If you are considering selling your Bitcoin, you may have some questions and doubts in your head because of the many options available to you. But, selling Bitcoin does not have to be complicated. This post will help you learn how to sell the digital currency and guide you through the financial services that can help you with the sale.
Why Sell Bitcoin
Some people see selling Bitcoin as the end of their cryptocurrency game. But others go for their route to lock their profit and free their minds of speculations in terms of Bitcoin price. Regardless of your reason for selling Bitcoin, there are many benefits you can enjoy. After you sell Bitcoin, your capital’s fiat value will stay the same regardless of whether the value of Bitcoin increases or decreases. Also, selling Bitcoin lets you use your capital for a big selection of merchants that don’t support the digital currency as a payment option.
When to Sell Bitcoin
Savvy Bitcoin traders will agree that the time to sell Bitcoin is during the peak of a bull market which means during a long-term value uptrend for the cryptocurrency. But, if you cannot sell Bitcoin during this period, do it after you achieve a target profit by benefiting from price fluctuations. Usually, such practice is used when the price of Bitcoin is in a downtrend which is called a bear market.
How to Sell Bitcoin Fast
When selling Bitcoin and other cryptocurrencies, you need to determine the method to help you make a quick sale. Here are some of your options:
- Exchanges. Exchanging your Bitcoin for online currency funds with Paychainis the fastest way to sell your digital currency. Exchanges keep the funds in digital wallets. These wallets can be used for substituting bank accounts and helping you make money transactions, get payments for e-commerce stores, store funds on a digital account and get an interest, as well as buy precious metals or cryptocurrency.
- Bank transfers. Because of the timeframe needed to complete the transaction, you need to know that the Bitcoin’s value you exchange is locked when the transaction starts. Also, the amount you expect to receive at the start of the transaction will not be affected by price fluctuations.
- Cash. This is possible by using Bitcoin ATMs. Just look for an ATM in your local area and go to the actual location to sell your Bitcoin.