Buying and Selling Bitcoins: A Step-By-Step Guide

Posted 2 years ago in ECONOMICS & TRADE.

In the past couple of years, companies have been placing Bitcoin ATMs throughout different cities across the globe.

Buying and Selling Bitcoins: A Step-By-Step Guide

Did you know that the average U.S American has invested over $1000 in Bitcoin? Without a doubt, buying Bitcoins has become a lucrative investment opportunity that many people have taken full advantage of. But, most of these crypto investors aren't aware of how to sell Bitcoin, which means they lose a decent return on investment.

That's why in today's post, we'll give you some top-notch tips that'll make selling Bitcoins as easy as buying them. So, if you want to cash out the right way, keep reading until the end! 

Find a Bitcoin ATM

In the past couple of years, companies have been placing Bitcoin ATMs throughout different cities across the globe. And these ATMs are one of the best (and safest) ways you can sell your Bitcoin. Additionally, some of the best Bitcoin ATM operators let you sell other cryptocurrencies at a decent rate.

But, before you can use a Bitcoin ATM, you'll need to transfer your Bitcoin into a crypto wallet since it'll connect directly to the crypto ATM network.

Once you find a reputable wallet, all you need to do is connect it to the ATM and sell your Bitcoin. But, keep in mind that you'll need to create an account with the Bitcoin ATM company so they can transfer the funds to your bank account.

Sell Bitcoin for Cash

If you're not sure about using an ATM, another way to sell your Bitcoin is through a Peer-to-Peer trading platform. These websites often have better rates but are riskier since you don't know who you're dealing with. That's why most crypto experts don't recommend selling your Bitcoin this way, even if you save on taxes and fees for the transaction.

But, if you decide on selling your Bitcoin this way, you should exercise a lot of caution during the whole process. For example, avoid selling your crypto to unverified users and instead sell it to reputable buyers. On top of that, don't fall for ads that buy Bitcoin at a significantly higher rate than normal.

Use an Exchange Platform

Another surefire way of selling Bitcoins is through an exchange platform. Moreover, most exchange platforms let you trade your Bitcoin for other cryptocurrencies, which may be useful if you plan to diversify your portfolio. Here are some platforms you should consider:

  • Coinbase
  • EToro
  • RobinHood

But, the downside of using these platforms is that they charge high transaction fees, which may hinder your ROI. So, make sure you read the fine print before signing up on an exchange platform.

Selling Bitcoins Is Easier Than Ever

As you have seen, selling Bitcoins is a lot easier than years prior. But, of course, no matter which option you choose, you should always do your own research to ensure you get the most bang for your buck. So, don't waste more time, and cash out on your crypto today!

Did you find this guide helpful in selling your Bitcoin? If so, feel free to check out our other Bitcoin-related posts before you leave!

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abdullah ashraf

Living in Pakistan

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