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How To Sell Bitcoins

Bitcoin is great to use, that’s why many are encouraged to understand what is Bitcoin. However, for many people, Bitcoin is really more valuable when it is sold. The idea is that people buy Bitcoin when it is cheap then sell it later when its price has risen. This is why those who bought a lot of bitcoins in the early days have been rewarded by their investment becoming big bucks. There are two ways you can sell off your Bitcoin stash, each having their own advantages and disadvantages.

Online selling

Online selling of Bitcoin is through the use of online exchanges. The main advantage of this is that it is pretty easily done. All of the hard work is done by the exchange. Sellers just have to set up the sale and then it goes through. There are several types of online selling.

First, the exchange is just there to facilitate the trade. It brings together a seller and a buyer and the deal is done. The exchange gets a cut as a facilitator of the deal. Second, it is the exchange itself that buys the bitcoins. This is a direct transaction between you and the exchange. This is usually done by exchanges to add to their stash of bitcoins. Thirdly, there are now peer-to-peer marketplaces that allow people to sell their Bitcoins for particular services or items in trade. The only cash moving in this transaction is the bitcoins.

This method of selling has a third part is involved and that brings some advantages and disadvantage. The main problem is that a third party can affect the deal by either requiring a cut or delaying it from pushing through. However, a third party can also ensure that the deal is honest, ensuring that no one is being cheated.

Personal selling

The other method of selling bitcoins is by directly selling it to people, with no middleman and done offline. This usually means meeting up with another person and doing a deal. Though Bitcoin is associated with online transactions, people can scan QR codes with their smartphone and transfer bitcoins for a cash trade.

However, this brings its own problems. For example, without a third party enforcing prices, the money that you could get can be variable. With differing Bitcoin prices and volatility, you and your customer may not have an agreed-upon price. Another problem is that of personal safety. Online sales ensure that the chance of getting robbed after the sale is limited to hacking attempts. Finally, it can be hard to find people willing to buy Bitcoin in person. The increased convenience of online selling has made in-person selling a bit difficult, though people can still do so in Bitcoin meet-ups.