The sale of Bitcoins is a more labor-intensive process than their purchase. You can use several ways of selling your Bitcoins on the Internet, including peer-to-peer transaction, direct trade or an exchange.
Also, there are two more variants that will be preferred by those who want to have a walk and sell Bitcoins in person or use a Bitcoin ATM.
Where to Sell Bitcoin: Easy, Fast and Anonymously?
Not paying much attention to a few nuances, the exchanges are one of the most popular ways to sell Bitcoins. In this area, exchanges are a link that provides convenient conditions for both the seller and the buyer.
First, you must make all the necessary settings for your account. Most of the exchanges require personal information to identify and verify the bank account linked to your account. This is necessary for the withdrawal of funds received after the successful sale of Bitcoins.
After that, you need to add a “sell offer”, which indicates the type of currency you want to sell, its quantity and the amount of money you want to receive per item. Then the exchange will close the deal if the buyer will respond to your offer.
Once the funds have been deposited into your account, they must be transferred to your bank account. Unfortunately, process can be lengthier because of the problems between exchanges and banks, or problems of easy feasibility.
Another important point in the use of exchanges is the user’s fee. The fee is charged for withdrawing money from the account; usually, the exchanges establish it, so it is difficult to say exactly what amount it could be. As for the charges for the transaction, they are usually absent or represent some symbolic sum.
Moreover, almost all exchanges set a limit on the sum that user can keep. If you use this exchange often, the limit will rise with time.
Nevertheless, in spite of the fact that the exchanges offer their services as a wallet, you should not take much of this, because they do not guarantee the full protection of your money. Exchanges often suffer from hacking attacks. Moreover, there are cases when the exchanges sharply curtailed their activities and disappeared with users’ finances. Therefore, remember that you are fully responsible for the funds that are stored in the exchanges.
Direct trading is another popular way of selling Bitcoins. In order to use this service, you should go through the websites that specialize in exchanges. A convenient and qualitative connection is provided by the intermediary.
To begin with, you must register as a seller and set up your account. To do this, you will need a full confirmation of your personal data. After successful registration, you are making an offer to sell Bitcoins. When the buyer responds to your offer, you receive an alert, and can directly communicate about the deal. The website acts as a platform on which the final part takes place and the transaction is closed.
The sale of Bitcoins through such sites can be both time- and energy-consuming process. Therefore, we recommend not to regret and spend a little time searching for the most convenient platform and have patience while working with it.
We have selected for you several sites specializing in direct trade: Coinbase, BitBargain, LocalBitcoins, Openbitcoins, Bittylicious, and Bitsquare.
Online P2P trading
Platforms of peer-to-peer trade are a relatively new way to sell Bitcoin in the world of crypto-currencies, where there is no straight exchange of finances. Alternatively, these websites substantially operate as the platform that unites individuals with varied but compatible necessities.
The platform connects users who want to purchase Bitcoins by paying for them with the credit card and those who own Bitcoins and want to buy commodities from stores where crypto-currencies are not accepted as a possible way of paying. Consequently, the first get the opportunity to buy the desired digital currencies, and the second can make purchases at discounted prices.
Moreover, these websites invite users to try their wallet-service for storing crypto-currencies and escrow service for business deals.
The services that were outlined above are online platforms of a centralized type. If you want to sell Bitcoins on these platforms, you will be forced to go through the identification process because of which the anonymous component of such transactions disappears. Also keep in mind that if the transaction is successfully completed, you must transfer the received money to your bank card or bank account. Most often it takes a lot of time and may require additional fees.
Here are several popular websites: OpenBazaar, Brawker, and Purse.
Bitcoin ATMs appear to be conventional ATMs, but in fact, they are not such, since they connect the user not to the bank account, but to the Internet to simplify the Bitcoin transaction process.
Bitcoin ATMs exchange cash to Bitcoins, in the form of QR-code on the paper receipt. Also, they can move the received sum of money to a wallet that is stored on a network of Blockchain. Generally, they take very high commission fees (there are reports in the media, in which fees are indicated to reach 7%).
Another problem related to Bitcoin ATMs – it is quite difficult to find them locally.
There are a small number of Bitcoin ATMs that have two-way functionality (sell and buy Bitcoins). Here are some of them: BitAccess, Satoshi2 and Genesis1 released by Genesis Coin, General Bytes’ BATMThree and Robocoin. Nevertheless, the sales function can be turned off by the operator’s decision in some of them.
Some providers establish a rule that the user has acquired an account necessary for conducting transactions through Bitcoin ATMs. The problem is that creating an account in a Bitcoin ATM is a lengthy process that requires perseverance, attention, and energy. The amount of data required to identify a user directly depends on the type of machine or the caretaker operator. Anyway, if you wish to sell your Bitcoins through such machines, they will always request a verification of the identity.
Once you have confirmed the identity, you receive a QR-code, where the address of the wallet to which you need to send your bitcoins will be shown. Then there are two ways of obtaining your funds – either they will be issued in cash immediately after the transaction, or you will be issued a redeem code and you will have to wait a little for confirmation of the trade. Often a one-time confirmation is sufficient to withdraw cash, but sometimes occur cases when the Bitcoin ATMs requests up to 6 confirmations.
Thus, without taking into account the number of Bitcoin ATMs growing in geometric progression in different parts of the world, people often use them for purchasing Bitcoins. In addition, operators of BTC ATM should make changes to the settings of their machines to improve the mechanisms fighting with money launderers and introduce standards that are convenient for their users, and which do not contradict the legal laws of the regions in which they place their Bitcoin ATMs. Moreover, a special transfer license is required for these purposes in some countries, whereas existing laws of other countries prohibit the installation of any Bitcoin ATMs.
Selling Bitcoin in person
The sale of crypto-currency in person is quite simple and uncomplicated. All that is required of you to sell the Bitcoins is to scan the QR-code with the help of the buyer’s phone and get your money. By selling Bitcoins to your friends or relatives, they need to have a Bitcoin wallet, to which you send the necessary amount of Bitcoins and receive your cash.
If you want to sell bitcoins to someone you do not know, we recommend that you take into account many factors, including price negotiation, time and place of the meeting, and some accompanying nuances. Put your safety and security of the funds above your desire to make an appealing trade.