As much as Bitcoin is becoming more popular, and acceptable in many more places, people still need to convert it to cash for various reasons. Some people want to sell their bitcoins for cash to be able to use fiat currency where the digital currency is not yet accepted. People also sell Bitcoin to cushion themselves from the crypto’s volatility because it can certainly have its unpredictable movements, which sometimes can cause considerable losses for those holding the coin.
Considerations before you sell bitcoin
So, just how can you sell Bitcoin safely? Well, you must first consider some crucial points It would be unwise not to do so because you could incur avoidable losses through extra charges or delays in getting your hands on your fiat currency. Some of the things to consider as you convert bitcoins to cash include:
· The local laws and the fiat currency to which you want to convert the cryptos
· The amount you wish to withdraw
· The time taken for the money to get to your account
· Transaction fees and the steps involved in various conversion processes
· If you want to deposit cash into a bank account or PayPal
It would be best to look into all of the above as you sell Bitcoin because some methods for cashing out are more convenient. If you want, for example, to withdraw funds into your PayPal account, you must find out which platforms support that payment channel. Besides, the local laws, mainly on taxation, may necessitate you call your bank before cashing out large amounts to avoid your account getting frozen.
Different ways to sell bitcoin for fiat currency
If you’re looking for how to sell Bitcoin quickly, consider the following ways:
Using Crypto Exchanges
Crypto exchanges are also referred to as third-party brokers. You need to open an account with an exchange and deposit your Bitcoin in it. After the platform has received your bitcoins, you then request to withdraw them in the form of fiat currency, usually via a bank transfer (wire transfer). As a measure to prevent exchanges from flouting money laundering laws, you will have to withdraw via the bank account you used to make the initial deposit. The good news is that most crypto brokers have measures in place to help you sell bitcoins to get cash without risking your assets. The platforms also have reasonable fees.
As you look for a reliable exchange, you can sell Bitcoin with Nakitcoins, which is one of the best exchanges out there, and you will quickly get fiat currency. You can walk into their office and open an account with only an email address. You then proceed to deposit bitcoins and can then withdraw cash from that account. It would be best to note NakitCoins allows you to buy and sell bitcoins, so you can also buy the coin there if you later wish to do so.
Using Peer-to-Peer (P2P) Exchanges
Although exchanges offer a convenient way to sell Bitcoin, sellers cannot maintain anonymity. The platforms also do not provide the opportunity to negotiate prices. Fortunately, P2P exchanges take care of these downsides of third-party broker exchanges. Buyers use P2P platforms such as Paxful and LocalBitcoin to find people with bitcoins for sale, and that is how you meet a potential buyer. You and the buyer negotiate privately without an intermediary and agree on the price. That way, you both enjoy anonymity but this poses the risk of being scammed. To minimize the risk, it would be best to use P2P platforms with escrow services. This is so that as you sell bitcoins, the escrow service providers keep them secure until you confirm that the buyer has paid you.