Guide to Sell Bitcoin Quickly and Safely
Today, there is an incredibly large number of ways to deal or buy Bitcoin. Almost all services that buy BTC are also involved in its sale. The popularity of this blockchain is still high and, despite the different price dynamics, the demand for BTC does not decrease.
If you decide to sell or buy BTC, the first thing you should think of is what type of BTC you see yourself as. The fact is that certain services in some way are more beneficial for each specific group. As this is the case, you have to know which classification you fall under:
- Initial level investor;
- Institutional Representative;
- Professional trader;
Best Known Options on How to Sell Bitcoins in 2020
If you had decided to finally sell or buy Bitcoin for USD or any alternative cryptocurrency assets, you first need to decide on some points. The most important thing is to comprehend for yourself how you want to get money from the sale of BTC. Among the most popular options are PayPal, credit card, debit card, or bank account. Although getting cash from the sale of cryptocurrency is also available.
Once you understand precisely where you need to transfer USD from the sale of Bitcoin, you can decide which exchange option is best for you. Bear in mind that when choosing one option or another, you will encounter fees for the use of various services. That is why you should carefully consider the choice of ways to convert BTC. To better understand the specifics of the Blockchain and terms of selling the crypto coin, it is necessary to find each of the available options in more detail.
Sell Bitcoin PayPal Guide
Most often, BTC holders search the net for an opportunity to trade cryptocurrency and receive funds through PayPal. However, the cryptocurrency’s service management does not have a positive reputation. This is because refunds do not necessarily protect customers of the service. Nevertheless, thanks to modern technology development, users very quickly find alternative methods for how to trade BTC and earn USD, in return through PayPal.
Selling Through Coinbase®
The Coinbase platform is one of the most popular and accessible for BTC holders in 103 countries. It allows you to link your PayPal card to your Coinbase account. Unfortunately, you cannot buy BTC using your account on PayPal. However, you can sell BTC at the price you declare on this crypto-exchange and withdraw money in USD. To date, this functionality is available to all residents of the United States, the United Kingdom, and the European Union.
An Alternative Way to Withdraw Money from PayPal using LocalBitcoins
Even if the above mentioned BTC service does not support your country, you can use an alternative method, namely the LocalBitcoins trading platform. Put this marketplace brings together buyers and sellers of BTC, offering them the opportunity to use various payment methods, including transfer on the PayPal account platform.
Sell Bitcoins Through Credit Card
Thanks to some cryptocurrency exchanges, one has the opportunity to order funds directly to a credit card. This method is undoubtedly faster than transferring funds from the sale of BTC to a bank account, but the cost of this service is a bit more expensive. The most effective option today is to transfer the funds to a credit card using CEX.io®.
The headquarters of this platform is located in London. It allows you to receive funds from the sale of BTC to your MasterCard or Visa credit card. Be sure to pay attention to the cost of the fees for the transfer of funds to the card. Occasionally, the commission can be from 1.2% to 3%. Nevertheless, you will not have any restrictions on withdrawing cash from your card. Log in to the platform and proceed to withdrawal from a credit card.
How to Change Bitcoins with a Debit Card
Today, one of the most straightforward ways to withdraw from a debit card is automated selling through exchange and platforms. In this case, no matter what platform you choose, it plays the exclusive role of an intermediary with which you can sell and buy the required number of coins and get money through a debit card.
One can use the same steps detailed above. There is simply no difference for such service, whether you have a credit card or debit card. What you should take note of is that it should support the MasterCard or Visa paying system.
Selling BTC Using Crypto Exchange
If you are a private client or an investor with a minimum volume of this crypto coin, then the most profitable place to sell or buy will be a crypto exchange. However, be careful and consider the fees that you will have to pay for using the services of crypto-exchange. Today the best options for cryptocurrency exchanges are:
- Poloniex, and so on.
The benefits of selling/buying with an exchange like Coinbase are apparent. They offer their customers a self-explanatory interface as well as a significant amount of related services that allow you to either store your cryptocurrency or sell it with a delayed order. As for security terms crypto exchanges at present attempt at protecting their customers as much as possible and use modern data encryption protocols. Moreover, the privacy information of all buy/sell transactions is entirely anonymous.
Exchange BTC to Other Crypto Assets
If you are not interested in selling BTC for USD, but exchanging the coin for other cryptocurrencies, then you can use such service as ShapeShift. It is noteworthy that the functionality of this company allows the deal and buy between the 50 most popular cryptocurrencies. Nevertheless, the service provides the storing of account authorization data on a wallet, thereby creating an additional level of security terms.
Direct Selling of Bitcoins on Trading Platforms
To carry out direct Blockchain operations, you will need to provide registration on specialized trading platforms. The number of companies that perform this type of service today is enormous. However, it is possible to single out some of the most secure and fast platforms such as:
Directly Trading BTC With Friends and Acquaintances
This method is probably one of the easiest since you are already familiar with the people with whom you plan to trade. And of course, there are no fees. All you need to know is the address of the wallet where you need to send a certain amount of Bitcoin. After some time, you can receive money in cash or ask to transfer them to your bank account. Also, this method of selling your coin is one of the safest since you already know the person with whom you would be making a deal.
Bitcoin in a Few Words
It is not surprising that BTC is the most popular digital currency and has the most significant substantial volume of capitalization in the crypto-assets market. The emergence of this cryptocurrency is owed to the confluence of circumstances. In 2008, the most visible wall street banks were convicted of abuse of customers’ money rights and excessive amounts of commission. The creators of blockchain wanted to eliminate the bank as an intermediary unit between buyer and seller.
In light of this mindset, the development of BTC occurred at a breakneck pace. Over time, more and more companies and services around the world began to accept Bitcoin as a payment for their goods and services. Also, thanks to word-of-mouth marketing, the coin was advertised quite well on the Internet, specialized websites as well as on the pages of tech news magazines. Even though some BTC operations cause short operation delays, this went on to become the most popular financial tool, especially when you do not want to disclose the transaction volumes with a counterparty.
Top Benefits of Bitcoin Transactions in 2020
There is no point in talking about the current advantages of BTC since the majority of users are directly interested in the transaction features of this crypto asset. Due to the uniqueness of its transferring benefits, the coin has become one of the most popular alternative financial instruments in the world. Moreover, the transfer and trade operations with this currency attract millions of holders.
Irreversible Feature of BTC Transaction Process
After you confirm the money transfers, the cancellation of the transaction would be impossible. It is fully irreversible. No one on earth can help you if you sent your money to fraudsters or made a mistake with the requisites of the cryptographic wallet.
No Real Names Are Needed in BTC Sales
Transaction Speed and Market Coverage
Since BTC transactions pass through a computer network, without the need for the participation of intermediaries, the speed of the operation is instantaneous and can be carried out from anywhere in the world where there is internet coverage. It is unimportant whether you send BTC to your friend from a neighboring house or a partner who lives on the other side of the world. This is another good reason to choose it for investment.
Ensuring High Security of a Deal
To make any transaction with the coin, you need to use an individual private key that is available only to you. Thanks to the support of modern cryptographic systems, hacking such a core is virtually impossible; its security policy is many times greater than even the thickest walls of a bank vault. And this fact is a great advantage for all holders of this cryptocurrency who now have nothing to worry about during sell/buy operations.
Reasons to Use BTC in 2020
BTC was initially created as an alternative tool for decentralized payment methods. The main advantage of current crypto coins is the relative cheapness and speed of the transaction compared to bank transfers. Also, sellers of this crypto coin receive an additional benefit due to the irreversibility of payments. Indeed, in the case of bank transfers, making repayable payments requires considerable commission price.
Despite enhanced supervision and current attempts to regulate the digital currency market by state authorities of some countries, the use of cryptocurrencies is still highly relevant.
Moreover, even the development of the internet trade market did not fundamentally affect the frequency transactions made with this coin. In some countries, this kind of financial transaction is still one of the most profitable. Startups that offer various methods of financial calculations even suggest using the coin as a means of payment.
Several significant retailers around the world also accept this coin. Many people also feel more comfortable keeping parts of their savings in BTC, thereby insuring themselves against the risks inherent in traditional currencies. It is worth remembering that all transactions are anonymous and cannot be tracked, which is another reason why this tool is still relevant in 2020.
Mainstream Options of Storing Your BTC Properly
Before you start buying or selling Bitcoins, be sure to think about where you will store this crypto coin. The place to store your crypto coins is called a wallet. A cryptocurrency wallet is a specific key that gives you access to trade BTC, encrypted at a particular address. Different versions of cryptocurrency wallets differ depending on the software on which they operate. The cryptocurrency wallet can be stored in:
- a Personal Computer
- a Mobile phone
- USB drive wallets
Storing Coins On An Electronic Wallet
An electronic wallet can be imagined as a service based on cloud technologies or a file that can be downloaded. If it is in a formatted file that you downloaded to your computer or mobile phone, you are the only one responsible for it. If you place your coins on a cloud app, you put your complete trust to a third party. Therefore, the choice of a particular option depends on the user’s convenience.
Using a Software BTC Wallet
This straightforward method of storage is characterized by installing software directly on your computer. And although this option ensures a high-security policy of crucial room, it also requires backing up. For instance, your PC gets lost, or access to it was acquired and given away illegally, your coins could be stolen. This is why some users choose a PC that they don’t use on public networks; this measure protects them from possible cases of fraud and hacking.
Hardware Options for Coin Storage
Hardware wallets are small and mobile devices that, with the help of the user, can connect to the internet to perform various transactions. This natural option is one of the safest since it does not have a direct connection to the Internet. Through this, your coin will be reserved safely while it is in your wallet. The cost of some of these devices is quite high for most cryptocurrency users. However, if you have a large amount of BTC, then its privacy worth it.