How to sell Bitcoin

Having a proper understanding of how to sell bitcoin is as important as knowing how to buy bitcoin. There are different ways to go about selling your profits. It all depends on whether you want to sell on an exchange or directly.

What are the steps to selling bitcoin?

Firstly, you need to set up an exchange account. This is the simplest and most automated way to sell your bitcoin. It actually acts like your middleman in the sense that it sells bitcoin for you. Coinbase is one of the most popular and well-established exchanges. However, there are many more, such as Bitstamp and Bitfinex. Once your account is created you can go ahead and link your bank account so that you receive the money once you complete any transactions.

You should then transfer your bitcoin to your exchange wallet. You should have also stored your bitcoin on a secure wallet. If you are a beginner, you can use the Coinbase Wallet app which helps connecting your wallet in a simple way. You only need to open the app and you will receive a ‘Connect now’ notification. Other useful features come with Coinbase, such as paying directly from your wallet, if merchants also use Coinbase.

Finally, you should place a sell order. Having your exchange account set up, your bank account connected to and your Bitcoin deposited on the exchange, the last step is to actually sell. Through Coinbase, you can select Buy/Sell from the menu and then go to the Sell section. Bitcoin should be chosen as your currency. Ensure that you select the correct destination for your funds. You can do so in the ‘Deposit To’ section. Connecting your bank account will enable you to select it here to make a direct transfer.

Are there any other methods to sell bitcoin?

Alternative options

If you prefer to be more actively involved in the sale process you can make use of direct trades or peer-to-peer trades. Registration and confirming your identity will be required, like in all other selling methods, so try to set up your account before you sell. If you are set-up you can sell your Bitcoins more directly.

Selling Process

When it comes to exchanges, trades between the two parties are automated by Bitcoin. However, the selling process is quite different. When selling, the transaction involves the seller and buyer directly. The sell order is set up for a specific value, and you will be notified when someone is interested in buying at the price agreed. You can then proceed with making the transaction. Both participants need to agree on the terms. The seller receives money from the buyer and then the seller makes the cryptocurrency available to the buyer.

Selling from peer-to-peer trading platforms

Visit a peer-to-peer website, create an account, find an already existing buyer interested in buying Bitcoin or create a new sell order. Open a trade with the buyer you chose and send your Bitcoin. When the buyer sends you the payment, confirm you received it. The Bitcoin received will be sent to the buyer’s wallet.

Selling from a cryptocurrency exchange

Visit a cryptocurrency exchange, create an account, confirm your identity, and follow the instructions. You can either cash out the funds in your bank account if you sell for fiat money or send the coins to your wallet if you sell another cryptocurrency.

Selling from a website

Visit the website, select the currency and amount you would like to sell, choose the currency you would like to receive money in and enter the amount. Review and add your wallet address. Your sale process will be completed when you enter your payment details.

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