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A lot of them would ask you to setup 2 factor authentication. This process is useful to secure your account, as you would be adding Bitcoin to their wallet. Now, under the wallet section of the website, you will find your unique Bitcoin deposit address. You can transfer your Bitcoin to the wallet, and usually this could take minutes for the transfer to be done.
If you are doing something like this for the first time, you should transfer just a fraction of Bitcoin. Ex: 0. Once you received the Bitcoin in the wallet, simply place a sell order. You could sell the Bitcoin at the current price. Once you are done selling Bitcoin, you will have the fiat currency in your wallet. Now, you can withdraw the funds directly to your bank account, or other accounts such as PayPal, and others.
This process could be done immediately or could take days, depending upon your country, and website policy. Over all, selling Bitcoin constitute of only these 5 steps. These steps will be more or less similar across, and medium that you use. You could sell it offline in your network or via P2P method. You can check the current Bitcoin price in your country, and sell at the same price to interested buyer.
You can also use platforms like Localbitcoins or Paxful to sell your Bitcoin offline. These are P2P platform, which connects Bitcoin sellers with buyers. However, when dealing with cash and selling it offline, comes with its own risk. So, you need to be careful. If you are not in hurry, and looking to cash out a huge amount of Bitcoin, you should use a Bitcoin OTC broker. These is a service offered by exchanges for whales like you to sell large amount of Bitcoin without impacting the market, and help you get the best possible price.
CoinBase is a popular website used by millions to sell Bitcoin. Now, lets look at some of the questions which are asked by CoinSutra community members via email. In case if it is not, feel free to ask it via comment section below.
Yes, you can sell Bitcoin within seconds, and some listed websites let you receive the money in a few seconds. When using P2P method like Localbitcoins , Paxful , you could receive money instantly. You could definitely sell Bitcoins for cash, however, if you are doing large volume of selling for cash, you need to check with your country law. Certain countries does not allow huge cash transactions. There is no upper or lower limit when it comes to selling Bitcoin.
The only cost associated with selling Bitcoin is the exchange fees or the broker fees. For example, Binance charges only 0. These days, it is apparently very easy to sell Bitcoin. Unlike old days, now you could also sell Bitcoin instantly and securely. Also, a lot of countries has put the proper law and legislation for selling Bitcoin. The only time when it is hard to sell Bitcoin is when you are in a country where Bitcoin is banned.
In such cases, you could use a P2P exchange like Localbitcoins or Paxful. Treat your Bitcoin as money, and sell it when you need fiat money. However, the price of Bitcoin is volatile, and when the price is super low, you could wait for it to get better to sell.
If you need money urgently, you can use your Bitcoin as collateral on websites like Block-fi , Nexo to take a loan. Binance is the most popular way to sell BTC in Nigeria. Do let me know if you have any other questions regarding selling Bitcoin. Harsh Agrawal is the Crypto exchange and bots expert for CoinSutra. He has a background in both finance and technology and holds professional qualifications in Information technology. After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
After determining the amount of BTC you want to sell, find a deal that suits your payment method currency wise or post your own listing. LocalBitcoins gives each user a feedback score similar to eBay where users can get comfortable with the history and number of deals the buyer has completed through local bitcoin. Now that you know your buyer, send the details of exactly what you want from them and make sure you are complying with the terms of the trade. These will tell you where and how you will receive your USD payment.
Also, remember to fund your Local Bitcoins wallet address so you can initiate the transaction based on the minimum about of BTC referenced in the trading request. Now that all parties have agreed on the transaction and ironed out the specifics in the inbox section of LocalBitcoins, your Bitcoins will be moved from your wallet to the trade escrow. At this point, the buyer will get your payment details how do you want to get paid for your BTC and release the USD equivalent in cash over to you via the agreed upon manner.
When you have received the payment, you will confirm to Localbitcoins. That is it the trade is done! As bitcoin and cryptocurrency continue to explode in popularity, more and more services are coming online to help users get their hands-on bitcoin or turn their bitcoin into USD or other fiat currency in a quick and effective way.
Hodlnaut vs. Voyager Invest is a comparison worth making. While the mainstream has yet to…. When not focused on crypto, Reed can be found passionately following the NFL. Reed Schlesinger. How to sell Bitcoin? What is the current exchange rate of Bitcoin? How to convert Bitcoin into cash? So how exactly can you get fiat cash or dollars for your Bitcoin? Sell Bitcoin Through an Exchange By far the most popular way of turning Bitcoin into fiat currency is through centralized exchanges such as Coinbase and Gemini.
How to turn Bitcoin into USD through Coinbase So, you have your Coinbase wallet with your Bitcoin sitting in it and you are ready to send your funds back to your local bank account. Getting ready to sell your Bitcoin Head over to the Sell section of Gemini to choose how you want to sell your Bitcoin and the price you are willing to sell your Bitcoin in fiat for.
Like Coinbase, it will take Gemini a few business days to send you the funds. So how does it work? Find or Post your Deal After determining the amount of BTC you want to sell, find a deal that suits your payment method currency wise or post your own listing. Initiate the Trade Now that you know your buyer, send the details of exactly what you want from them and make sure you are complying with the terms of the trade.
Conclusion As bitcoin and cryptocurrency continue to explode in popularity, more and more services are coming online to help users get their hands-on bitcoin or turn their bitcoin into USD or other fiat currency in a quick and effective way. Bitcoin Fundamentals. Newsletter Sidebar.
LocalBitcoins is the best option if you want to sell Bitcoin with cash deposit. It is the easiest, fastest and most secure way to convert BTC to cash. This is the easiest method if you want to sell bitcoin and withdraw the resulting cash directly to a bank account. To make profits, one needs to sell bitcoin in exchange for cash coins acceptable in their country of origin. Hence, we thought it was.