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A comprehensive guide to multiple methods of selling bitcoin


Although in its infancy, cryptocurrencies have become incredibly popular among investors. Every investor, seasoned or novice knows about cryptocurrencies, bitcoin and how to trade. There is a lot of material in the form of white papers, newsletters, charts etc that gives you a feel for bitcoin trading.

But what about how to sell bitcoin in australia? Knowing how to trade is very important but it does not allow you to use the profits you have made over time. Imagine how frustrating it can be, especially when large sums of money are tied up.

Here we discuss many methods of selling bitcoin and realizing your profit. You can choose faster methods like exchanges or more private but slightly slower methods like P2P marketplaces and bitcoin ATMs.

Regardless of the method you choose, it’s important to note that the sale only converts your bitcoins into fiat currency. You need to take extra steps to withdraw money to your bank account or in cash.

  • Get started: Prepare before you buy or sell

Before you start trading in bitcoin, you need to have three basics namely an exchange, a wallet and adequate knowledge to trade in bitcoin. When it comes to knowledge, a lot of resources are available online. You can also be part of the bitcoin community that is actively discussing bitcoin 24/7.

The other two are exchanges and wallets. Exchanges provide you with platforms through which you can buy or sell bitcoins while wallets are a storehouse where you can keep your coins for longer periods of time.

You choose exchanges and wallets based on their customer support, fees, and most importantly reliability and security. Wallets are broadly classified as cold goods and hot goods. Cold wallets are expensive physical devices that keep your coins offline. While a hot wallet is the software that holds your coins and is usually free.

  • Many solutions to sell bitcoin

Once you have everything set up, bought your bitcoins, and waited until you find the right time to sell your coins, it’s time to choose a method to sell. Each sales method has its pros and cons and you have to choose the best one for your situation.

The simplest and fastest way to sell bitcoin is through an exchange. You don’t need to set up anything and sell through a store that you’re used to. Transactions are almost instantaneous.

However, exchanges charge some fees for transactions, limit payment methods, and have some kind of centralized transaction monitoring. For that reason, some investors don’t like them.

  • Through online P2P transaction

Peer-to-peer exchanges give you more freedom in choosing a payment method with minimal interference. These platforms assist you in finding buyers willing to pay the price you are asking.

Then you and the buyer decide on a payment method. There is no obvious oversight but the P2P marketplace can still get an idea of ​​your identity.

Bitcoin ATM devices are similar to regular ATMs. These devices allow you to withdraw cash from your sales without the need to be curious. However, it is often difficult to find near you, which can cause your trades to lag far behind the fast-paced crypto markets.



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