell bitcoin. Through the Coinbase app, you can choose to trade Bitcoin and make sure to assign the right destination for your funds.
You can select it here for a direct transfer, then proceed to choose the amount you want to sell.
However, there will be a short holding period before the transfers are complete. On another note, some significant research and investment advice might be required to recognize the perfect time for you to sell bitcoin.
Cryptocurrencies have had their peaks and fall throughout the years. As a newcomer in this sector, you must be patient and take cautious steps at every moment.
You must have sound knowledge about this venture on how to buy or how to sell Bitcoin and carry on with other transactions.
Since it is a sound and convenient mode of payment for international transactions, it is gaining huge popularity and increasing value.