MINI GUIDE TO SELLING BITCOINS

Written by Sophie Robertson, In Crypto, Updated On

July 4th, 2023

, 331 Views

Cryptocurrencies, in general, and Bitcoins, in particular, have gained momentum post-Covid pandemic in the trading sphere. Traders all over the world of all ages and genders are drooling over this new invention that has combined share market with hardcore technology. The popularity of Bitcoins is spreading far wide. Bitcoins have become handy for tech lovers because of their existence in the digital sphere. People are keen on observing the developments that Bitcoins will bring in the next few decades in the sphere of digital trading. This invention has surely been a revolution in the sphere of digital marketing. Are you unfamiliar with Bitcoin and wish to gain knowledge prior to trading or investing? If so, here’s the ideal kit for international transactions.

SELLING OF BITCOINS

Many such traders turn to Bitcoins to make quick money and receive big returns on investments. But successful investors and the big shots in this business have always banked upon the long-term strategy of buying and holding currencies. Holding currencies for a pretty long period of time averages out the concept of gains and losses. This will, in turn, prove to be beneficial as it will increase the probability of significant returns when one decides to sell the Bitcoins after a substantial amount holding period gets over.

FEW WAYS OF SELLING

Underneath lies a few ways of selling Bitcoins which experts have considered over a period of time –

EXCHANGES –

Exchanges are the most popular method of selling Bitcoins since these are considered the simplest ways prevailing. The main benefit is that the trades are instantaneous. One will be able to get up-to-date information as the trade carries on. There is little chance of the trade returns becoming poor. Even if the returns become poor, one will always have a backup account in the form of an exchange that one used to buy coins in the very first place.

Exchanges, however, are not the only feasible option for traders. Exchanges charge a fee to let the service run. . The choice of payment methods in the exchange system is also limited. One may, at times, not be allowed to avail of the payment method of his/her preference. This is an area of concern. There will be a monitoring of transactions by some kind of backup provided by a centralised organisation. This leads to the growth of a feeling of insecurity in the minds of traders. Traders in the Bitcoin circuit do not entertain this monitoring feature.

ONLINE P2P TRADING

The peer-to-peer exchange rate system has gained ground in selling Bitcoins. This is a process that involves and ensures the full participation of the seller. This system helps the seller find a buyer willing to pay the aforesaid amount that the buyer has fixed on his preference. The method of payment is decided upon by the two parties based on their preference. This method is known as the direct trade method. However, one is used to enquire about a separate bank transfer.

Peer-to-peer system allows trade without the difficulties of exchange method. A P2P marketplace does not limit the methods of transaction.

BITCOIN ATM

In order to keep avoiding any kind of prying eyes, traders generally opt for the option of cash. One surely cannot pull off cash directly from one’s PC. This is why the invention of Bitcoin ATMs, such as Localcoin’s ATMs, offers convenience to crypto buyers as it allows them to draw cash from ATM kiosks wherever they are. Just like regular ATMs, these machines allow cash withdrawal once the Bitcoin wallet address has been put into the device. Transfers from Bitcoin ATMs are more secure compared to regular bank transfers.

CONCLUSION-

These were a few feasible methods for selling Bitcoins. All these methods have existed since the advent of Bitcoins These methods are trusted by traders and are gaining popularity with time. To use this platform, you can register yourself by filling in the details and start trading in the cryptocurrencies of your interest.