Tutorial: How to Sell Bitcoin
Crypto-to-cash operations are the place where the imagination runs wild. If you’ve decided to sell your Bitcoins, you can choose a variety of options – from in-person deals to trading via crypto exchanges. It’s all up to you and your preferences.
This is the most popular way of converting your crypto assets. To sell crypto through the exchange, you have to place a ‘sell offer, including all the terms. The exchange will automatically complete the transaction once someone matches your offer. Seems not so complicated, but that’s only on the surface.
Crypto-related exchanges are numerous and offer a centralised approach to trading currencies. Most of large-scale companies in the industry neglect the principles of Bitcoin and other altcoins – anonymity and decentralisation – requiring complete identity verification, Know Your Customer and Anti-Money Laundering procedures. As a rule, those are in no way hassle-free processes.
Although many individual traders trust exchanges, it doesn’t mean that exchanges do their utmost to secure their money. It’s quite hard task to find a ‘non-hackable’ crypto exchange which will make you confident about your assets’ integrity. It is a fact: the largest hacks and cyberattacks which were conducted in the crypto world were particularly on the exchanges.
But if one wants to sell the part of his crypto portfolio via exchanges, he/she should be ready for another key issue – lack of liquidity. The issue is extremely relevant today, as the entire crypto community is surviving the ‘crypto winter’. For instance, several months before its bankruptcy, the notorious Mt. Gox exchange was experiencing all the above-mentioned problems.
Most companies limit the amount you are willing to sell, buy or store, and are at odds with some banks. It won’t be a novelty if your transaction will be blocked by the issuer of your credit card. Plus, the selling procedure implies a selling fee which varies depending on the amount and the exchange you use.
Lately, the decentralised exchanges were founded in order to change the paradigm in the industry. Although they are not as prone to hackers as centralised ones, and offer greater security and transparency, still, they haven’t cut through the noise yet.
When compared to traditional ATM, Bitcoin-based one is not an automated teller machine by its very nature. Some of them offer bi-directional functionality and allow for selling your Bitcoins. Typically, Bitcoin ATMs require verification and an excessive number of confirmations (up to 6 in some cases) before you sell your Bitcoins.
The number of such machines is increasing with each passing day. You are really lucky one if there’s a Bitcoin ATM near your place. If you don’t know about their existence, you can surf the net for the relevant resources, so-called ‘Bitcoin ATM maps’, where you can find the closest.
Direct trading (over-the-counter)
Players, who love doing things big and trust no institution, prefer the direct trading options. By the middle of 2018, the over-the-counter market started gaining momentum. That is the industry where trades are carried out via the dealer network, but not the centralised exchanges.
‘Crypto whales’ have already moved billions on the OTC market. Statistics shows that minimum trade sizes range from $50,000 to $250,000, depending on the company’s policy or individual’s preferences.
Peer-to-peer trading platforms
Perhaps, this is the most convenient way for a mere mortal to sell Bitcoins. The platforms only serve as a bridge between people with different, yet complementary needs together. As a rule, such services include a wallet to store your crypto and a marketplace with numerous offers and applications to choose from.
Today, it’s possible to sell or buy BTC stuck in traffic or staying in line for a cup of coffee to go. All you should have is the connection to the net and Telegram messenger. Chatex, a bot-service solution, now offers a unique opportunity to get involved into crypto trading via a couple of clicks on your Telegram account. You don’t even need to reveal your identity: go through the phone number verification and your personal crypto wallet will be created automatically.
The vulnerabilities of hackers’ attacks completely dissipate. The only two scenarios that will make you lose your money could be the crypto prices volatility or fraudulent offers. However, you can easily detect the latter thanks to the ‘dislikes’ the offering party has. Try now: https://chatex.com/ Selling crypto is not as straightforward as buying. That will be explained in our next article. Stay with Chatex and keep your nose clean 🙂