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How to sell Bitcoin Online
Now it is an easy affair for anyone to sell Bitcoin online. Like buying Bitcoins, several options are available for anyone to sell Bitcoin for cash or any other crypto-coin. Many of the exchanges do offer to trade Bitcoin online where one can make a trade on Cryptocurrencies mutually or they can opt out for cash or even the metal.
To sell a cryptocurrency like Bitcoin Ethereum or any altcoin there are two ways. First is direct selling and another is selling through the exchange.
Direct selling means peer to peer selling and it is done without subscribing any of services of the exchange or any agent in the middle, to make a trade on the seller’s behalf. In, direct selling seller has to find a buyer through different available sources and had to transfer the Bitcoin to the buyer’s Bitcoin wallet and had to accept the cash or other options like Altcoins or the goods in lieu of the traded Bitcoin amount. This kind of direct selling of Bitcoin can be either with the friends, family members or some person whom you know in your professional work. In case of selling Bitcoin for cash either the buyer transfers cash into the account of seller’s mentioned bank account or the buyer pay through acceptable payment systems and agents like PayPal or MoneyGram. In almost all of the cases, directly selling is initiated among the well-known people rather than strangers. Direct selling has its own benefits and drawbacks. The most common benefit is that it is secure means seller has not to reveal the amount to the third party or the exchanges through their login accounts. Next, the seller is always assured of the amount which cannot be hacked by any hacker due to errors in the exchange operations. Another benefit is that it does not involve paying commission or fee to the exchange for making the deal. Also, it shields from traps of the crafty exchanges that levy unnecessary professional terms and conditions and confiscate the amount without any cause. In, direct selling no physical identity validation is necessary to make a deal hence one can sell large amounts without getting noticed in the eyes of the tax authorities. However, it is not recommended to carry illegitimate trades, because it may end the seller paying large penalties and punishments when they are traced later.
Selling Through online Exchanges
To sell bit coin online, another method which is being adopted more and more is selling through an agent. That agent could be a small exchange or another Altcoin company trading in various Cryptocurrencies along with process of promoting their own Altcoin. So to sell bitcoin, one can choose exchanges based on the preferences of the nature and volume of trade they wish to make. By nature of trade, it is necessarily meant that the trade initiated as a sole investor or as an institutional investor and trader.
The institutional seller or traders have few options left to make a deal and carry online sale of bitcoin. The large exchanges often restrict their trade activities to very large amounts, deliberately avoiding small amounts to be traded upon. Not, every exchange provides the huge volume trades. A large exchange is also like an intuitional investor and trader, so they work according to the established rules of profit generation. Fairly enough, sellers have options of many small exchanges continuing small volume Bitcoin trades. One can choose as per the requirements and the volume of the sale. So you can see that selling bitcoin online, through exchanges is fairly easy and before continuing so, the cryptocurrency seller must thoroughly read the terms and conditions and the services they offer.
Many exchanges offer free services to small volume sellers, while they may charge on large volumes. Some may charge nothing but will offer you their own Altcoins or another crypto assets against the sale of Bitcoin made through them. This can be partly or fully as per their marketing strategies. Exchanges do offer fiat cash fully or partly. Hence it is recommended for everyone who wishes to sell Bitcoin online to choose exchanges carefully. Exchanges also offer services of loss capping or stopping to sell, if the loss is imminent and holding may offer greater benefits. Bitcoins are trending currencies hence, instead of selling, holding through a strategic speculative mindset may increase profit as well as the strengthening of risk-taking capabilities. Further, the limited amount of Bitcoin will always be going to keep its value fairly high even in hard times also, though a word of caution must be kept in heed in case of keeping them on hold.
Most of the exchanges are very secure and offer secures storage of the bitcoin, while others offer normal storage. Security is a prime concern, hence considering a less secure storage may be loss churning account in case of any access to the seller’s account of any hacker happens. Exchanges do ask for physical identity validation issued by the country if they are required to obtain from the customers through the orders of the authority. While some exchange may relax this for small amounts, while some may not, so for selling Bitcoin online, one may also need the identity or the KYC documents.
So as we can now be assured that the bitcoin are like cash and can be sold for cash or other crypto assets. One may feel to sell crypto assets right away or may choose to defer a sale till later date, which depends on the amount of profit or loss made. Being careful in selling or trading a Bitcoin must be a prime concern as these are very volatile currencies. So to achieve mental peace one must trade with caution and in a legal way.