Cryptocurrency service

How To Sell Bitcoin Hassle Free 5 Easy Steps For 2024

how to sell bitcoins

If you want to sell Bitcoin for cash but don’t want to bother with human interaction, a Bitcoin ATM may be for you! Just remember that the number of Bitcoin ATMs out there can be limited, and you’ll have to use a Bitcoin ATM locator to find the nearest one. Then there’s also the possibility that you want to keep your funds in crypto and only want to sell Bitcoin to realize a profit (or a loss). In this case, you may be open to getting another crypto, such as ETH, in return or even a stablecoin like USDC.

how to sell bitcoins

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Step 3: Transfer Bitcoin to the website wallet

That said, given the FTX founder’s Wall Street past, it likely didn’t surprise anyone but the exchange’s customers. One of the main advantages of using a service like this is that it tends to offer escrow and dispute resolution services. This can be useful since, unlike a bank transfer, your Bitcoin transaction can’t be canceled after being initiated.

Once you’ve attached your bank details to your exchange account, you just need to find the “withdraw” option. This is normally either in your wallet or on your main account page. Using a peer-to-peer marketplace is a little harder than other methods, but it gets around the transaction fees and limitations of going through an exchange.

  1. You can sell Bitcoin for US dollars at a centralized crypto exchange, stockbroker, or Bitcoin ATM.
  2. Here are the list of authentic websites that sells Bitcoin for various countries.
  3. Usually, this will take 2-3 minutes, and the funds will be in your Coinbase account.
  4. Most token holders choose to sell Bitcoin through a centralized exchange because it’s affordable and easy.
  5. How Wrapped Bitcoin works is that BTC on the Bitcoin blockchain is deposited with a custodian before ERC-20 WBTC tokens are minted, corresponding with the amount of BTC in custody.
  6. Many Bitcoin holders may already have an account with one of these exchanges since buying BTC at an exchange is the most common practices.

There are several ways to sell bitcoin, each with benefits and drawbacks, so you should consider which is the right one for you before continuing. When choosing an exchange, you should look for one with many users, good customer support and low fees. Three particularly popular exchanges with newcomers are Coinbase (read Coinbase review), Robinhood and Binance (read our Binance review). However, there’s nothing really tying you to a specific exchange, so you can try new ones and quickly change at any time. When you sell Bitcoin for a profit, you are responsible for paying capital gains tax on that profit. You must pay crypto tax even if you swap Bitcoin for another cryptocurrency rather than selling it for fiat.

The most common way to sell Bitcoin is by using a centralized crypto exchange such as Coinbase, Kraken, Binance, Gemini, and others. Many Bitcoin holders may already have an account with one of these exchanges since buying BTC at an exchange is the most common practices. A lot of the above websites let you receive money via bank transfer, PayPal, Payoneer, and other methods. In the further section of this guide, I have discussed different ways by which you or anyone cal start selling their Bitcoin portfolio.

Even if you don’t believe the often unreasonable hype of “Bitcoin to $1 million,” selling all of the BTC you own seems like a very grave risk indeed. All of this is done publicly, and you can view the transactions on the Bitcoin blockchain as they happen using a blockchain explorer. This transparency is one of Bitcoin’s hallmarks and the reason it remains a viable alternative to the contrasting opacity of traditional finance. BTC is held by custodians such as Mike Belshe-founded BitGo, while network partners called merchants such as Kyber and Ren mint the WBTC tokens equivalent to what’s held in reserve. How Wrapped Bitcoin works is that BTC on the Bitcoin blockchain is deposited with a custodian before ERC-20 WBTC tokens are minted, corresponding with the amount of BTC in custody.

Note that using the Wrapped Bitcoin route can be expensive because of fees. There are several transactions involved between sending BTC to the network and minting WBTC, and as the user, you’ll be on the hook to pay for the lot. So, don’t bother with this route unless you’re dealing in enough BTC that the fees pale into insignificance. Bitcoin was designed to be a peer-to-peer payment network, and it remains an extremely safe and efficient way to send BTC from one wallet address to another. Much like withdrawing to a bank account, first go into the “withdraw” section.

Step 2: Create your account

When the price of BTC is falling, holders need to be able to sell it to staunch their losses. There is no upper or lower limit when it comes to selling Bitcoin. You could sell Bitcoin as low as worth $10 or as high as worth $10 million or more.

This also holds true for selling bitcoin, which you can now do in an instant for market price. So whether you’re looking to take out your cash right now or just looking toward the future, you now know how to sell bitcoin and withdraw that money. Now that you know your options for selling bitcoin, we’ll go through the two online methods. To get started, you’ll need an account with the particular exchange you want to use and some bitcoin in the exchange wallet to sell. In order to keep the service running, it has to charge a fee, so it isn’t always the cheapest. You can sell Bitcoin for cash or another cryptocurrency at a centralized crypto exchange like Coinbase, Binance, Kraken, or Gemini.

You can check the current Bitcoin price in your country, and sell at the same price to interested buyer. This process is useful to secure your account, as you would be adding Bitcoin to their wallet. In this guide, I will help you find answers to all the above questions and other which are related to selling Bitcoin. P2P trading tends to be a go-to option because it affords more anonymity. That said, fraud is a risk you must be aware of, and it may well be that you need to physically meet the buyer in order to accept cash for your BTC.

You can sometimes do this on the site — often called direct trades — but normally, you would use a separate bank transfer. In order to sell Bitcoins at a stockbroker, you must have an account with the broker and transfer your Bitcoin there. This process usually requires talking with a broker’s customer service team, since many brokers don’t allow you to simply transfer funds from a crypto wallet into your brokerage account.

How to buy Bitcoin?

The ATM will give you cash on the spot for the value of your cryptocurrency. In most cases, you have to verify your ID in order to sell BTC at a Bitcoin ATM. One major advantage to using a traditional stockbroker is that many charge zero transaction fees or commissions for selling Bitcoin. So, this approach can be much cheaper than using a crypto exchange.

Can you sell Bitcoin from your wallet?

On the one hand, most DEX platforms only facilitate crypto-to-crypto transactions, so selling coins for fiat generally isn’t an option. The second is that the Bitcoin blockchain doesn’t currently feature any DEX platforms. There’s also a difference between selling and withdrawing your money.

In this manner, WBTC tokens are held to be equivalent to BTC coins that are held securely. The second major thing to keep in mind is that your current storage method for BTC may dictate or even limit the best way to sell Bitcoin. Despite the fact that selling Bitcoin isn’t difficult in 2023, there are a few things you do need to figure out before pulling the trigger.

How to sell bitcoin in Nigeria

Just like you can sell BTC in-person or using a P2P trading venue, they’re just as good an option for buying it. You might have heard of LocalBitcoins, which is an extremely popular venue for this. The service is closing down in 2024, but it and platforms like it remain one of the top anonymous ways to buy Bitcoin. From Robinhood going offline every time a coin spikes to the fact that most neo brokers don’t allow users to withdraw crypto from the platform, it’s an extremely risky idea to use them.

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