Sell bitcoins harder than buying. This guide contains all the information you need to successfully sell a cryptocurrency. First of all, the seller must choose the method of the transaction – via the Internet or in person. Both methods have their advantages and disadvantages.
To sell a cryptocurrency, on these sites you need to register as a seller. Also, you must provide proof of identity.
After registration, the user can place his offer and then receive notifications from the site when the buyer appears. From this point on, the interaction takes place only between the parties, bypassing the middlemen, and the service provides all the necessary infrastructure to complete the transaction.
You can sell bitcoins on the cryptocurrency exchange. To do this, you also need to register and provide personal data, but the transaction is easier.
The exchange acts as an intermediary who controls the means of sellers and buyers. Sellers place on it an application for sale, indicating the amount, currency and its value.
When the buyer appears, the service will automatically conduct the transaction. The cryptocurrency will be transferred from the seller’s account to the buyer’s account, and the seller will receive money.
The disadvantage of this method is that when selling bitcoins for ordinary money, the received amount will have to be transferred to a bank account. If the stock exchange lacks liquidity or problems with banks, the withdrawal process may take a long time.
You should carefully examine the service with which you intend to work before transferring money. Examples of online exchanges are Circle, Kraken, and Bitstamp.
Also, there are stock exchanges where you can only change digital currencies. This method is used for arbitration purposes or if the store accepts other cryptocurrencies (for example, Bitcoin Shop now accepts litecoins and dogecoin’s as payment for goods).
Some services charge a fee. For example, BTC e withholds from the seller 0.2% of the transaction amount. You can compare the size of commissions in various cryptocurrency markets and trading volumes, for example, on CoinCompare and Bitcoin Charts.
Another subtlety is that the exchanges limit the maximum size of the account (it can vary over time). In any case, it is unwise to keep your money in the account of the exchange service, although for speculation this may seem the most appropriate option.
You are responsible for your funds – large sums should be stored on personal devices or offline since even the most reliable Internet services can be hacked one day.
Recently, sites like Brawker and Purse began to appear in Bitcoin space. Their goal is to bring people together with specific and complementary needs.
These are, for example, people who want to buy goods on sites that do not yet accept digital currencies directly. Another class of customers is those who want to buy bitcoins with a credit or debit card. Peer-to-peer platforms unite people with corresponding needs and allow one to buy bitcoins, others to get goods at a discount.
International bank transfers allow you to move money anywhere in the world. Most (if not all) online bitcoin exchanges support this withdrawal method. Besides, you can use the services of third-party payment systems.
While many of the sites mentioned here almost do not require special information from buyers, they require confirmation of identity from sellers. The laws do not yet oblige the Bitcoin platform to collect personal data, but they do it in a preventive manner in case such requirements arise soon.
To simplify the sale of bitcoins, confirm your identity at the registration stage on the site. This step will remove potential barriers to sales when the need arises.
The site may require scans of two utility bills with your name and address, as well as ID scans (passport or driver’s license). Some (for example, BitBargain) may even require a selfie with an open passport in their hands and the name of the site on a piece of paper!