Sell Bitcoin: Trading Bitcoin Online and in Person
Probably you have tried your hands at buying bitcoin. Now you may want to sell bitcoin. Selling bitcoin is more complicated than buying some. You can sell bitcoin online or in person, you decide which alternative you like the best. Probably it is easier to sell bitcoin online. You have different options.
A direct trade with an individual might be a good idea. You can find such individuals through intermediaries. In the United States, websites like Coinbase, Circle and LocalBitcoins deal with direct trades; in the United Kingdom, it will be BitBargain and Bittylicious. The websites require you to register as a seller and verify your identity. Once you have taken this step, you can post an offer and wait for your potential buyers.
You can use an online exchange to change your digital currency for traditional currency. Circle, Kraken and Bitstamp are exchanges. On these sites, you have to verify your identity, but once you have completed this step, you do not have to bother with it when you deal with the selling process. Exchanges hold each client’s funds. However, consider that when you want to sell bitcoin for traditional currencies, you will have to withdraw the funds to your bank, so if the exchange that you have selected cannot work smoothly with banks, you will have to wait for a long while to receive your money.
You may sell bitcoin for other cryptocurrencies, but this practice is rare. You can select this option on websites like BTER, CoinCorner and Cryptsy.
Consider that hackers may go after online exchanges.
Some peer-to-peer trading marketplaces offer a possibility to purchase discounted items for bitcoin through other individuals who want to buy cryptocurrency, using credit cards or debit cards. These trading marketplaces bring together those who want to sell and those who want to buy. Brawker and Purse are such sites.
Bitcoin sellers want to buy discounted items from various websites, using their bitcoins, however, many sites do not accept cryptocurrencies. Bitcoin buyers want to buy bitcoin, using their credit cards or debit cards. The seller can send to the marketplace the price they should pay, along with the discount they want, about 25 percent. The buyer wants to buy bitcoin whose value equals to the seller’s purchase, so they pay that amount; the bitcoin seller will receive the purchased products. Once they receive them, they alert the marketplace, so the marketplace will transfer bitcoins into the bitcoin buyer’s wallet.
Sell Bitcoin in Person
You can sell bitcoin in person. You can calculate the price according to a large bitcoin exchange; the Bitcoin Price Index of CoinDesk; or using a mobile app designed to deal with prices, i.e. Zeroblock or BTCreport.
You can use websites like LocalBitcoins, advertising that you want to sell bitcoin. This way, you can reach out to a lot of potential buyers. You do not have to verify your identity.