How to Sell Bitcoin for Cash?
If you are interested in investing and trading in Bitcoins and other cryptocurrencies, you need to address one concern – how to sell bitcoin for cash. This is because you need to liquidate your digital assets at some point. You may want to sell them when the prices rise, and you realize you can make a good profit, or if you want to use the cash to invest in other ventures or for any other reasons.
The good news is that it is not very complex to sell bitcoins for cash, and you can use several ways. Here are some of the ways you could use to cash your BTC:
Sell directly to interested people
Like several other commodities, such as cars, you can sell your Bitcoin for cash to other people who want to invest or increase their Bitcoin holdings. You can look for people around you, for example, family members, colleagues, friends, and people you may meet through those you know and sell to them. You may also use social media and advertising on platforms, say in Facebook groups, and then arrange a meeting with the potential buyer to close the deal.
However, when you use this method and meet people you don’t know, for instance, those referred to you by friends or colleagues, you need to take caution. It would be best to meet such people in public places and ensure you have a reliable person knowing where you are or keeping an eye on you to avoid losing your assets by being forced to transfer. Also, verify the cash is the amount agreed or check to confirm that funds have hit your account if the buyer wires the payment to your account.
Sell using crypto exchanges
Another option to consider if you want to sell bitcoin for cash is to use cryptocurrency exchanges. Although they may have a few drawbacks, exchanges are some of the best and most reliable solutions when cashing Bitcoins. These platforms act as intermediaries and hold the sellers’ and buyers’ money. They ensure the funds are safe and secure, and reduce risks of being scammed.
You need to set up an account to use your chosen exchange, and most platforms require verifying your identity to allow you to open an account with them. After you have an account, you need to decide how to receive your funds because some platforms have specific options, like connecting your crypto account to your bank. Others like NakitCoins allow sellers to sell digital coins into their bank cards. You may also receive cash in person if you sell your Bitcoins in the physical offices operated by the exchange.
Selling using Bitcoin ATMs
The Bitcoin ATMs are strategically located and allow Bitcoin investors and traders to sell Bitcoins for cash conveniently. However, these automated machines have disadvantages like high transaction fees compared with other methods. Also, not all these machines have the option to buy and sell, so you need to keep that in mind as you search for one to sell your Bitcoin for cash.
Other than selling your Bitcoins for cash to people directly, through exchanges, and using Bitcoin ATMs, you can use peer-to-peer platforms like LocalBitcoins, connecting buyers and sellers. The crucial thing is to choose the most convenient method for you with reasonable transaction fees.