Selling Bitcoin: Everything You Need to Know
Suppose you didn’t know that cryptocurrency was becoming mainstream. In that case, 66 million Americans currently own Bitcoin. However, it’s true, and interest in Bitcoin is steadily rising. Some experts project it will be as popular as USD within the next decade.
As someone eager to carve out your section of the Bitcoin empire, you are likely looking into the best ways to sell Bitcoin for cash. By investing, saving, and ultimately selling, you can earn more money to reinvest in cryptocurrency.
Read on to learn how you can get cash for crypto the right way.
How To Buy Bitcoin To Sell
There are many ways that you can acquire Bitcoin. However, some are far more lucrative than others, so it’s vital to research and determine which is best for you.
Some people who want to sell Bitcoin decide to mine for it. They solve complex mathematical equations to close off Bitcoin transactions in the blockchain ledger. Naturally, these people receive a hefty sum of Bitcoin in return. The payment is high, but mining isn’t worth nearly as much as it should be due to the process’s high cost. You’ll need to purchase a high-speed processor to reap these rewards. You also will need to use some serious electricity throughout the process, which can be costly. These efforts could be fruitless since you need to beat other miners and seal off blocks faster than them. The reality is, you may never cash out.
Instead, the best way to get Bitcoin in 2023 is by going to a Bitcoin ATM. BATMs are easy to use. They are in gas stations, grocery stores, and banks. With a trusted cryptocurrency ATM provider, like Byte Federal Inc., transactions are simple, safe and secure. With Bitcoin ATMs users can easily acquire BTC by scanning a government-issued ID and Bitcoin wallet QR code, followed by inserting the cash to exchange for Bitcoin. Within moments, the corresponding amount of cryptocurrency appears in their crypto wallet.
Why Sell Crypto?
You may wonder why you’d want to sell Bitcoin if it’s so popular. After all, it’s useable in stores and becoming increasingly popular. So shouldn’t you want to hoard it? While some people may choose to collect BTC, one Satoshi at a time, others may choose another route to financial freedom.
Bitcoin is considered an asset. As such, it isn’t money. Instead, it’s something you own with financial worth, similar to a house or a car. You can spend Bitcoin at many locations, and it’s an excellent option for those who want to make secure transactions without giving away personal information. However, buying Bitcoin is also an investment; any asset can be sold later for a higher ROI.
Selling Bitcoin is an ideal way to make money over time. Some experts note that Bitcoin’s value rises by around 8.3% annually. This market growth means that the value of your cryptocurrency increases at a high rate over time.
Suppose that you purchase $100 worth of Bitcoin now. Next year, you’ll have a $108.30 value. Ten years from now, you’ll have made a whole $83. Although this sounds like little, it’s important to remember that $100 is a low-risk investment. Many people will purchase thousands of dollars worth of Bitcoin and make an enormous profit, then sell the cryptocurrency at a higher price later.
Another reason some investors decide to sell Bitcoin is because they want immediate funds. For example, suppose you wish to diversify your portfolio but need to sacrifice some Bitcoin to do so. In that case, you can liquidate some of your digital assets, allowing for easy reinvestment in other markets like real estate.
Selling Bitcoin might be a good choice if you want to build a reputation and make money. But how can you do this? First, let’s look at some popular ways to sell your cryptocurrency.
Online Exchanges
Online exchanges are the most popular method of Bitcoin sales. These large sites (such as Coinbase or Kraken) let you connect a bank account to their platform and set up a digital wallet. There are, of course, identification and verification procedures to go along with this.
When using an exchange, you only need to enter the amount of Bitcoin you want to sell. After that, the exchange will connect you with a buyer and automatically make the transaction. The money you receive goes straight to your credit card or bank account.
Note that, like Bitcoin ATMs, you can both buy and sell Bitcoin on online exchange websites. However, buying Bitcoin on these platforms can present problems since you need to know with whom you work. In addition, it’s easy to get jilted on these exchanges by scams or third-party mismanagement of your funds.
Additionally, online exchanges take a while to finalize and complete both Bitcoin purchases and sales. Therefore, the recipient could wait up to a week to receive their crypto and pay a transaction fee. Naturally, buyers and sellers can lose out due to these long wait times or even end up with a damaged reputation as a seller. If you choose to take these risks and use an online exchange, ensure your buyer understands this. In addition, it would help to read the fine print to learn about your exchange’s transaction fees.
Direct Trade Online
Many people dislike the idea of being paired with a random online Bitcoin buyer. They, therefore, decide to sell Bitcoin directly to another person over the internet, giving sellers complete control. Having control over whom to trade with, how much Bitcoin they’re willing to sell to a person, and the sale method helps reassure buyers and sellers in the cryptocurrency space.
There are specialized websites dedicated to paring buyers and sellers. Once you let the web platform know that you’re looking to sell, it will attempt to connect you with Bitcoin buyers. While this process may sound similar to exchange, it differs in that you have control. Exchanges automatically complete transactions. Direct trades suggest that you work with a buyer who can help to advise you.
Unfortunately, this has many downsides despite giving you control over Bitcoin sales. The primary disadvantage is that transactions can take a long time. It’s time-consuming to be paired with a buyer and takes even more time, depending on how long it takes to connect with someone. Many direct trades also have a different level of protection than exchanges do. While the site owners usually oversee sales on exchange websites, direct transactions don’t always keep track of the Bitcoin you’re selling. As a result, if you trust the wrong person, you’re more likely to become a victim to scams than you would be on an exchange.
In-Person Sales
Many people decide they want to avoid the challenges of online sales altogether. Instead, these sellers decide to meet up with someone in person and sell them bitcoin.
This is possible because buyers scan a QR code for your eWallet on their smartphone. They can take the Bitcoin, you can take the cash, and the instant transaction is safe and keeps everyone happy. There’s no wait time, and you can easily verify that both parties participate in fair dealing.
Unfortunately, in-person sales are messy unless they’re with someone you know well. Finding a buyer can be extremely challenging, and you’ll usually need online forums. At that point, you may as well do a person-to-person exchange online.
Even when you find a buyer, getting them to meet with you can be challenging. You limit yourself to Bitcoin enthusiasts in your area when you can see so many different buyers globally. Some people overseas may be willing to offer you more money for Bitcoin due to exchange rates, and in-person selling limits these transactions.
Remember that Bitcoin isn’t just an American phenomenon but also a global one. It’s a way to buy and sell foreign goods without tariffs, taxes, or currency exchanges. So you don’t want to limit your prospects and find yourself stuck in a rut.
Bitcoin ATMs
Remember how we talked earlier about how the best way to obtain Bitcoin is by buying it from a particular Bitcoin ATM? That’s the best way to sell your Bitcoin for cash, too. It goes both ways! (Just make sure to confirm you are working with a two-way cryptocurrency atm provider, these machines allow user to both buy and sell cryptocurrencies).
You don’t need to connect with any actual buyer to use these machines. This is one of the most fantastic perks of Bitcoin ATMs since you no longer need to worry about painstakingly finding a buyer. There’s also no need to agonize over whether or not you trust a person since reputable and licensed organizations should exclusively operate Bitcoin ATMs.
They also are exceedingly easy to use. Bring an ID and a smartphone to any machine.
First, head to the machine and scan your ID. (Don’t worry- your image won’t be saved and is only used to verify your identity)
Once matched as the holder of the cryptocurrency wallet, you then scan the QR code of your crypto wallet. Assuming you’re whom you say you are, you will enter the cash you wish to receive from the machine. You also can tell the BATM how much Bitcoin you want to convert to cash.
The Bitcoin ATM will then give you the cash that you requested. Note that most Bitcoin ATMs only provide you with cash for your security, similar to how they only accept cash if you’re buying crypto.
Take the money, end your session with the machine, and voila! You’ve sold your Bitcoin in under 5 minutes.
Why Bitcoin ATMs Are The Best Option
Bitcoin ATMs solve all of the cons of other sales methods but also have many other advantages.
They’re convenient because there are locations everywhere. Unlike selling online, you don’t need to worry about finding a place to trade Bitcoin or entering much information online. Instead, you can use an ATM locator to find a crypto exchange machine near you.
Bitcoin ATMs are becoming more widespread as time goes by. There are currently around 40,000 machines across the US, but this number only grows. Plus, since Bitcoin is becoming a more and more popular payment method, BATM technologies are likely to improve even. Crypto ATMs also have a plethora of security features in place to keep you safe. Professionally operated Bitcoin ATMs are licensed and certified. You don’t need to worry about selling to someone unreputable and being duped.
Bitcoin ATMs also are much faster than other exchange methods. While online exchanges may take up to a week to work, you’ll usually have cash within minutes after making an BATM transaction, saving you frustration and strife.
Begin Selling Bitcoin Today
When you know how to buy a cryptocurrency and sell it later, you open the door to an exceedingly high return on your investment. You also diversify your portfolio with a market that’s seeing steady growth and expansion, so selling is always bound to be profitable.
Now that you know how to start selling Bitcoin and making money, it’s time to start. Contact us to learn more about selling Bitcoin at secure BATMs today.
