People and organizations can want to have cryptocurrency for various reasons. Some people buy digital currencies such as Bitcoin and Ethereum for speculative reasons whereby they want to hold them until their prices go up and sell them to make a profit. Other people may have cryptocurrencies, after receiving them as gifts or payment for work they have done; especially online. After holding your bitcoins for some time, you may start wondering how to cash them in. So, how do you sell bitcoin? This article seeks to address that question and is aimed at those who want to learn how to sell cryptocurrency and the different ways to do it.
Understanding the storage of cryptocurrencies
Since cryptocurrencies are intangible digital currencies, they do not exist in a physical form but are held in digital networks. For example, Bitcoin is held in a network called the blockchain. To access your bitcoin stored in a blockchain, you must have a private key (or code). The private keys allow you to unlock your coins and use them to make transactions. The private keys are part of the crypto wallets. So, knowing how to access your coins is the first step to finding the answer to the question you could be asking yourself, “How do I sell my bitcoin on the blockchain?’’
Blockchain is essentially an accounting system or shared public ledger that documents all transactions verified by bitcoin users. An excellent way to understand blockchain is to think of it as blocks of data from transactions and balances for the entire network. The data blocks are then kept secure with complex math making it hard to hack or tamper with the records. So, if you want to find out the answer to the question “Does blockchain sell Bitcoin?”, you need to know how the network works.
Ways How to sell cryptocurrency?
When looking into how to sell crypto, we will look at the three ways that are the most commonly used.
Selling on cryptocurrency exchanges
Selling digital currencies on crypto exchanges is the easiest method; you only need a wallet with the platforms. If you do not yet have a wallet, you can create one with the most reliable exchanges. As for how to sell your cryptocurrency on an exchange, you transfer your coins into the wallet you have with the platform. After that, you choose the coins you want to sell and move to the selling market. You will have the total coins you want to sell from the market and the price you wish to exchange them at, and then submit the order.
The system takes care of the rest and finds a buyer willing to buy at your price. Once the sale is closed, the coins disappear from your wallet and are replaced with fiat currency or the coins you were trading your crypto for. The method is safe, cheap, and straightforward. You could also sell your cryptocurrencies on reliable websites like Nakitcoins. It would be best to check out how to sell cryptocurrency on Nakitcoins website because it is so easy and convenient.
Selling in Online Forums
You may also explore how to sell cryptocurrency on online forums and communities, which is another common method. There are many forums and communities for crypto enthusiasts, and some people constantly want to buy coins to increase their holding.
To sell your digital currencies easily, you need to create a thread about your intended sale and specify the type of coins you want to sell, the amount, the price, and the mode of payment that you prefer. Potential buyers will contact you, and you take on the responsibility of handling the entire process yourself. However, the site linking you with buyers doesn’t guarantee you will get your money, so you must be cautious about being scammed. To avoid such, you should deal with buyers with positive reviews from other sellers. You can also be safe by asking the buyer to send the payment first, and once you confirm the cash is in your account, you can transfer the coins to their unique wallet.
Selling to friends and relatives
Another way to work out how to sell cryptocurrency is to sell to friends and family already into cryptocurrencies and want to increase their holdings. The way to go about this method is the same as selling in online forums — determine the number of coins you want to sell, set the price, specify the mode of payment and transfer the digital currency to the buyer after receiving payment. Fortunately, this method is safer since you know the buyer.
Now you know how to sell cryptocurrency through the most common methods. The crucial thing is to be a smart investor and knows when to sell and not lose out by holding on to declining coins.