Though Bitcoin has seen its price rise and fall over the past few years, there’s no denying that it’s a valuable digital asset. But if you own Bitcoin, how exactly do you go about selling it? What’s the best way to sell your Bitcoin for cash?
Where Can I Sell Bitcoin for Cash?
1. On a Cryptocurrency Exchange
There are several ways through which you can sell bitcoins for cash, the first being on a cryptocurrency exchange. Using an exchange is among the quickest and easiest ways to sell your Bitcoin, and there are many out there to choose from, including Binance, Kraken, KuCoin, Bitfinex, and Coinbase.
The exact process of selling Bitcoin on an exchange differs on which exchange you’re using. You’ll first need to create an account with your desired exchange, and you may be required to prove your identity. You’ll also need to transfer the Bitcoin you want to sell to your exchange wallet.
After this, the process should be pretty straightforward. Many exchanges allow you to enter how much Bitcoin you want to sell, select your desired withdrawal method, and then confirm. Note that exchanges charge fees for buying and selling crypto, so it’s worth checking out the fees you’ll incur on a given exchange before making a sale.
2. Via a P2P Trade
A P2P (person-to-person) trade can be conducted online via a specific website or on certain decentralized exchanges. In such a trade, an individual can post their buy or sell order on their desired P2P platform in the hope that another buyer or seller will be able to meet this order. In the event that you find a buyer to meet your order, a trade can be initiated at the agreed-upon price. Alternatively, you can simply look through the pre-existing orders to see if any of them suit you.
If you’re looking to sell your Bitcoin via a P2P trade, use a trusted platform, such as Binance, LocalBitcoins, Bybit, Coindirect, or Paxful.
3. Via a Bitcoin ATM
Though their name and appearance suggest otherwise, Bitcoin ATMs aren’t the same as typical ATMs. Rather, Bitcoin ATMs are used to buy and sell Bitcoin (and sometimes certain altcoins).
When selling some of your Bitcoin funds, Bitcoin ATMs often provide a QR code associated with the Bitcoin wallet address your BTC will be sent to. You may also need to verify your identity using some form of ID or a similar document. After the sale completes, you can either withdraw physical cash from the ATM, or you’ll receive a redemption code. Don’t forget that Bitcoin transactions are not instant and can take some time to process, so you may have to wait a little while to get your money.
If you’re interested in using a Bitcoin ATM to sell BTC, you can use Coin ATM Radar’s Bitcoin ATM locator to see if there is one in your area.
Should You Sell Your Bitcoin for Cash?
At the moment, Bitcoin stands as the most valuable cryptocurrency in the game. With just one coin being worth tens of thousands of dollars, it could be time to turn your Bitcoin back into fiat currency. So, check out some of the methods listed above if you’re looking to sell your Bitcoin for cash money.
