The method of cashing out your Bitcoins is not as easy a way as buying them. If you decide to sell your Bitcoins online, you can either do it via an exchange, direct trade, or carry out a peer-to-peer transaction. Outside of the comfort of your own home, you can get flat money using a Bitcoin ATM or sell your Bitcoins in person.
Although using exchanges to sell Bitcoins has several disadvantages, they are still a one-stop solution when it comes to trading Bitcoins. When you intend to sell your cryptocurrency, they work as an intermediary that holds both seller’s and buyer’s funds.
To start with any exchange, you need to set up an account with it. Mostly here you have to disclose your complete identity verification and a connected bank account so that you can withdraw your funds.
After it, you just place a ‘sell offer,’ affirming the type of currency you wish to trade, its amount, and your desired price per unit. When the exchange finds any offer matching your offer, you will be notified automatically.
When you receive funds in your account, you can easily withdraw them to your connected bank account. This transfer process may take an excessive amount of time, especially if the exchange is experiencing issues with its banks or facing liquidity problems. Also, every exchange incurs its particular fee. But these transaction fees are almost always either tiny or non-existent at all.
Another option to sell your Bitcoins is through direct trade with bitcoin digital. This is a kind of service available on websites too which are usually associated with exchanges and includes an intermediary facilitating the connection.
Here at the start, you get yourself registered as a seller. After creating your profile, you will need to fully verify your identity. After this step once you can easily post an offer exposing your intention to sell some Bitcoins. When you get a suitable buyer who wishes to trade with you, you get a notification from the service, and from then on you are only interacting with the buyer.
The websites serving in this area include BitBargain, Bittylicious, Coinbase, Bitsquare, and LocalBitcoins.
Online P2P trading
These are the trading marketplaces that are quite new in this Bitcoin world. Here you can not exchange your funds directly. So these sites essentially work as a platform that brings people closer to each other to engage in trade.
This is a good service to promote the mutual benefit of people who are interested to buy Bitcoins with their credit card and also intend to spend their Bitcoins to buy the things or services that don’t accept digital currencies as a form of payment. Here at this platform, the users get the facility to access an escrow service for the transaction, along with a wallet to store Bitcoins.
Purse, Brawler, and OpenBazar are examples of such websites.
Bitcoin ATMs do not work as traditional ATMs. They are amazing as here rather than connecting to the user’s bank account, they are connected to the internet to facilitate your Bitcoin transactions. These ATMs accept money in cash and exchange it for Bitcoins and also issue a paper receipt with a QR-code on it. Their fee for the services is very high. We can find some media reports citing fees as high as seven percent. But these ATMs are quite difficult to locate. You can find the most known Bitcoin ATMs on the Bitcoin ATM maps.
The facility of bi-directional functionality is to be found only at a few ATMs.Only a few specific Bitcoin ATMs.The users can both buy and sell Bitcoins using them. The machines as Robocoin, Genesis1, and Satoshi2 from Genesis Coin, BitAccess, and BATMThree model from General Bytes are the same. However, some operators might disable sell operations. With a verified identity, you get a QR code with a wallet address to which you need to send your Bitcoins.
Mostly, one confirmation is enough, but you can also expect to present up to six confirmations before the user can withdraw cash. Although the number of Bitcoin ATMs worldwide is growing rapidly, they are still primarily used to buy Bitcoins.
Selling Bitcoin in person
Although this method of selling Bitcoin is very easy where you just scan a QR-code on someone’s phone and receive cash on the spot. But it is quite risky too if you are trading with a random person. So you should consider your security and well-being during this method.