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How to Sell Bitcoin (November 2022)

Many people ask about how to sell Bitcoin when they’re first learning about cryptocurrency. Cryptocurrency exchanges are rapidly becoming more popular, so learning about this particular type of financing is a great idea for anyone looking to diversify their portfolio, but also for anyone who is simply interested in cryptocurrency and wants to know more.

If you’re new to the crypto market, don’t worry. We’ll tell you everything you need to know about cryptocurrency, exchanges, wallets, and how to sell Bitcoin so that you have all the information you need to start selling your own Bitcoin.

How to Sell Bitcoin

If you’re learning how to sell Bitcoin, it may interest you to know that you have several options. Here are a few ways you can sell Bitcoin:

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Cryptocurrency Exchanges

If you’re learning about how to sell Bitcoin, you’ll want to know about cryptocurrency exchanges. Most cryptocurrency apps are a type of cryptocurrency exchange.

A cryptocurrency exchange is a platform where people can buy and sell cryptocurrency, as well as convert fiat currency to digital or cryptocurrency. An exchange basically works as a middle man, to hold both the buyer’s and the seller’s money while the exchange is taking place.

There are a lot of cryptocurrency exchanges on the market, and we’ll list a few reputable exchanges further in this article. To get started with a cryptocurrency exchange, you’ll need to create an account. You’ll need to link your bank account to the exchange platform so you can make withdrawls.

Pay attention to the countries that your chosen exchange supports. Some exchanges restrict activity from some countries, or ban their activity outright. So, if your country is banned from exchange activity on the platform you want to use, it’s not going to do you much good to learn how to sell Bitcoin on that platform.

Some people use an online cryptocurrency wallet to store their cryptocurrency and only use cryptocurrency exchanges to buy or sell their cryptocurrency. This offers them an extra layer of online protection. If you want to use this method, you should keep only the necessary funds to buy and sell crypto on your chosen exchange platform, then transfer your Bitcoin to your wallet.

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Online P2P (Peer-to-Peer) Sales

Another selling option you need to learn about while learning how to sell Bitcoin is online P2P sales.

Online P2P platforms are pretty much what they sound like. They provide people with a place to set up and complete the transaction through the platform. With a P2P platform, you have the ability to sell Bitcoin for cash, or buy Bitcoin for cash, using transactions involving another person online.

This typically works by buyers placing a listing for their Bitcoin on the platform, along with their desired price for the coin and the payment options they’ll accept, much like a classified ad. Buyers who are interested can initiate the sale, then follow the steps given to them through the platform to buy the cryptocurrency.

There’s typically an escrow arrangement involved on these sorts of platforms. This is to add an extra layer of security and prevent scams. Some of the payment options you can expect on P2P platforms include instant bank or credit card transfers, wire transfers, or an arrangement agreement with your buyer to make a payment on another platform.

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Face-to-Face Transactions

It’s important to know while learning how to sell Bitcoin that some platforms allow you to set up face-to-face transactions with people.

This may seem like an easier option to inexperienced crypto sellers, but it’s important that you know that you’ll still need to know how to use a crypto wallet, send Bitcoin, and use other features of your chosen platform.

Selling your Bitcoin in person for cash means that you’ll have to keep an eye on the fluctuations of your Bitcoin’s value. The value of Bitcoin can change within just a few minutes, which is why cryptocurrency exchanges that show prices in real-time are in such high demand. You can also use a Bitcoin price index online.

There are physical locations to exchange cryptocurrency in person in some parts of the world.

Another important thing to take into account when learning how to sell Bitcoin using face-to-face transactions is that Bitcoin fluctuates in price from one exchange to another, and from region to region. This is known as a “premium”. Basically, a premium is the amount of money under or over the market price or the asset’s base value.

It’s crucial to remember when you’re learning how to sell Bitcoin using face-to-face transactions that meeting a stranger from the internet for any reason can be a dangerous situation. Dangers involved with this type of transaction are pretty much the same as any other type of financial transaction done in person (I.e. theft, robbery, assault, etc). This is why many people choose to bring family or friends along with them to participate in these interactions.

Bitcoin ATMs

These are particularly interesting to many people learning how to sell Bitcoin.

Bitcoin ATMs look like traditional ATMs. The difference is that they’re not linked up to the internet so that you can make Bitcoin transactions.

You can easily use a Bitcoin ATM to scan your wallet’s QR code and then sell Bitcoin for cash.

There are a number of Bitcoin ATMs all over the globe, and more are being installed all the time. All you have to do to find one is perform an internet search.

You should be aware of the high transaction fees associated with Bitcoin ATMs. These transaction fees are typically considerably more than other methods used to sell Bitcoin. But it may be worth the added expense to you for the convenience.

You also need to keep in mind that not every Bitcoin ATM has both buy and sell functionality. So, you’ll need to do some research and possibly hit up more than one before you find one that allows you to sell your Bitcoin.

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You’ll need to create an account at the ATM before being allowed to sell your Bitcoin. This is typically not a quick procedure. You’ll need to enter quite a bit of information, provide a phone number and go through a verification process, scan a government- issued photo ID, and maybe even do a palm scan, among other identity verifying activities.

Some Bitcoin ATMs can even take your picture right at the machine. Of course, this verification process and the steps involved vary from machine to machine, but you’ll definitely have to perform some sort of verification every time you want to sell Bitcoin at a Bitcoin ATM.

Every Bitcoin ATM must have its settings customized to meet regulations regarding AML and KYC (Anti-Money Laundering and Know Your Customer) requirements. Sometimes this means that the verification process is more regulated, while in other instances it means that Bitcoin ATMs aren’t permitted in some areas.

Once you’ve went through the identity verification process, you’ll be provided with a QR code that contains the wallet address where you’ll send your Bitcoin. Once you’ve sent your Bitcoin to the specified wallet, you’ll either immediately get your cash from the machine or be given a redemption code.

This depends on the machine. If you get the redemption code, you’ll have to wait until for transaction confirmation on Bitcoin blockchain. You usually only need one confirmation, but some machines have required people to get as many as 6 confirmations before paying out.

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Pros and Cons of Selling Bitcoin

Any conversation about how to sell Bitcoin wouldn’t be complete without a discussion about the pros and cons of selling Bitcoin. Here’s a closer look at some of the positive aspects and drawbacks of selling Bitcoin:

Pros of Selling Bitcion

  • Liquidity: If you’re learning how to sell Bitcoin, it’s important to know that right now Bitcoin is a liquid market with high levels of demand, and it’s an asset that can quickly be converted to cash, which makes it a liquid asset. Because of its liquidity, Bitcoin is an investment that many people are adding to their portfolios, like gold.
  • Minimalistic Trading: Unlike stock, you don’t need licenses, certificates or brokers to trade Bitcoin. Using cryptocurrency exchanges and wallets, transactions can be made anywhere, any time.
  • Low Inflation Risk: Bitcoin isn’t a fiat currency, and it’s not regulated by government entities the way that other currencies are. It’s also not something that’s printed and the supply of Bitcoin is limited as it’s mined through the blockchain process, not printed. Because of the lack of government interference, there’s little chance of Bitcoin experiencing inflation.

Cons of Selling Bitcoin

  • Online Financial Security Woes: Any cryptocurrency exchange is vulnerable to cyber attacks. It’s also possible to lose your wallet or have it stolen. And there is a lot of fraud and scams associated with cryptocurrency.
  • Bitcoin isn’t Likely to Keep Seeing These Returns: The past five years, Bitcoin has received a 7,876% return. There’s no way that will keep happening in perpetuity. It’s pretty likely that if you haven’t already invested in Bitcoin, you’re not going to get rich quick the way people originally did.
  • Price Volatility: If you’re learning how to sell Bitcoin, you should know that a lot of people are hesitant to invest in Bitcoin because of its price volatility. If you bought Bitcoin in 2017 and sold it that same year, you likely had a healthy return on your investment. But if you sold the same Bitcoin you’d bought in 2017 in 2019, you’d take quite a loss. People often lament how much they’re losing when the stock market is down, and it can seem as though Bitcoin makes the stock market seem stable.

How Much Does it Cost to Sell Bitcoin

If you’re learning how to sell Bitcoin, then you’re likely wondering how much it costs to sell Bitcoin. This is a complicated question to answer, but we’ll break down the different fees you may encounter.

  • Fee Schedules: Wire fees, account fees, mining fees, spot fees, as well as transaction fees.
  • Location: Some cryptocurrency exchanges are limited to specific geographic regions, and others can be completed anywhere, for a fee.

Here’s a breakdown of Coinbase’s fees. They use a Maker/Taker fee scheme, but for the purposes of education we’ll swap that out and replace “Maker” with “Seller” and “Taker” with “Buyer.

Pricing TierBuyer FeeSeller Fee
Under $10,0000.50%0.50%
$10,000- $50,0000.35%0.35%
$50,000- $100,0000.25%0.15%
$100,000- $1 million0.20%0.10%
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How to Sell Bitcoin on an App/Exchange

Another important aspect of learning how to sell Bitcoin is learning how to sell Bitcoin on an app or exchange platform.

The easiest way to sell Bitcoin is through an exchange platform or app. There are a ton of exchange platforms out there today, but by far the most popular is Coinbase. So, when you’re learning how to sell Bitcoin, that’s a good place to start. We’ll give you a more thorough list of Bitcoin exchanges and apps later in this article.

Luckily, it’s typically not that hard to do. Here are the steps to sell Bitcoin on an app or exchange platform.

1. Make an account

Like with most apps or financial platforms, you’ll need to create an account before you can do much of anything on the app.

You’ll likely have to do some KYC (Know Your Customer) verification upon creating an account. This means that you’ll have to provide them with some information and probably some identification. It takes time to verify this information, so it can take a few days to get fully verified.

After you’ve created your account and passed the verification process, you’ll need to link your bank account to your account to get started. This allows you to receive cash from your sales quickly and easily.

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2. Transfer Your Bitcoin to Your Exchange Wallet

When you’re learning how to sell Bitcoin, it’s good practice to have more than one Bitcoin wallet. You should have a secure wallet and an exchange wallet. Your secure wallet is for assets you don’t plan on selling, whereas your exchange wallet is where you keep the assets you want to sell.

The Coinbase Wallet app is a simple way to separate your assets. You just download the app, then connect to your Coinbase account and then you’re able to access your wallet on the go. Some other interesting features that you get with the Coinbase Wallet app, like the ability to pay merchants straight from the app as long as they’re registered on the Coinbase Commerce program.

If you’d prefer to use a wallet from a different platform using your Coinbase account, go to the settings and there should be an option to connect your Coinbase account. After you’ve logged into your Coinbase account, you’ll typically have to go through the verification process again, which can take a couple of days.

3. Place a Sell Order

The last step you need to know when learning how to sell Bitcoin on an app or exchange is how to place a sell order.

By now you should have an account created, your bank account should be linked to your exchange account, and your Bitcoin should be transferred to your exchange wallet.

Coinbase makes it pretty easy for newbies and anyone learning how to sell Bitcoin. There’s a Buy/Sell button, and you simply move over to the Sell section. You’ll be asked to select the currency you’d like to sell, which will be Bitcoin. Then you make sure that the right bank account is selected under the section labeled “Deposit To”.

Select the amount of Bitcoin you’d like to sell, choose whether you’d like to repeat the sell, and then sell. The same screen that allows you to see the amount of Bitcoin in your wallet also displays your weekly bank limit. Coinbase recently raised the default limits for trading and then changed their policy to allow people to trade their Bitcoin immediately after purchase.

Anyone learning how to sell Bitcoin should know that there’s a holding period after selling your Bitcoin. You’re allowed to sell as much as you want, but funds won’t be released to you until after the holding period has been completed.

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How to Sell Bitcoin with a Wallet

 When you’re learning how to sell Bitcoin, it’s important to know that some wallet platforms will allow you to sell your Bitcoin in much the same way that exchange platforms do. We’ll give you the steps based on Bitcoin.com’s wallet. What better way to learn than to go straight to the source, right? Here are the steps to sell Bitcoin with a wallet:

1. Open the app:  Open the Bitcoin.com app, find the “Sell” button on the home screen and tap it.

2. Connect your bank account to the app, if you haven’t already.

3. Select how much you’d like to sell. You can set this as a currency amount or a Bitcoin amount.

4. Look over the information you’ve provided and check the settings.

5. Confirm the transaction.

Again, like the exchange platforms, it will probably take a few days for you to receive funds from your sales transaction due to the holding period.

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Reputable Platforms and Apps

Another thing you need to know when learning how to sell Bitcoin is which platforms and apps are reputable and worth your time. But don’t worry. As part of our article about how to sell Bitcoin, we’ve provided you with a list of reputable Bitcoin platforms and apps. Here are some platforms and apps you can trust:

How to Sell Bitcoin Conclusion

Many people are learning how to sell Bitcoin due to its widespread popularity. Bitcoin’s high liquidity makes it a great investment choice for many people. So, if you’re curious about whether investing in cryptocurrency is right for you, you should have a better idea about how to sell Bitcoin after reading this article.

You might also like…

  1. How to Sell Litecoin
  2. How to Sell Ethereum
  3. How to Sell Solana

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FAQ about How to Sell Bitcoin

How Do I Set Up a Digital Wallet?

One of the most important things to learn while learning how to sell Bitcoin is how to sell up a digital wallet. Here are the simple steps:

  1. Download the wallet. Just go to your chosen provider’s app or webpage and click “Download” to start the download process.
  2. Create an account. The verification process can involve things like scanning a photo ID and providing certain information, and it can take a few days to complete.
  3. Choose the option to receive Bitcoin. This may seem counterintuitive if you’re selling Bitcoin, but it’s an important part of the process.
  4. Get your Bitcoin address. Once you’ve hit the receive Bitcoin option, you should be able to see your Bitcoin address. Once this pops up on your computer screen or on your mobile device, you should copy the address and save it somewhere, and/or copy the QR code so that you can easily access it later.

How Do I Sell Bitcoin Through P2P Trading?

Another thing you should look into when you’re learning how to sell Bitcoin is how to sell Bitcoin using P2P trading. Here are the steps using Binance:

  1. Navigate to the P2P trading page. You get there by clicking the “Buy Crypto” button on the home page, then the “P2P Trading” page.
  2. Choose to sell. Set your currencies, as well. Once you’ve clicked sell and set which currencies you’d like to trade in, you can set the amount of Bitcoin you’d like to sell.
  3. Find a buyer. You get a whole list of buyers you can scroll through. Find one with a price, payment method and payment limit that you like.
  4. Choose how much to sell. On the buyer’s listing you can click “Sell BTC”, then choose how much you’d like to sell, as well as how much you’d like to be paid for it.
  5. Send the offer. Click the “Sell BTC” button and your offer will be sent to the buyer.
  6. Confirm release. After the buyer agrees to the sale, you’ll need to confirm the release of the Bitcoin before you can be paid.

How can I withdraw my money?

This varies from platform to platform, but the most popular methods are:

  • Bank account
  • Paypal or other payment service platforms
  • Cash

What’s the best way to sell Bitcoin?

There’s no one way that’s better than any other. However, it’s likely easier for beginners to use an exchange platform. Not only is it easier, there are security features to keep your transfers safe.

Is it easy to sell Bitcoin?

Yes, it’s quite easy to sell Bitcoin online. Because of Bitcoin’s popularity, there are many exchange platforms that accept Bitcoin, and there are always buyers waiting to buy Bitcoin.

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