“How do you sell Bitcoin for fiat?” is one of the first questions that arise when people become interested in cryptocurrencies, since getting your money out is just as important as getting those crypto coins.
Selling Bitcoin can be similar to buying Bitcoin, except in a somewhat reversed process. To sell BTC, you must first have BTC on hand in your online or offline wallet. Luckily with Computta you have a completely free way to generate Bitcoin on autopilot 24X7, just using your everyday gaming computer. So when you are a happy owner of the BTC coins at some point you will want to sell Bitcoin for ‘normal’ or ‘fiat’ money that yoou can later spend on your favorite gadget or at a local grocery store.
When it comes to selling Bitcoin or other cryptocurrency for fiat, these are some considerations you need to keep in mind:
- Anonymity – Bitcoin allows people to send money to each other directly, without using a bank and without having to share personal details with anyone. This is called anonymity. For some buyers, anonymity is the most important reason for buying and selling Bitcoin. This means that they need to find a place to buy and sell Bitcoin where they can stay anonymous!
- Community – Some users are really interested in cryptocurrency and blockchain technology. They want to be part of the crypto community. For these buyers, it will be important to buy or sell Bitcoin in a place where they can mix with the Bitcoin community. This might be online or in-person.
- Ease of Use – How easy it is to buy Bitcoin or sell it is very important for crypto beginners. Newbies need to find a place where selling their Bitcoin is simple. Usually this is with established online platforms that bring buyers and sellers together.
- Security – Everyone wants to be safe when they’re making a purchase or selling their cypto coins. Some ways of selling Bitcoin are safer than others!
One thing that all these kinds of users have in common is that they want to find the easiest and cheapest place to sell Bitcoin. So, whatever kind of user you are, we can help you find the cheapest way to sell Bitcoin that fits your needs.
These days when you are ready to sell some or all of your Bitcoin, you can do so through a variety of avenues, including an online cryptocurrency exchange, direct peer-to-peer transations (P2P) through an online platform or in person, and even through a Bitcoin ATM.
This is the first thing that comes to mind when you want to sell your Bitcoins.
To use a crypto exchange, you must set up an account with the platform of your choice. Many reputable exchanges require identity verification. Connecting a bank account is necessary for withdrawing cash. Be mindful of exchange restrictions based on your country, however. Some exchanges ban participation from certain regions.
It is important to remember that despite offering wallet services, exchanges are by no means a secure, reliable place to store your funds.
Direct trades (person-to-person)
Another way of selling your Bitcoin is via a direct trade with another entity, either online or in person. There are several ways to achieve this, either by setting up a direct meeting to sell Bitcoin in person or by performing the transaction online through a specialized platform.
Crypto payment cards
Another roundabout method of selling your BTC using the services provided by a cryptocurrency exchange is by spending it via one of the many crypto-focused payment cards on the market.
There are several methods to how such cards operate. Generally speaking, users’ assets are exchanged into cash at the point of the sale, making the cards usable at locations that accept traditional payment cards.
Online P2P selling
With online P2P Bitcoin sales, several specialized platforms — and even services from reputable cryptocurrency exchanges — exist to facilitate such transactions. In one way or another, these platforms essentially make it possible to trade Bitcoin for cash, or vice versa, with another interested party online. Usually multiple payment methods are offered by these P2P online platforms. In fact if yoou want to buy Bitcoin with paypal, it might be your only option.
In general, Bitcoin buyers post listings on these platforms, noting their desired price, their preferred payment option, etc. Interested parties then find listings they like and complete the sale by following the instructions provided by the platform.
These platforms sometimes involve escrow functions to provide a level of security for both parties and to help ensure asset transfer. Depending on the payment option, the seller of the Bitcoin may receive a transfer directly to their bank account or card, a wire transfer, or an agreement to receive funds to some of the popular traditional payments platforms like paypal.
Despite looking like traditional cash machines, Bitcoin ATMs are not ATMs in the traditional sense. Instead of connecting to the user’s bank account, they are connected to the internet to facilitate Bitcoin transactions.
At their simplest, Bitcoin ATMs let you scan a wallet QR code and then sell BTC for cash. Bitcoin ATMs are located all over the world, and their locations can be easily found on the internet. However, they usually charge high transaction fees when compared with other methods. In addition, not every Bitcoin ATM offers both buy and sell functionality, which is important to keep in mind when looking for a Bitcoin ATM at which to sell BTC.