Bitcoin, the most popular cryptocurrency, can be easily traded on popular crypto exchanges. This means that investors or holders of Bitcoin can easily sell Bitcoins in their wallets with ease. Currently, Bitcoin has a circulating supply of 19.5 million, with its total supply being 21 million. If you own a Bitcoin or BTC or a portion of the coin, it’s important to understand how you can liquidate them to boost your bank balance. 

How to sell Bitcoin?

Selling Bitcoin is easy. All one needs to do is move their holdings to a wallet that can facilitate Bitcoin transactions. You can also choose to sell a part or all of your Bitcoin possessions. Here are the different ways you can sell Bitcoin.

1. Exchange Platforms:

Utilizing a centralized Exchange like Coinbase, Binance, or Kraken is one of the least complex ways of selling your Bitcoin. These stages offer an easy-to-use interface where you can choose the cryptocurrency to sell and the ideal sum. 

2. Brokerage Platforms:

You can easily your crypto if you have parked your Bitcoin on dealer platforms like Robinhood or Webull. You can conclude the transaction on these platforms to get money in your account. 

3. Peer-To-Peer Trades:

Consider direct trades with other crypto investors through peer-to-peer trade platforms, like Binance P2P. These platforms work with online exchanges, with the trade holding the crypto retained until the purchaser sends the settled-upon fiat currency.

4. Bitcoin ATMs:

To obtain cash instantly, Bitcoin ATMs provide a fast opportunity. Send your Bitcoin to the QR codes at the ATM, stand by a couple of moments, and accept the cash. Nonetheless, be careful about high commissions related to Bitcoin ATM exchanges.

5. Crypto-To-Crypto Trades:

In situations where direct conversion to dollars is not possible, you can convert your Bitcoins other cryptocurrencies. For instance, you can convert your Bitcoin to a well-known token or stablecoins before at last changing out to dollars or other fiat currencies.

Fees For Selling Bitcoin

The charges for selling Bitcoin can fluctuate on how you make the transaction and which mode you choose. On the off chance that you’re offering Bitcoin to a companion for cash, you may very well have to pay the ‘network charge‘ for moving the Bitcoin between your digital wallets. Assuming you’re taking out cash through an ATM, make sure to think about any charges that accompany it.

Also, exchange services levy a charge when you sell Bitcoin. These charges help the exchanges cover their costs and generate revenue while providing a secure platform for transactions. Long story short, consistently watch out for expenses and charges associated with selling cryptocurrencies like Bitcoin.

Selling Bitcoin Via Crypto Exchanges

Most of the Bitcoin investors sell their Bitcoin holdings via crypto exchanges like Binance. It’s easy to use and transactions happen in real time. But for selling your crypto on crypto exchanges, you need to set up your account on a crypto exchange, followed by linking your wallet with the exchange.

Setting up an account to sell cryptocurrency:

1. Registration Process: Begin by signing up for the exchange where are you going to sell your Bitcoin. This generally requires giving your email address, making a password, and consenting to the terms and conditions of administration. 
2. Verification Requirements: To guarantee security, numerous exchanges will request that you confirm your identity. This frequently includes giving individual data, like your name, address, and a photograph of your ID. Finishing this step assists the platform in confirming that you’re a genuine individual.
3. Two-Factor Authentication: Some exchanges use two-factor verification (2FA) for an additional layer of safety.

Connecting a Wallet

There are two fundamental kinds of wallets to protect your Bitcoin: Hot wallets and cold wallets.

• Hot Wallets: Consider hot wallets like your digital pocket. They are on the internet and associated with the web, making them helpful for speedy transactions. Examples: Cryptocurrency Exchanges, Mobile Apps
• Cold Wallets: Cold wallets resemble a digital safe. They are disconnected and not associated with the web, giving additional security. Examples: Hardware wallets (Physical gadgets), and paper wallets (printed or recorded codes).

Importance Of Wallet Security:

Wallet security is important. If you’re using a hot wallet, use tough passwords and leverage two-factor validation for an additional layer of security. Keep your hidden keys (like passwords for your wallet) protected and private. For cold wallets, guarantee they are put away in a solid spot, away from likely dangers.

Factors To Keep In Mind While Selling Bitcoin

1. Decide Your Objective: Choose how much conventional cash (like dollars or euros) you need to get from selling your cryptocurrency. 
2. Consider Transaction Fees: Recall that when you sell, there may be charges included. These can differ, so check with the exchange about these charges before you sell Bitcoin.
3. Think About Taxes: The profit you make on selling Bitcoin could be taxable.

Choose The Right Moment To Sell:

1. Market Volatility And Timing: Bitcoin price keeps on changing due to several factors. You need to understand the market volatility and timing to maximize your profit from Bitcoin selling.
2. Keep Track of News And Events: Track news or occasions that can impact Bitcoin price. Remain informed about what’s going on and what it could mean for crypto market.
3. Long-Term vs Short-Term Selling Strategies: Choose if you’re in for the long stretch or on the other hand if you have any desire to sell somewhat rapidly.

Conclusion

There are several options for traders to sell their cryptocurrencies. Well-known and dependable cryptocurrency exchanges are always a safe choice, and peer-to-peer online marketplaces could provide greater payment flexibility. To have quick access to your cryptocurrency, you can take the easy path and use a Bitcoin ATM, but the commission will be substantially greater. However, it’s crucial to realize that selling your bitcoin may result in a tax burden, so you should make sure taxes are taken into consideration before selling.

Frequently Asked Questions (FAQs)