Bitcoin users will be pleased to know that just about all of the methods used to buy Bitcoin provides a selling option too.
However, there is one exception – Bitcoin ATMs. Keep in mind, though, that some Bitcoin ATMs do let you exchange Bitcoin for cash. Not sure where to find your nearest Bitcoin ATM based on location? Coinatmradar will take you straight there.
What kind of investor are you?
All kinds of exchanges let you sell as well as buy. The kind of exchange that you go with to sell your Bitcoin will be dependent on the kind of investor you are. For instance, are you a trader, small investor or an institutional holder?
Selling Bitcoin as a retail client
If you are a retail client, you can use exchanges like CoinSpot, Coinbase, Independent Reserve, and BTC markets to sell Bitcoin. Keep in mind that there are unique interfaces for each exchange. Some of these provide secure storage and other related services. In some cases, regulations are less formal, especially if small amounts are being exchanged. While on the other hand, some need verified identification for all trades.
Note: Be sure to nominate any profit you make after a sale by informing your relevant tax authority.
Trading Bitcoin for other crypto assets
You can trade your Bitcoin for other forms of crypto assets, instead of cash. Australia’s biggest exchange CoinSpot, for example, is an exchange that delivers this service to users. This means you can choose to swap your Bitcoin for XRP, Doge, Litecoin, Ethereum and a number of other currencies.
Direct sale is another option to consider. Basically, you can sign up as a seller on a specific platform, which may include LocalBitcoins and LocalCryptos. Here, other people or organisations will get in touch if they are interested in your listed price. Such transactions involve wires to your bank account or deposits. Following this, the specified amount of Bitcoin needs to be transferred to the listed address.
Finally, you can always work with friends or family to sell your Bitcoin directly to them, if they have a Bitcoin wallet ready to go. This requires you to simply send the Bitcoin, and then wait to receive the payment in cash or bank transfer. Remember to always be safe when selling Bitcoin in person.
How to know when to sell Bitcoin
Not sure when to sell your Bitcoin? This can be a tricky decision for everyone. The good news is the best time to make a move is when you feel the time is right. If the Bitcoin price is high, and you need the money, then it could be a smart call to sell. On the other hand, if the price is low, and you can afford to hold onto your investment, then it could be a good idea to hold on.
*Any businesses or platforms included in this article are recommendations and do not represent the only available options.