- Sell Bitcoin To Paypal
- Can You Sell Bitcoin For Real Money
- How Do You Sell Bitcoin For Real Money Free
- How To Get Cash For Bitcoin
- How Do You Sell Bitcoin For Real Money Free
You sell your Bitcoin for tether at a 1:1 value and then wait for the price action in the market to settle. You then exchange tether for Bitcoin and keep trading. However, @bitfinex’d show that tether pumped billions of dollars’ worth of tethers into the market, with no proven reserves to back the tokens.
Selling bitcoins is not much different from buying bitcoins. Finding a Bitcoin exchange or trading partner that will pay you with your desired payment method is the first step. From there, you can complete a trade to sell your bitcoins.
Selling Bitcoins for Cash
There are three ways to get cash for bitcoins:
1. Sell bitcoins in person for cash
2. Sell bitcoins at an ATM for cash
3. Sell bitcoins online for cash deposit
Sell Bitcoins in Person for Cash
Selling bitcoins in person for cash is a private way to sell bitcoins. In most cases no information is requested by the buyer, nor is there KYC or AML involved. LocalBitcoins is the most popular of many services that will help you find local buyers to meet in person.
You may be able to find a cash trading partner at your local Bitcoin Meetup Group. Since these meetups are filled with fellow Bitcoin users, it’s not hard to find someone willing to make an exchange. If the meetup group in your area meets often, it may be a good way to find a trade partner to buy from on a regular basis.
If there’s no meetup group in your area, checking Facebook for local groups is another way to find local traders. This is how many people find trade partners in countries like Venezuela or Israel.
Mycelium Local Trader is part of the Mycelium Android Wallet. It works like LocalBitcoins but has less users. If in a large city with lots of users, Local Trader may helpful for finding trade partners. Cash trades only.
For any cash exchanges, use the best practices explained at the end of this post.
Selling for Cash at a Bitcoin ATM
Bitcoin ATMs are another easy way to sell bitcoins for cash, if you’re lucky enough to have a Bitcoin ATM in your area. Some ATMs only allow for the buying of bitcoins, while some offer both buying and selling. You can use Coin ATM Radar to check locations and determine whether or not your local ATM offers both.
Sell Bitcoins for Cash Online
Services like LocalBitcoins and BitQuick can help you accept cash payments for bitcoin online. You create a sell order on one of the sites. Once a buyer accepts your offer, they are given your bank account details. Buyers then make a cash deposit to your bank account. Once you confirm payment, the bitcoins are released from escrow to the seller.
Selling Bitcoins Online
Selling bitcoins online is convenient but much less private than selling bitcoins for cash. Using services like Coinbase or Circle it’s possible to sell bitcoins to your bank account (both) or to your credit or debit card (Circle only). Coinbase is available in the United States, most of Europe, Canada, and Singapore. Circle is only available in the U.S.
Kraken and BitStamp are good options for Europeans. BitStamp’s newest feature lets its users cash out bitcoin for gold.
LocalBitcoins is another option for selling online. Since LocalBitcoins is an escrow service, buyers and sellers are free to agree on trade terms. LocalBitcoins has no control over which payment methods are available. Users are free to use other common payment methods like Skrill, NETELLER, PayPal, or cash deposit.
Visit the buy page of this site for more help finding an exchange in your country.
Sell Bitcoins by Spending
There’s no reason that selling bitcoins must be limited to receiving fiat money. Now that it’s possible to buy just about anything with bitcoins, selling by buying goods may be a better option for some.
You can for example pay your monthly bills with bitcoins. Cashila, a European licensed payment processor, is a good option which lets you pay for bills or other services that accept a SEPA bank transfer.
Even if you don’t need merchandise, buying gold with bitcoins is a creative way to “sell” bitcoins without using an exchange.
How to Sell Large Amounts of Bitcoin
Bitcoin remittance companies, merchants, and traders may find themselves with large amounts of bitcoin. Using OTC trading it’s possible to cash out millions of dollars worth of coins.
Genesis and itBit currently offer the most liquidity among Bitcoin OTC trading. These companies, however, are geared more towards institutions rather than individuals. If you are simply a Bitcoin holder and want to cash out then an exchange with high liquidity like Bitstamp, BitFinex, Kraken, or Coinbase may be a better option.
Best Practices for Selling Bitcoin
Getting a Good Price
Selling bitcoins for cash on LocalBitcoins will often yield the best sell price. LocalBitcoins buyers are eager to buy bitcoins privately, and are willing to pay up to 10% more. Selling in person requires more effort than other methods but is worth it if you intend to get the best price for your coins.
Selling at a Bitcoin ATM usually isn’t a good idea as most charge 5-10% per sale. You can use Coin ATM Radar to check ATMs in your area to compare fees.
Selling online to a brokerage or on an exchange is a decent way to cash out. Fees using these methods are usually 0.2-1% per trade.
Cash Trading Safety
If trading for cash in-person, meet in a public space. There’s no reason to risk getting jumped or stolen from. Both LocalBitcoins and Mycelium Local Trader profiles show each user’s history and feedback, so only trade with buyers who have positive feedback over many trades.
Some people kill time at the airport by browsing duty-free shops. I decided to shop for bitcoin.
But first, there are two things you should know about me: I tend to be almost as afraid of losing money investing as I am of flying. On some level, I figured one fear might cancel out the other.
So last Thursday, while waiting for a flight to Nashville, I pulled up a popular application called Coinbase that can be used to buy and sell bitcoin. The virtual currency had hit $10,000 for the first time a couple days earlier, before retreating somewhat. News of bitcoin's rapid rise was everywhere, including on CNN.
For 15 minutes at the airport, I refreshed the price of bitcoin over and over, watching as it gained and lost hundreds of dollars in a matter of minutes. I called out the price fluctuations breathlessly to my wife, who gently encouraged me not to be an idiot, before returning to her magazine.
She was in good company. JPMorgan Chase CEO Jamie Dimon recently called bitcoin a 'fraud' and suggested people who buy it are 'stupid.' Warren Buffett called bitcoin a 'mirage' in 2014 and warned investors to 'stay away.'
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And yet bitcoin has climbed more than tenfold since Buffett's warning. Earlier this month, one college friend casually told me over drinks he'd made tens of thousands of dollars investing in another cryptocurrency. He said he hoped it would be worth enough one day to buy a house.
When I saw the price of bitcoin fall to $9,500, I pressed buy, defying the wisdom of two finance titans and my wife. One hundred dollars, or 0.0101 bitcoins. (A few days later, I bought another $150.) By the time we got to our hotel, my stake had already gone up 10%. One week later, it was (briefly) up 100%. My wife's opinion of me has reportedly decreased by the same amount.
What is happening?
It's an investing frenzy, plain and simple.
Bitcoin cracked $1,000 on the first day of 2017. By this week, it was up to $12,000, and then it really took off: The price topped $17,000 on some exchanges Thursday, and $18,000 on at least one.Other cryptocurrencies have seen similar spikes, though they trade for much less than bitcoin.
There's a long list of factors people may point to in an attempt to explain this. Regulators have taken a hands-off approach to bitcoin in certain markets. Dozens of new hedge funds have launched this year to trade cryptocurrencies like bitcoin. The Nasdaq and Chicago Mercantile Exchange plan to let investors trade bitcoin futures, which may attract more professional investors.
Yet a key reason the price of bitcoin keeps going up is, well, because it keeps going up. Small investors like yours truly have a fear of missing out on a chance to get rich quick. And when the value of your bitcoin doubles in a week, as it did for me, it's easy to think you're a genius. But you can get burned assuming it will keep skyrocketing.
Sell Bitcoin To Paypal
Some investors have likened the bitcoin hype to the dot-com bubble. Others, like Dimon, have said it's even 'worse' than the Dutch tulip mania from the 1600s, considered one of the most famous bubbles ever.
As Buffettput it back in 2014, 'the idea that [bitcoin] has some huge intrinsic value is just a joke in my view.' Bitcoin is not backed by a company's earnings, or the strength of a government and rule of law. There's also no interest or dividends.
Why would anyone want or need to use bitcoin?
Bitcoin serves as a new kind of currency for the digital era. It works across international borders and doesn't need to be backed by banks or governments.
Or at least that was the promise when it was created in 2009. The surge and volatility of bitcoin this year may be great for those who invested early, but it undermines bitcoin's viability as a currency.
Right now, I can use my bitcoin holdings to pay for purchases at Overstock(OSTBP), or book a hotel on Expedia(EXPE). But if I use bitcoin to buy $25 worth of socks on Overstock today, and the price of bitcoin quadruples next week, I'll feel like those socks actually cost me $100. Then again, if bitcoin crashes, at least I'll always have the socks.
Rather than a currency, bitcoin is being treated more like an asset, with the hope of reaping great returns in the future.
So is there anything truly valuable about bitcoin?
Yes, the technology behind it.
Bitcoin is built on the blockchain, a public ledger containing all the transaction data from anyone who uses bitcoin. Transactions are added to 'blocks' or the links of code that make up the chain, and each transaction must be recorded on a block.
Can You Sell Bitcoin For Real Money
Even bitcoin critics like Dimon have said they support the use of blockchain technology for tracking payments.
Is there a legal and legitimate way to invest in bitcoin?
Bitcoin exchanges have a checkered history. Mt.Gox, once the largest exchange, shut down in 2014 after losing hundreds of millions of dollars worth of bitcoin after a hack.
Today, the leading exchange is offered by Coinbase, a startup that has raised more than $200 million from a number of top tier venture capital firms. Square(SQ), the payments service, is also rolling out a bitcoin product.
There are also bitcoin ATMs in scattered bodegas and convenience stores around the country, through companies like Coinsource. The ATMs let you exchange bitcoin for cash, or vice versa by scanning a QR code from the digital wallet application on your phone.
With Coinbase, you must first give the app permission to connect to your bank account. As with other stock trading applications, you pay a small fee for each transaction, buying and selling. But the transaction can take significantly longer.
How Do You Sell Bitcoin For Real Money Free
My original $100 bitcoin purchase won't officially be completed on Coinbase until Friday, more than a week after the transaction. The price I bought it at remains the same, but I won't be able to sell at the earliest until Friday.
How To Get Cash For Bitcoin
If the price plummets before then, I'm out of luck. No socks for me.
-- CNN's Selena Larson contributed to this report.