Bitcoin being the hype of the world offers its users multiple ways to buy and sell it. Here we have compiled these ways to buy and sell Bitcoin in a simple way. You can buy in-person with fiat currencies, such as USD, and also with other cryptocurrencies. Let us go step by step.
Step One: Choose an Exchange
By signing up for a cryptocurrency exchange you get the facility to buy, sell, and hold the cryptocurrency. It is one of the easiest ways to use an exchange. You can also withdraw your crypto to your wallet. There are many exchanges and brokerage platforms that do not allow this.
Step Two: Attach a Payment Option
After deciding in the favour of an exchange, you now need to forward your details. It depends on the specific exchange. They may ask for your pictures of a driver’s license, social security number, as well as information about your employer and source of funds. This exposure of personal details also depends on the region you live in and the laws within it. The process is largely the same as setting up a typical brokerage account.
Step Three: Place an Order
After picking up the exchange of your choice, you need to connect a payment option to buy Bitcoin and other cryptocurrencies.
Step Four: Safe Storage
To store your Bitcoins safely, there is a facility of wallets that are a place to store digital assets more securely.
There are several options available in terms of wallets. You will need to understand crypto wallets which are in two categories like hot wallets(online wallets) and cold wallets( paper and hardware wallets).
Alternate Ways of Buying Bitcoin
The exchanges like Coinbase or Binance are some of the most popular ways of purchasing Bitcoin, it is not the only method. Following are some more processes to buy Bitcoins.
These ATMs function like in-person Bitcoin exchanges. The users insert cash into the machine and use it to purchase Bitcoin which is afterward reached to a secure digital wallet. The trend of Bitcoin ATMs has become increasingly popular in recent years.
Quite different in operations like decentralized exchanges, where buyers and sellers interconnect anonymously and facilitate all aspects of the transaction, there are some peer-to-peer (P2P) exchange services that provide a more direct connection between users.
bitqs.app is an example of such a platform. Hereafter creating an account, users can post requests to buy or sell Bitcoin, including information about payment methods and price. It also provides listings of buy and sells offers, choosing those trade partners with whom they wish to transact.
LocalBitcoins facilitate some of the aspects of the trade. Many other P2P exchanges allow users to shop around for the best deal. Here users also can get rating systems to evaluate potential trade partners before transacting.
When it is a ripe time to trade your precious Bitcoins back to fiat money there are a few things you’ll need to think about. You will have to decide how you want to get paid? Through a PayPal account, credit card, bank account, or maybe you prefer cash?
Selling Bitcoin with PayPal
The most looked fir method over the web is how to sell Bitcoins and receive funds to your PayPal account. PayPal, in general, does not facilitate Bitcoin transactions. This is because they can’t give their customers chargeback protection for Bitcoin transactions. But do not get disappointed! There ate still some platforms that will allow you to sell Bitcoins for PayPal.
On a cryptocurrency exchange
This is the most widely used method to sell Bitcoins. Here is his whole procedure.
- Choose a cryptocurrency exchange.
- Sign up for an account and verify your identity as required.
- Follow the instructions directed by the website to sell your Bitcoin Cash (BCH) or Bitcoin (BTC).
- If you choose to sell it for fiat money, you can cash out the funds into your bank account.
- If you want to have sold it another cryptocurrency, you can send the coins to your wallet.
Selling Bitcoin with a Credit Card
There are a few exchanges where you can easily withdraw funds to your credit card. It is a quicker way than a wire transfer but it’s also a bit more expensive.
Selling Bitcoins with a Bank Account
The most adopted method for selling your Bitcoins would be via a wire transfer or some other form of transfer to your bank account.
Additional Methods for selling Bitcoins
If you still do not get satisfied with the above-mentioned methods for selling Bitcoins. However, there are several other methods you can use to sell your Bitcoins. For example, Skrill, Neteller, Amazon gift cards, and more. But mostly you can enjoy these options which can be found on LocalBitcoins. Another option would be to just exchange your Bitcoins for real-life goods you want to buy such as a car, a house, a computer, etc.