Choosing the right method depends on your priorities—whether it’s speed, security, or minimal transaction fees. When the Bitcoin network is congested, transaction fees can spike, cutting into your profits. If possible, consider timing your sale when fees are lower, especially if you’re dealing with a large transaction.
How to sell Bitcoin through a Bitcoin ATM:
Many also have their own crypto debit cards, so instead of selling Bitcoin, you can choose Bitcoin as one of your spendable currencies when you use that card. Before selling Bitcoin, investors need to deposit BTC into their Binance accounts. Binance allows its users to fund their accounts with crypto from an external wallet or platform. The Binance exchange supports the traditional Bitcoin network, BNB Beacon Chain (BEP2), BTC (SegWit) and ERC20 network.
Cryptocurrency exchanges, such as Coinbase, Binance, and Kraken, are among the most popular ways to sell Bitcoin. These platforms allow you to sell Bitcoin at the current market price or set a custom price with a limit order. The riskiest — but likely most anonymous — way to turn Bitcoin to cash is to do so in person.
#2. Centralized Exchanges
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. 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.
Set Up a Bitcoin Wallet
For example, using a bridge, you can convert Bitcoin to Wrapped Bitcoin (wBTC) on the Ethereum network. This enables you to trade and use Bitcoin on platforms outside the Bitcoin blockchain. After selecting your order type, specify the amount of BTC you want to sell. Most exchanges display the equivalent value in your local currency (e.g., USD, EUR), which makes it easier to understand your transaction. It’s a network of computers, really, and exists to facilitate the movement of assets between nodes. That said, there’s still a chance of fraud even if you use a P2P exchange.
Beyond his prolific writing commitment, Aleksander helps with managing the website, keeping it running smoothly at all times. He also leads the video production team and helps craft e-courses on online technology topics. Outside of the professional realm, he is a digital nomad with a passion for traveling, having lived in many countries across four continents. Sapphire Fox is a seasoned expert in online backup and cloud storage with nearly four years at Cloudwards, combining her extensive engineering background with editorial skills. Her work is informed by a lifelong passion for technology, evidenced in her keen evaluation and recommendation skills. 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.
TABLE OF CONTENTS
In many cases, it’s better to monitor long-term trends and set price alerts for significant shifts. If you’re wondering how to sell Bitcoin, these are the six most common methods depending on your needs, experience level, and how quickly you want to complete the transaction. Once the sale is completed, you will either receive your cash on the spot or have to wait for a redeem code while the BTC transaction is confirmed on the blockchain. As Satoshi Nakamoto once suggested, ”It might make sense just to get some in case it catches on,” which 14 years later revealed to be a mind-blowing prophecy. However, circumstances in life might prevail over the personal belief that bitcoin is the natural evolution of money and there should never be judgment for people that want or need to sell it.
- Before rushing in, though, you need to examine your options based on where you’re holding your BTC right now.
- Selling Bitcoin is legal in most countries if done through licensed platforms and in compliance with regulations.
- Depending on how long you’ve had your Bitcoin, selling might mean paying capital gains taxes, which eats into what you make.
- Her work is informed by a lifelong passion for technology, evidenced in her keen evaluation and recommendation skills.
- If you’ve been smart with your BTC and hold it in a non-custodial wallet under your own control, then you’re in luck.
- To sell Bitcoin, transfer your BTC to a cryptocurrency exchange wallet.
You will be notified when someone shows an interest in your offer to sell bitcoin. Some platforms such as Localbitcoins have a built-in escrow service to ensure transactions run smoothly. You can receive payment for your sold bitcoin via Moneygram, Paypal, cash in the mail, gift cards, bank deposits and even cash in person, depending on your preferred option.
You’ve Hit Your Profit Target
Then, once the withdrawal is ready, you’ll need to be a bit patient. Like most other bank transfers it may take up to 1-5 business days for the cash to reach your bank account. Bitcoin is relatively easy to sell with a wide selection of exchanges and brokers available.
Bitcoin ATMs
By deciding in advance what price aligns with your objectives, you can avoid the temptation to hold out for more and risk missing the market peak. Additionally, it’s important to avoid panic selling when prices drop suddenly. Taking a moment to assess the bigger picture and sticking to your strategy can help you make more confident decisions and avoid regrets. Deciding when to sell Bitcoin can significantly impact your profits, but determining the right moment can be tricky.
- If you bought bitcoin in the past, there are different reasons why you may want to sell it.
- However, if you do your research well enough, it’s possible to find ways to reduce these additional charges.
- For more information on its features, pros, and cons, read our Gate.io review.
- Once the sale is complete, you can withdraw the funds to your bank account or hold them for future trades.
- This means that your BTC sale can be traced back to your identity, which raises privacy concerns but isn’t too worrying unless you acquired that BTC in an illicit manner.
The most basic way to withdraw funds is to move them to your bank account. Once you’ve attached your bank details to your exchange account, you just need to find how to buy taas the “withdraw” option. This is normally either in your wallet or on your main account page. Much like a regular ATM, these machines let you enter your bitcoin wallet address and withdraw cash. Although it isn’t impossible, this is much harder to trace than a bank transfer. So if there’s one nearby, you can make it harder for someone to discover what you’re buying.
#1. What Currency Do You Want?
Selling Bitcoin directly to a trusted friend what you really need to know about revolut crypto rates or family member eliminates exchange fees. But before you go clicking that “Sell” button in a panic or excitement, slow down for a second. There are a few key things to consider before making your move—because the last thing you want is to regret it later. If Bitcoin takes off again, you’re gonna miss out on any new profits. And trust me, it sucks to watch something you just sold suddenly skyrocket.
An alternative route to sell BTC on Binance is the Peer-to-Peer (P2P) platform. This option enables investors to make direct trades with other Binance users using their preferred local currency, price, and payment method. Binance P2P gives sellers further flexibility with access to a wider selection of withdrawal methods, including debit cards, bank transfers, and e-wallet services like Advcash.
The equivalent amount would be converted to GBP and deposited in the ‘Fiat and Spot’ wallet. You may already have an account with one of the popular payment apps like Strike or Revolut that you use for your daily financial activities. It is important to remember that cryptocurrency is a new order of the financial economy. Stablecoins are a great way to maintain the purchasing power of your bitcoin.
There will be a withdrawal fee — usually a small percent of the payment or a fixed number of a few dollars — shown before you confirm, so make sure you’re OK with this before continuing. Rather than doing the work for you, a peer-to-peer (P2P) exchange lets you choose your price, and the platform helps find a buyer willing to pay it. You can sometimes do this on the site — often called direct trades — but normally, you would use a separate bank transfer.
Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started Hedge With Crypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world. To get started, you simply need an account with the particular exchange you want to use and some bitcoin in the exchange wallet to sell. Choose your order type and click sell after considering trading and withdrawal fees. Exchanges are intermediaries in the buying and selling transaction, holding the assets from both sides so there cannot be any dispute once the transaction is executed. If you’re looking for convenience over privacy, exchanges might be ideal, and the good news is that there is usually no – or minor – KYC required bitcoin atm photos and premium high res pictures to transfer cryptocurrency.