Did you know that you can sell your cryptocurrency in exchange for the money you need to put a downpayment on a house? All you have to do is head to a bitcoin ATM and run through the simple setup steps.
Selling bitcoin won’t only give you the cash to make big purchases. Many people sell when they feel it’s time to cut their losses and pour their money into a new investment opportunity.
In this case, you can go the peer-to-peer route or find an exchange. Before you get started, you’ll need to set up a wallet. Keep reading to learn more.
Set up a Wallet
As stated above, before you sell your bitcoin, you’ll need to set up a wallet. This is the place where you’ll store your cryptocurrency.
Well, we say store, but it’s a simple reflection of how much bitcoin you have access to on the blockchain. Wallets also work to keep your bitcoin secure.
If you’re looking for a simple, low-tech option, you can use a paper wallet. They’re easy to lose, but hackers won’t be able to get their hands on your digital keys.
Hardware wallets are small flash drive-like devices that can hold cryptocurrency. Since they work without an internet connection, they’re secure but not exactly user-friendly.
Most crypto beginners choose to go with a wallet app on their phones. You can set one of these up in a matter of minutes and they’re simple to use.
Find an Exchange
Crypto exchanges are marketplaces that allow users to buy and sell bitcoin. They offer a wide range of tools that make the selling process easier.
You will have to pay a fee to trade bitcoin using an exchange. The good news is that it shouldn’t be enough to break the bank.
You’ll need to verify your identity before you get started. Once you do, there’s no limit to the amount of bitcoin you can sell.
Bitcoin ATM
If you can use a bank ATM, you can use a bitcoin ATM. The concept is pretty much the same. Once you get to the machine, all you have to do is prove your identity, scan your wallet, and tell the ATM how much cryptocurrency you want to sell.
Bitcoin ATMs are a convenient way to get quick cash for your crypto. Since the technology is new, however, finding a machine can prove difficult. Go here to discover more.
Peer-to-Peer Exchange
A peer-to-peer exchange is a platform that allows users to trade crypto with each other. There is no intermediary involved with the transactions. It’s just you and the person you’re selling to.
This selling method isn’t as quick and convenient as the others on this list. It also comes with a higher risk of fraud.
The Trick to Selling Bitcoin
As you can see, selling bitcoin is simple. There are several methods that you can use to exchange your cryptocurrency for cash. The option you choose depends on how fast you need your money.
For more information on cryptocurrency and bitcoin, visit the Tech section of our blog.
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