The price of cryptocurrencies is volatile — and you need to assess carefully when buying or selling bitcoin would turn out to be profitable. This blog is written with a view to address some prevalent concerns and help you decide how to make the best of your bitcoin investments.
Wonder how to sell bitcoin? It can be difficult to sell bitcoin when there are so many diverse ways to choose from and especially now that it has reached a record high. The price of cryptocurrencies is also volatile — and you need to assess carefully when buying or selling bitcoin would turn out to be profitable. This blog is written with a view to address some prevalent concerns and help you decide how to make the best of your bitcoin investments.
Selling bitcoin
When it comes to bitcoin, it is more convenient to buy it as compared to selling it. Many questions come up when one goes to sell bitcoin such as: how to sell bitcoin in India, how to sell bitcoin for cash, how to sell bitcoin instantly, how to sell bitcoin on OTC desk and so on.
Another issue that contributes to the difficulty in selling bitcoin is that there are too many ways in which it can be done such as exchanging it online, direct trading, peer-to-peer deals, selling it to people directly in person; it can also be exchanged for money by directly withdrawing from a bitcoin ATM, but this option is not available in India yet.
Sounds confusing? Don’t you worry! Whenever you hit a roadblock, remember you have Unocoin to assist you in making maximum profits out of bitcoin.
About Unocoin
Unocoin is an all-in-one platform that offers its customers all the assistance they might expect concerning bitcoin and other cryptocurrencies such as selling, buying, storing, trading, and accepting. They also provide their users with a mobile application, which is available for Android and iOS.
How to sell bitcoin in India and other regions?
Let us now explore the various methods to sell bitcoin in detail:
- Exchanges: Exchanges are probably one of the best methods to sell bitcoin, although they come with their drawbacks. They serve as a go-between platform that keeps a hold on the funds of both the seller and the buyer, and accepts a buy or sell order. In short, they act as a storehouse that keeps your capital with it until a customer who meets your demands shows up. To sell bitcoin through an exchange, there are two steps that we need to go through:
– The first step is creating an account with an Exchange that you find reliable. They might ask you to submit certain documents to verify your identity, such as bank statements, utility bills, etc. Besides these details, they would also restrict themselves to sending money to your bank account only when you try to withdraw the funds.
– After setting up the account, all you need to do is raise your selling offer. This would include details such as the amount that you want to sell and the price for each unit. Your part of the job is done! Here on, it is the Exchange’s responsibility to find you a suitable buyer and let you know.
- Direct Trade: Direct trading is yet another way of selling bitcoin. This option is slightly different from selling your bitcoin funds through Exchange agencies because here, the involvement of the Exchange agencies is limited. All you have to do is register yourself as a seller on such websites and post your offer on the platform.
Please note that you may have to submit identity proofs before selling through this method. Once done with the verification, you can post your offer. Whenever a buyer shows interest in your funds, the agency would let you know immediately. Following this, the buyer would contact you directly, beyond which, the role of the exchange agency is fulfilled except releasing of the bitcoin funds once the seller says he got his money.
Keep in mind that many websites have a complicated process of direct trading and less reliability. Thus, it is recommended that you do a bit of research before relying on any of the websites that offer direct trading to avoid hassle and save time and effort. - Selling bitcoin in person: If you are wondering how to sell bitcoin without fees, selling bitcoin in person might be the perfect option for you. Moreover, selling it directly to people is one of the easiest ways to sell bitcoin instantly. It is faster than exchanging and direct trading but then finding the buyer will be on your onus.
Once you have your bitcoin in your wallet, all you have to do is open a QR Scanner application on your mobile phone, and scan the QR Code on the mobile phone of the person to whom you want to sell your bitcoin funds and transfer it to them. It is as simple as that!
However, there are some things that we need to consider here. Firstly, you might have to spend some time negotiating the price of your bitcoin funds with the other person. Secondly, you must make sure that whenever you conduct such deals, you do it in a public place to ensure a secure deal. But if you want to sell bitcoin for cash to someone you know personally, then you can take it easy but please be aware of the cash transactions restrictions which form a part of the law of that land! - Withdrawing Funds: Suppose you have a lot of bitcoin and want to cash them out, the above methods may not be always effective and you may need to approach an OTC desk who will work on fulfilling your order in parts and send money to your bank account. The process is quite hectic and demands a fair bit of patience.
Please note that all these methods have their limitations, and you should, therefore, be cautious while choosing your withdrawal method.
So, now, the next time you are unsure of how to sell bitcoin in India, you can try out of these methods mentioned above and assess which one works best for you.
FAQs:
- How do I sell bitcoin for cash?
You can sell the bitcoin to someone in person, or you can withdraw cash directly from a bitcoin ATM if you have one in your country. It is important for you to know the cash handling limitations and regulation in your state/country before trying this one. - Where can I sell bitcoin instantly?
There are trading platforms like Unocoin where you can sell your bitcoin instantly. Unocoin quotes a price at which it can buy your bitcoin and you are only one click away from selling it. Also, you can sell bitcoin instantly to anyone by scanning the QR code on the buyer’s mobile phone and sending them your bitcoin and accepting money. - How can I sell bitcoin without fees?
In-person transactions do not have any fees if you have found your buyer yourself. Generally, all exchanges, trading platforms, OTC desks or Peer-2-peer platforms charge a small fee for providing their service. At present, Unocoin is running a 0% exchange fee offer from a few quarters and you may want to try it!