Options Available for Selling Bitcoin - Coindoo
Options Available for Selling Bitcoin

Options Available for Selling Bitcoin

Editorial Team Avatar
Jun 22, 2022
4 min reading time

You can invest your funds in bitcoin and other cryptocurrencies anytime you want. However, you need to convert your coins into cash after a certain period of time. So, you must know the options available for selling your coins. It is important to have a digital wallet to sell your bitcoin, and you can sell your coins via various channels. For example, you can sell your coins through an exchange or you can go for the P2P transactions to get your money. If you are planning to trade Bitcoins, you may visit Bitcoin Revolution for more information.

Sell Your Coins Through Exchanges

You can buy and sell your bitcoins through a crypto exchange. In this case, you need to open an account on a reliable platform or exchange and you have to verify your KYC for the same.

Once you open an account on a crypto exchange, you need to link your bank account with your crypto account because you have to buy digital currencies with fiat currency and you can transfer your funds from your bank account to your crypto account to buy your coins. Once your account is activated, you can sell your coins through your crypto wallet or account. Then, the funds will get credited to your bank account within a certain time period. Make sure, you must verify which exchange is available in your country because these exchanges have some restrictions and they are operated within a certain geo-location area.

To sell your coins, you can place an order for selling your coins on your exchange account and your transactions will be completed by the exchange only. There are different types of selling orders available on such exchanges and you need to choose the right one to sell your coins. One thing to remember – always check the current price before placing any order.

Once you place an order to sell your coins, your crypto wallet will get credited with the funds after a few hours or day, and you can transfer the funds from your crypto account to your bank account through your exchange. It will take some time to complete a transaction because exchanges can hold your funds if they face some liquidity issue. Apart from that, some banks can reject such transactions done via crypto exchanges because it is not a legal tender and banks cannot approve such transactions. So, you must ask your bank before you place an order for selling your coins.

Apart from that, you need to pay a transaction fee for selling your coins, and you cannot sell bitcoin in an unlimited amount. There are some liquidity limits maintained by such exchanges and you can withdraw a certain amount from your account. Rather, you can sell a certain number of coins at a time. Sometimes, exchanges can offer you a higher limit of withdrawal if you verify your KYC according to the Anti-Money Laundering requirements. 

Convert Your Coins into Stablecoins

It is another option for selling your bitcoin and you can convert your bitcoin into stablecoins. Once you convert your bitcoin into stablecoins, you can store your stablecoins in a wallet and you can withdraw your funds from your wallet in future. It is better to choose an offline or cold storage to store your stablecoins and you must convert your coins into cash when needed. Stablecoins are pegged with fiat currency and you can easily convert your stablecoins into cash. The transaction process does not take much time and the procedure is secure as well.

Apart from all these methods, using a crypto card is another process of selling your crypto assets. There are some companies available that offer such payment cards linked with your BTC wallet. However, you can use such payment cards to convert your bitcoin into stablecoins. 

Sell Your Bitcoin to a Potential Buyer

P2P or person-to-person is one of the best models for selling your bitcoin. There are some online selling portals available where you can list your coins for sale, and you will get the bids on your selling proposal. You can communicate with the potential customers and negotiate the price. After that, you can choose or finalize a customer to whom you will sell your cryptos and get your bank account credited.

Online P2P platforms mostly use escrow payment gateways, which are safe and secured. You can transfer funds via wire transfer or cards through these platforms.

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
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