How to Sell Bitcoin Learn How to Sell Bitcoin

February 21st, 2022

Volume refers to the amount of money or digital assets being traded on the exchange at any given time. High volumes mean it’s more likely you’ll be able to successfully complete your sale of bitcoin at any given time. You can sell bitcoin at the same venues where you purchased the cryptocurrency, such as cryptocurrency exchanges and P2P platforms.

What is crypto?

Once converted from Bitcoin to a fiat currency, Bitcoin users can use their cash to purchase anything they want. It’s generally advisable to pay for cryptocurrency purchases with cash or with another crypto you own. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances.

Start Investing In Bitcoin Today With Coinbase

There are scores of exchanges out there, but as a beginner, you’ll want to opt for one that balances ease of use with low fees and high security. If you don’t already have an exchange in mind, check out our top picks for the best crypto exchanges. Has appreciated dramatically at times, not every person who has bought it has gotten a piece of those gains. Because cryptocurrency markets in general are very volatile, it’s nearly impossible to find the “right time” to buy or sell — the price could soar moments after you sell, or plummet as soon as you buy.

For indirect ownership of bitcoin, investors can choose to invest in companies that hold the cryptocurrency on their balance sheets, such as Tesla Inc. (TSLA) or MicroStrategy Inc. (MSTR). The user of an online or hot wallet isn’t the holder of the private key to the cryptocurrency that is held in it. The phrase “not your key, not your coin” is heavily repeated within cryptocurrency forums and communities. Investors should consider that platforms may charge higher transaction fees for certain funding options. While you may purchase BTC with a credit card, we strenuously advise against it. That’s because credit card transaction fees on crypto exchanges often run high.

Crypto decoded

Many offer dozens of cryptocurrency choices, while others simply have Bitcoin and a few alternatives. They carry a variety of different fees and consumer protections, so do your diligence before choosing. Cryptocurrency exchanges where you can purchase bitcoin include Gemini, Kraken, Coinbase and Crypto.com. Apart from crypto exchanges and bitcoin ATMs, another way to sell bitcoin is through peer-to-peer markets.

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. If you decide to make in-person trades, make sure you transact in a public setting and be aware of the major risks involved. Bitcoin and cryptocurrency wallets are a place to store digital assets more securely.

These opinions are hers, and nothing she writes should be taken as investment advice. We were the first crypto exchange and custodian in the world to obtain our SOC 1 Type 2 and SOC 2 Type 2 certifications. To receive bitcoin, simply provide the sender with your Bitcoin address, which you can find in your Bitcoin wallet. Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master’s in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology.

Individuals can insert cash into a machine and use it to purchase bitcoin, which gets transferred to online wallets for users. Bitcoin ATMs have become increasingly popular in recent years and are available at the retail giant Walmart Inc. (WMT). Credit card processing can tack on extra charges to such transactions. In addition to paying transaction fees, there may be processing fees that the exchange may pass onto the buyer. Credit card issuers treat bitcoin purchases as cash advances and charge hefty fees and interest rates on such advances.

Some analysts believe the price of Bitcoin could rise even further as cryptocurrency and blockchain technology become a bigger part of people’s daily lives. Along with impressive gains, BTC has also experienced devastating declines. One common rule of thumb is to invest no more than 10% of your portfolio in individual stocks or risky assets like Bitcoin. And as always, it’s a good idea to make sure you understand what you’re investing in. A cold wallet is a small, encrypted portable device that allows you to download and carry your Bitcoin.

Over $200 billion USD in volume traded

1. And as always, it’s a good idea to make sure you understand what you’re investing in.
2. On Jan. 10, 2024, the Securities and Exchange Commission opened the door for spot Bitcoin ETFs, which track the price of Bitcoin and trade over major exchanges.
3. An exchange wallet is offered, but not recommended, for large or long-term cryptocurrency holdings.
4. Bitcoin is the dominant force in the market for cryptocurrencies, but there are thousands of other cryptocurrencies — some reputable, some not.
5. As far as using BTC directly for payments, those options are much more limited.

When assessing a crypto asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility. Crypto.com may charge an admin fee when you buy, sell, or transact in cryptocurrencies. Fees are assessed at the time of purchase and may be determined by a combination of factors, including market conditions, certain promotions or promotional periods, volatility, and liquidity. ETFs are subject to market fluctuation and the risks of their underlying investments.

Although each platform handles payments a little differently, the process is essentially the same. First, you need to register as a seller on any of these platforms and then set up your sell order. 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.

Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance. Cold wallets are physical, offline devices that hold the private keys used to access the cryptocurrency. They are not vulnerable to software attacks but may not be suitable for beginners. Learn more about the pros and cons how long has your gpu lasted mining 24/7 of these hardware wallets and what to consider.

You can buy bitcoin directly on crypto exchanges, bitcoin ATMs, P2P marketplaces or traditional brokers. Likewise, you can also sell bitcoin via any of these channels, with the exception of some bitcoin ATMs. To buy bitcoin, you must select an appropriate service or venue, connect with a payment method, place an order, and ensure stable storage for purchased cryptocurrency. Each of these steps requires research and a careful assessment of the pros and cons of the relevant service.

The spot Bitcoin ETFs started trading on Jan. 11, 2024, and are available through traditional brokerage accounts. Like its stock-trading platform, Robinhood charges no fees for Bitcoin trades. Other online brokers that offer access to Bitcoin or other cryptocurrencies include Webull, TradeStation and Fidelity. It is also worth mentioning that depending on the volume of your order and how much you wish to withdraw, you may be required to go through some form of identity verification.

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