How Do You Sell Bitcoin For Cash? Insights For Beginners
by Abdul Aziz Mondal Finance Published on: 21 December 2022 Last Updated on: 18 October 2024
It is an exciting experience to sell Bitcoin for cash for the first time, especially if you know the best platforms. For many beginners, the biggest challenge is selecting the best platform to use. Crypto exchange platforms claim to offer secure, convenient, and affordable services, and it can be overwhelming to know the best one to use.
This article will guide you on how do you sell Bitcoin for cash as a beginner without making costly mistakes. It is a simple guide anyone can follow easily.
What Do You Need to Sell Bitcoin for Cash?
First, you need Bitcoin in a secure wallet. Bitcoin can be stored in a virtual wallet hosted on the cloud by a service provider. But cold wallets are also used today.
Second, you need a bank account, a mobile money app, or an online payment account. You can have your payment sent to your account quickly regardless of the method you choose.
Third, you will need a crypto platform to facilitate the Bitcoin selling process. So, how do you sell Bitcoin for cash on the platform? You will get all the guidance you need.
How Do You Sell Bitcoin for Cash Online?
Most online crypto platforms work very similar whether they are CEX or DEX.
- Create an account – How do you sell Bitcoin for cash through an online platform? The first thing is to create an account. It is a requirement so that you can fill out the KYC (know your customer) protocol details. It will also allow you to move to the next step.
- Deposit the Bitcoin you intend to sell – With an account, you should use the provided tools such as an exchange calculator to determine the amount of Bitcoin you need to sell to receive the cash you want. After this, you should deposit the Bitcoin in your account.
- Sell Bitcoin for cash – How do you sell Bitcoin for cash? This is the most crucial part, and you should take all precautions before hitting the sell button. With a good platform, this is an instant process, although it might take a few minutes depending on the internet speed and other factors.
- Transfer your money into your bank – When the process is over, your cash will still be in your crypto exchange platform account. You can now transfer it into your bank account or your mobile money account.
How Do You Sell Bitcoin for Cash Offline?
There are quite a number of options to sell Bitcoin and another crypto online. One of them is to use a Bitcoin ATM, and another one is to use a physical exchange office. How do you sell Bitcoin for cash on these platforms?
You need to locate any of them, walk there, and transact. They have simple instructions to sell Bitcoin, and you will deposit your money in the bank or collect cash immediately. These options are very secure and convenient for many beginners, especially when traveling.
Conclusion
How do you sell Bitcoin for cash? As you can see, the processes are simple when you identify the option you want to use. For many beginners, these options are very secure and affordable. Try them today, and you will not regret it.
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