There are thousands of cryptocurrencies in the world today but the most popular is Bitcoin. Before making important investment decisions, it is critical that you learn everything about Bitcoins and how to sell it if the situation demands it. A person named Satoshi Nakamoto created Bitcoin in 2009. He established a protocol that dictated only 21 million Bitcoins could be mined. To date, there are about 12 million Bitcoins already mined. This means that there is a limited supply of Bitcoin.
Bitcoins are digital. This means that there are no coins to mint and no bills to print. There is no government or financial institutions that control it. The owners and buyers are connected through encryption keys. The value of Bitcoins depends on the buyers and sellers, which means it is open to interpretation. This is what makes it volatile.
You can use Bitcoin to buy things online. The good news is that there are many merchants that consider it as payment. There are people who choose to hold on to it while there are others who sell it. If in this case, you choose to sell it, you have to know that there are different methods you can consider to sell bitcoin. Here are some methods:
When it comes to trading Bitcoins, exchanges present the easiest solution. If you want to sell your Bitcoin or any other cryptocurrency, exchanges are platforms that act as an intermediary. The exchanges will hold the seller and buyer’s fund to complete trading transactions.
When you consider this, you need to set up an account first. There are many reputable exchanges you can consider. These exchanges will require you to complete identity verification first and connected bank account. After setting up, you can simply “sell offer”. Do not forget to state the cryptocurrency type you want to trade and the price per unit. Bear in mind that you need to pay a transaction fee.
Thru P2P trading
If you do not want to deal with exchanges, you can consider peer-to-peer trading. This option is ideal for people who want to buy Bitcoins using their credit card and those who like to spend Bitcoins to purchase items. The websites give their users an escrow service and the wallet for storing.
Thru direct trades
Another method of selling Bitcoin is through direct trade. First, you have to register as a seller and then set up your profile. Your identity should be verified and once you are registered, you can post offers. Your offer should indicate your intention to sell Bitcoins. You will get a confirmation once a buyer is interested.