Politics and Business
A comprehensive guide for multiple bitcoin selling methods
Despite being in its infancy cryptocurrency has gained astonishing popularity among investors. Every investor, seasoned, or newbie knows about digital currency, bitcoin, and how to trade it. There is ample material in the forms of white papers, newsletters, charts, and more that gives you a feel of the bitcoin trade.
But what about how to sell bitcoin in Australia? Knowing how to trade is crucial but it does not allow you to use the profit you have made over time. Imagine how frustrating it can be, especially when large sums are tied up.
Here we discuss multiple methods of selling bitcoins and realizing your profit. You can either choose faster methods like an exchange or more private but a bit slower methods like P2P markets and bitcoin ATMs.
Regardless of the method you choose, it is important to note that selling only converts your bitcoin into fiat currency. You need additional steps to withdraw it into your bank account or in cash.
- Getting started: Prepare before your buy or sell
Before you start trading in bitcoin, you need three basic things viz an exchange, a wallet, and adequate knowledge to trade in bitcoin. When it comes to knowledge, numerous resources are available online. You can also be a part of the bitcoin community that is actively discussing bitcoins 24/7.
The other two things are exchanges and wallets. Exchanges provide you platforms through which you can buy or sell bitcoins while wallets are storages where you can keep your coins for longer periods.
You pick exchange and wallet based on their customer support, fees, and most important reliability and security. Wallets are broadly classified as cold and hot. Cold wallets are expensive physical devices that hold your coins offline. While hot wallets are software pieces that hold your coins and are often free.
- Multiple solutions for selling bitcoins
Once you have everything set up, bought your bitcoins, and waited until you find the right time to sell your coins, it’s time to choose the method to sell. Each selling method has pros and cons and you have to choose the most suitable for your case.
- Through exchange
The simplest and fastest way to sell bitcoin is through the exchange. You do not need to set up anything and sell through the one that you used to buy. The transaction is almost instantaneous.
However, exchanges charge some fees for the transaction, limit payment methods, and have some kind of centralized transaction monitoring. For that reason, some investors do not prefer them.
- Through online P2P trading
Peer-to-peer exchanges give you more freedom in choosing the payment methods with minimal interference. These platforms assist you in finding a buyer who is willing to pay the price you are asking for.
It is then up to you and the buyer to decide the method of payment. There is no obvious monitoring but the P2P marketplace can still have an idea of your identity.
- Bitcoin ATM
Bitcoins ATMs devices are similar to regular ATMs. These devices allow you to withdraw cash against your sale with no prying eyes watching. However, it is often difficult to find near you which can leave your transaction far behind the fast-paced crypto market.
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