Wondering how to sell and convert your bitcoin to cash? Don’t worry, there are ways you can do that easily, and we show you the easiest ways you can trade you bitcoin for cash in this guide. Whether you’re a complete novice or an experienced trader, you can use these methods, depending on your needs.
It’s the Bitcoin season once again, and everybody is talking about the top cryptocurrency. It has rallied to $30,000 after its drop to under $16,000 this year. While it feels good to see your portfolio grow, you’ll need to sell some of it to take profit at some point.
This saves you the pain of losing all the gains, should the market reverse as is the case now that bitcoin is down to $26,000. You may have missed a chance to take profit, but it isn’t too late. There’s always another chance and next time, you’ll be ready.
When you’re ready, here are the easiest ways to sell your bitcoin to get cash in return.
Peer-to-Peer
If you’re looking for a way to sell bitcoin directly for your local currency, using a peer-to-peer (P2P) platform is the easiest way to achieve this. As the name implies, you can sell bitcoin directly to another person on the platform who wants to buy, without using an exchange trading platform.
Even though crypto exchanges such as Binance provide a platform for this type of trading, you ultimately don’t need to open a trade like in spot or other trading. You simply look for a buyer (you must be registered first) and offer to sell your bitcoin.
Because the buyer already has conditions that suit your particular trade, they will simply send you payment in your local currency and then you release the bitcoin to them. You’ll pay fees on P2P marketplaces like Paxful, but on crypto exchanges, using the P2P feature is absolutely free.
Although you’re dealing with absolute strangers, the platform has a way of regulating itself so that no one cheats, because the consequences are dire.
Use a Bitcoin ATM
You may have heard of and used a traditional ATM, but have you heard of a Bitcoin ATM? It is an ATM just like the one you use to get cash, but it works with bitcoin. To sell Bitcoin, simply approach a Bitcoin ATM, select the option to sell bitcoin, and it will generate an invoice for you.
The invoice will contain how much bitcoin you wish to sell and the rate. If you agree, you’ll proceed to sell and the ATM will give you the cash as agreed upon. This is an easy way to get cash in exchange for bitcoin, without using a traditional bank account.
Over the Counter
This is another easy way to sell your bitcoin for cash, but there’s a catch – you must have a lot of bitcoin. You see, OTC trading platforms are designed for high net worth individuals and corporate investors looking to buy or sell large amounts of crypto.
The platform allows them to trade these large amounts of crypto without having to open a trade on an exchange. This is important because such large volumes of trade cannot be executed easily through a normal transaction, so it may get broken into smaller transactions, which results in higher fees overall.
By selling your bitcoin through an OTC platform, you get lower overall fees, and you know upfront the price at which you are selling. It is just like P2P trading, only in this case, you can negotiate the rate with the buyer directly since the trade doesn’t go through the exchange order book.
Conclusion
These are three of the easiest ways to sell bitcoin for cash. Depending on the peculiarity of your case, you may find one more suitable than the other at different times, but we hope this guide helps you to choose the right one.
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