Do you believe that Bitcoin is a Bubble and have decided to sell it? Are you looking to cash out your Bitcoin fortunes? Well, you have arrived at the right place. Whether the Bitcoin and Crypto market is a bubble, only time will tell, but buying as well as selling Bitcoins is not a very tough task. In this article, I will discuss different methods to cash out your Bitcoin wealth.
One might have cashed in the Bitcoin Trend last year when it was trading at around $19K to $20K. So, if you feel that Bitcoin will take quite some time before it gives you a more significant value than you invested in it and you need the money bad, then we will help you find different ways to make money by selling your Bitcoin.
Different Methods to Sell Your Bitcoin
- Peer to Peer Cash Transaction.
- Sell Bitcoin via an Exchange.
- Sell Bitcoin via ATM.
Peer to Peer Trade
If you have been in the trading circles or around people who trade in Bitcoins, then its easier to cash it out. Peer to Peer transactions is a private mode where one does not need to share any of the personal details. Just find someone who is interested in the Bitcoin you are selling, discuss the price and make a good deal.
Also Read: Difference Between Bitcoin and Bitcoin Cash
Also Read: You can also make use of a service called LocalBitcoins, it helps you find the nearest buyer in your locality. The good thing about Peer to Peer transaction is Privacy, you do not have to splash all your personal and financial detail over the internet, and yet you sell your Bitcoin for the desired price.
Sell Bitcoin via an Exchange
Exchanges are the easiest way to trade your Bitcoin and sell it for cash. Its very simple to use, you need to create an account one of the many exchanges available online. Exchange works as a mediator between the seller and the buyer. Once you set up an exchange account, you need to link it to your Bank Account to get money in return directly paid out from the Exchange.
Also Read: 7 Popular Bitcoin Trading Platform
Once you have set up the Exchange account, transfer the Bitcoin from your Wallet to the exchange. One of the most famous exchanges used by people around the globe is Coinbase. It might take up to 3-5 working days for the money to be transferred to your account. It generally cashes out in Euros, but if you need it in USD, you can opt for SWIFT Bank Transfer.
One needs to pay a small token for using the Exchange, and it may vary for different Exchanges. For example, one great exchange charges a flat $50 for Bank transfers and around $3.84 for Visa Cashouts.
Sell Bitcoin via ATM
The Bitcoin ATM’s are not an actual ATM in a real sense. Unlike normal ATM where you are connected to your Bank account to carry out the services, Bitcoin ATM starts looking for sellers online on the Internet. However, there are only a few ATM available which provide dual transaction methods, i.e. either you can sell your Bitcoins or buy bitcoins. The Bitcoin ATM Map help you locate the nearest Bitcoin ATM. You can also purchase bitcoin via Paypal.
Generally, it is just there to buy bitcoins and charges a very hefty exchange rate up to 7% in some instances. You pay in with money, and you get a receipt with QR code to link it to your Bitcoin Wallet.
Although, we are still far from the days where exchanging and selling of bitcoins will be as normal as making any transactions today. But, for the time being, we have to work with what we have got. Among different methods to sell your Bitcoin, I believe Peer To Peer transactions is still the best and safest. While a few of you might find the Exchange method quite suitable. Hopefully, in near future, we will have our banking systems based on Block Chain Technology and trading Bitcoins or any other cryptocurrency will be easy.