Bitcoin has come a long way from being a niche digital project. Today, millions of people around the world buy, hold, and eventually sell Bitcoin for real money. Whether you’re taking profits, paying the bills, or rebalancing your portfolio, it’s essential to know how and where to sell Bitcoin.
This article will walk you through how to sell bitcoins, where to sell them, the best way to sell crypto, and how to sell bitcoins instantly.
Can You Sell Bitcoins?
Yes, you can sell Bitcoin almost at any time, as long as you have access to your Bitcoin and a safe platform like Boomchange to sell it on. Bitcoin is a liquid asset because there are always buyers available 24/7.
However, the following factors will matter if you sell your Bitcoin:
- Your geographical location and the regulations that apply to you
- If you have completed the identity verification process
- The platform you are using to sell your Bitcoin
Please consider these factors, and selling Bitcoin will not be a difficult process.
What You Need Before Selling Bitcoin
Before you withdraw, it’s a good idea to have a few basics ready.
A Bitcoin Wallet
You need to ensure that your Bitcoins are in a wallet, which could either be a custodial wallet, where the platform holds the cryptocurrency on your behalf, or a non-custodial wallet, where you hold the cryptocurrency. Both of these are good, but if your bitcoins are in a different place, you need to move them to a site to be able to sell them.
A Cash-Out Destination
You have to make a choice on how you will withdraw your cash, whether it will be a bank transfer, debit card, digital payment system, or cash through ATMs or sales.
Where Do I Sell Bitcoins?
There is no one “right” place to sell Bitcoin. It all depends on speed, fees, and convenience.
Cryptocurrency Exchanges
One of the most popular places to buy and sell Bitcoin is Boomchange for cryptocurrency exchange. Here, high liquidity ensures quick sales and multiple fiat currencies with low fees.
Bitcoin ATMs
Bitcoin ATMs allow you to sell your BTC for cash at physical locations with fast cash withdrawal, an easy process, and higher fees than online marketplaces. The availability of Bitcoin ATMs is location-based.
Brokerage Apps and Payment Platforms
There are also financial apps that come with the option of selling cryptocurrencies. As it is easy to use, fast sell options, higher spreads, and fees. Though they are convenient, they are not cost-effective.
Crypto Exchange Services
Crypto exchange services, which are also provided by secure sites such as Boomchange, allow users the option of exchanging Bitcoins and other digital currencies in return for various options such as online payment systems.
Best Way to Sell Crypto: Comparing Your Options
Here are the best ways to sell crypto and consider security. The options vary based on the desired ways to sell your crypto. Let’s learn the options here:
How to Sell Bitcoins Instantly
If speed is your top priority, there are several instant options.
Instant Sell on Exchanges
Some platforms have an available option to sell your crypto instantly. In this case, the Bitcoins are sold at the current market price.
Cash-Out Services
Some services will immediately exchange your Bitcoin for fiat currency and send it directly to your card or balance. This is very convenient, although it can be more expensive.
Bitcoin ATMs
Once your wallet has been scanned and the transaction has been confirmed, cash will be dispensed. The fees can be quite high, but it is a quick process.
Step by Step: How to Sell Bitcoins on an Average Exchange
- Firstly, find a secure exchange platform
- Transfer Bitcoins to the exchange account, such as offered by Boomchange
- Select the option to sell, make sure the cryptocurrency is Bitcoin
- Select the order type, which could be market order or limit order
- Confirm the order, and the fee will be displayed
- Withdraw the cash to the bank account
Be aware that the process can be completed in a few minutes after verification.
Taxes and Reporting
Tax consequences may arise if selling Bitcoins, as in most countries, selling Bitcoins would attract capital gains tax on the profit earned. The loss would be claimed as a deduction, while the cost of sale and purchase would also be recorded. Know that tax laws vary from country to country, and tax regulations are different.
Safety Tips When Selling Bitcoin
It is important to use reputable platforms that are highly secure. Two-factor authentication is also recommended. Remember, you will never need to share your private keys or recovery phrases. Staying safe will keep your cryptocurrency and your cash safe.
Frequently Asked Questions
1. Is it safe to sell Bitcoin online?
Yes, provided that you use secure platforms.
2. Can I sell my Bitcoin for cash instantly?
Yes, via Bitcoin ATMs, instant sell, and peer-to-peer transactions.
3. Do I need a bank account to sell my Bitcoin?
No, there are some methods that allow you to receive cards, digital wallets, and cash.
4. What fees can I expect?
The fees vary depending on the method, but they tend to be low.
Final Thoughts
Selling your Bitcoin has never been easier, and the options available to you will depend on your needs and goals. For example, if you need speed, then instant selling is a good option. If you need lower fees, then using an exchange is the way to go. If you need privacy, then selling through a peer-to-peer model is a great option. Knowing your options is the way you can sell your Bitcoin confidently and securely.