Things to Know Before You Sell Bitcoin
Introduction to Things to Know Before You Sell Bitcoin
Bitcoin is a digital currency used to buy goods and services. Like any other cryptocurrency, it’s decentralized and not controlled by any government or bank. Bitcoin has gained popularity as an investment and for everyday purchases. This guide will teach you how to sell bitcoin online to get cash for your crypto assets!
Bitcoin is the First and Most Popular Cryptocurrency.
Bitcoin is the first and most popular cryptocurrency. It was created in 2009 by an unknown person or group named Satoshi Nakamoto. Since 2009, when the software became open-source, it’s been used by numerous people worldwide.
Bitcoin is a Volatile Asset.
When you’re considering selling bitcoin, it’s essential to understand what “volatility” means. Volatility refers to the change in price over time. When something is volatile, its price fluctuates widely—it can go up and down quickly and frequently.
Bitcoin has been highly volatile since hitting its all-time high in December 2017. It experienced numerous drops in value throughout 2018 that mirrored those of other cryptocurrencies at the time, including Ripple (XRP) and Ethereum (ETH). With many factors influencing Bitcoin prices, like new regulations or recent hacks affecting exchanges where people store their coins, it can be challenging for investors to know when buying or selling would be a good idea.
But there are ways for you as an investor to avoid volatility altogether:
You Can Only Sell It at Exchanges.
Exchanges are websites where you can buy and sell bitcoin. They aren’t banks, so they don’t hold your money for you. They also don’t get regulated by governments, so they don’t have to follow the same rules as banks. It means that if something goes wrong with an exchange, you could lose all of your money without warning—so it’s essential to do some research before choosing one.
Look at your Exchange’s Policies Before you Decide on What to Sell.
When you’re ready to sell your bitcoin, look up the exchange’s policies. Fees and policies vary (often widely) between different businesses. Costs are generally much higher than in traditional stock markets because there’s no central regulator reporting fraud or theft in the cryptocurrency industry. In addition, some exchanges don’t let users withdraw any funds from their accounts until they get verified as a customer—which can take weeks or months for some platforms.
You May Need to Sell on Multiple Exchanges.
Finding an exchange that supports the coins or tokens you want to sell may take a while. For example, if you only trade bitcoin, then most businesses will work for you. But your options might be more limited if you’re looking to sell a specific altcoin like Ripple or EOS.
Also, remember that not all exchanges offer the same price for their transactions. Some charge commission fees while others don’t, so when comparing prices across different platforms, make sure they use the same method.
Selling Bitcoin is more complex than it sounds, so take your time deciding which exchange to use, and make sure you understand all the fees involved before you start trading.
Before you start trading, remember to keep an eye on the market. Bitcoin is a volatile asset, and its value can swing wildly quickly. As such, it’s essential to do your research before deciding which exchange to use.
If you’re looking to sell bitcoin, you first should look up the exchange’s policies regarding bitcoin of sale for cash. Many businesses charge fees for this service (usually around 1-3%). You may also need to verify your identity by submitting documents like ID cards or passports before selling your coins through them. This usually takes only a few days but could be longer, depending on how busy they are.
Then select “Sell” from the menu options at the top of any page within their platform. It’ll take about ten minutes before all these steps are complete! Next up: choosing which coins will get sold off first.
We hope we have given you a good overview of what it means to sell bitcoin. There are many ways to accomplish this, but the most effective is ensuring you know all associated fees before you begin trading. If you want to change with us, check out our platform here.