Platforms and procedure to convert bitcoin into money
If you have opened our article it is because you are surely looking for a clear and detailed guide, which shows all the main market methodologies for selling Bitcoin .
We know that the exchange and conversion processes to and from cryptocurrencies represent very delicate mechanisms. Transactions, always and in any case electronically, require professional services and numerous security procedures.
For this reason, it is always important to decide to trust professional traders , to avoid running into a fraudulent intermediary and losing all your capital or cryptocurrencies in a short time.
Over the course of the following paragraphs we will go into detail about the question, discovering what it means to sell Bitcoin , why to do it and what alternative solutions the market presents.
You will not miss the vision of professional brokers and exchanges , which provide the possibility to start exchanging and converting cryptocurrencies to Fiat currency in a few seconds, based on very few intuitive steps:
We know that the exchange and conversion processes to and from cryptocurrencies represent very delicate mechanisms. Transactions, always and in any case electronically, require professional services and numerous security procedures.
For this reason, it is always important to decide to trust professional traders , to avoid running into a fraudulent intermediary and losing all your capital or cryptocurrencies in a short time.
Over the course of the following paragraphs we will go into detail about the question, discovering what it means to sell Bitcoin , why to do it and what alternative solutions the market presents.
You will not miss the vision of professional brokers and exchanges , which provide the possibility to start exchanging and converting cryptocurrencies to Fiat currency in a few seconds, based on very few intuitive steps:
What does it mean to sell Bitcoin?
Selling Bitcoin means converting your own amount of cryptocurrency, in this case Bitcoin, receiving a certain amount of Fiat currency in parallel.In other words, a normal exchange process, based on some specific parameters, that allows you to replace the possession of cryptocurrencies with the possession of real money, that is legal tender.
At the time of the sale of Bitcoins, which as we know require the conservation process within a Wallet, the user will see their digital wallet empty.
Where do the sold Bitcoins go?
Below are some cases:- They are reintroduced into the market availability through an intermediary. In other words, it is the typical law of supply and demand. If on the one hand there are subjects willing to buy Bitcoin, on the other there are subjects willing to see Bitcoin. The same process is linked to the liquidity and availability of BTC.
- They are sent directly to a third-party wallet. In this case, it is the owner of the Bitcoins who, after agreement with the counterparty, decides to send the Bitcoins by address (i.e., in the buyer's Wallet), receiving cash or electronic and electronic transactions in return.
How to sell Bitcoin
Selling Bitcoin represents a very simple and direct process. The presence of numerous intermediaries, but above all state-of-the-art platforms, has made it possible to facilitate the exchange, to obtain transactions in a few moments.
Over time, i systems for selling Bitcoin (BTC) have undergone developments. To date, there are in fact different systems and many methodologies, differentiated according to some operational characteristics.
What the sales mechanism has in common is the presence of the so-called exchange rate or conversion rate. It is nothing more than the value, expressed in US dollars , of the cryptocurrency (which can change moment to moment, 24 hours a day) at the time of the transaction.
To take into account, in any case, as a physical sale of Bitcoin on platforms and intermediaries, it always requires the presence of commissions. It is therefore advisable to look for operators with relatively low costs and fees , so as not to overload the choice of sale.
In this sense, we have decided to analyze some of the main methodologies that currently exist on the market, in order to give more alternatives to the user interested in converting their BTC.
In the course of the following paragraphs we will delve into the Sale of Bitcoin with:
As the word itself recalls, an exchange is nothing more than a specific operator, capable of facilitating the meeting between supply and demand, allowing on the one hand to buy cryptocurrencies and on the other to sell them.
Everything can be managed within interactive and cutting-edge platforms, which almost always have their own custodial wallet and a personal section for holding Fiat currency.
In short, when the user intends to view their Bitcoins, they can enter the amount of them to convert, receiving a certain amount in their account, based on the live exchange rate, minus commissions .
What are the best cryptocurrency exchanges on the market? Here is a comprehensive table:
What the sales mechanism has in common is the presence of the so-called exchange rate or conversion rate. It is nothing more than the value, expressed in US dollars , of the cryptocurrency (which can change moment to moment, 24 hours a day) at the time of the transaction.
To take into account, in any case, as a physical sale of Bitcoin on platforms and intermediaries, it always requires the presence of commissions. It is therefore advisable to look for operators with relatively low costs and fees , so as not to overload the choice of sale.
In this sense, we have decided to analyze some of the main methodologies that currently exist on the market, in order to give more alternatives to the user interested in converting their BTC.
In the course of the following paragraphs we will delve into the Sale of Bitcoin with:
- Exchange
- P2P platforms
- Bitcoin ATM
- Short Selling (CFD)
Sell Bitcoin with an exchange
The first system to be able to sell Bitcoin quickly and controlled, with the awareness of using a professional intermediary, refers to the use of online exchanges.As the word itself recalls, an exchange is nothing more than a specific operator, capable of facilitating the meeting between supply and demand, allowing on the one hand to buy cryptocurrencies and on the other to sell them.
Everything can be managed within interactive and cutting-edge platforms, which almost always have their own custodial wallet and a personal section for holding Fiat currency.
In short, when the user intends to view their Bitcoins, they can enter the amount of them to convert, receiving a certain amount in their account, based on the live exchange rate, minus commissions .
What are the best cryptocurrency exchanges on the market? Here is a comprehensive table:
eToroX
eToro offers a professional service within its trading ecosystem. In fact, eToro, in addition to being a broker with more than 10 years of experience, and with record results and volumes, offers a very powerful exchange platform.
As explained above, all professional exchanges, in addition to allowing you to buy cryptocurrencies, also allow the opposite conversion, that is, the sale in exchange for Fiat currencies .
How eToroX works is very simple and intuitive. A quick initial registration allows you to create your own account and then be able to access the many features on offer.
Within the exchange section, the user can securely switch between buying and selling methods , entering the amount on one side and the Fiat currency of interest on the other (such as the dollar).
As explained above, all professional exchanges, in addition to allowing you to buy cryptocurrencies, also allow the opposite conversion, that is, the sale in exchange for Fiat currencies .
How eToroX works is very simple and intuitive. A quick initial registration allows you to create your own account and then be able to access the many features on offer.
Within the exchange section, the user can securely switch between buying and selling methods , entering the amount on one side and the Fiat currency of interest on the other (such as the dollar).
We also remember how the eToro ecosystem also shows the presence of a real custodial wallet, which can be used to store, receive and even send Bitcoins (as well as many other supported cryptocurrencies), called eToro Wallet .
Binance
A second exchange, also in this case usable to sell Bitcoin , obtaining Fiat currency in parallel, is Binance.
It is one of the most popular exchanges in the world, present for several years and a real point of reference within the cryptocurrency trading industry. Added to all this is the presence of several interesting features.
For example, you can remember the Staking Mechanism , to obtain potential resources from the freezing of own assets, to the training and management sections through a mobile application.
Once inside the official page, the user can proceed to sell the Bitcoins they have within the convenient integrated wallet , obtaining Fiat currencies in their deposit (less commissions), based on the exchange rate.
It is one of the most popular exchanges in the world, present for several years and a real point of reference within the cryptocurrency trading industry. Added to all this is the presence of several interesting features.
For example, you can remember the Staking Mechanism , to obtain potential resources from the freezing of own assets, to the training and management sections through a mobile application.
Once inside the official page, the user can proceed to sell the Bitcoins they have within the convenient integrated wallet , obtaining Fiat currencies in their deposit (less commissions), based on the exchange rate.
Coinbase
Continuing with the vision of a new proposal, we find Coinbase. It represents a professional operator, with thousands of registered users and a database consisting of hundreds of cryptocurrencies , constantly updated, moment by moment.
The main function of Coinbase is obviously based on the possibility of being able to buy cryptocurrencies, that is also Bitcoin . Like the best brokers, it has a professional wallet, within which it can contain crypto assets.
Obviously, the same assets can be converted back into current currency , also in this case referring to exchange rates and always taking into account the presence of transaction commissions.
A second professional way to use and sell Bitcoin refers to the so-called P2P exchanges, that is, Peer to Peer.
In this case, it is an exchange based on the meeting of the wills of the users, on the one hand in wanting to get hold of Bitcoin and on the other in wanting to sell their possessions, or use them to buy certain goods .
In this case, the presence of some specific platforms allows the exchange to be completed in peer-to-peer mode , however, almost always after demonstration and verification of one's own identity.
As for systems to sell Bitcoin locally , that is, also in person, we find specific intermediaries, such as LocalBitcoins , with a quite unique operation.
The platform made available is, in fact, considered a real shopping center.
Users, depending on their location, have the opportunity to see different offers (from real users), being able to buy Bitcoin in person and with cash . Hence the parallel possibility of being able to sell Bitcoin , receiving money physically.
Please note, as the same BTC exchange is always carried out electronically, given the very nature of cryptocurrencies, and therefore potentially controlled within the platform, in turn based on protection systems, reviews and ratings of the users.
The main function of Coinbase is obviously based on the possibility of being able to buy cryptocurrencies, that is also Bitcoin . Like the best brokers, it has a professional wallet, within which it can contain crypto assets.
Obviously, the same assets can be converted back into current currency , also in this case referring to exchange rates and always taking into account the presence of transaction commissions.
Sell Bitcoin in P2P mode
A second professional way to use and sell Bitcoin refers to the so-called P2P exchanges, that is, Peer to Peer.
In this case, it is an exchange based on the meeting of the wills of the users, on the one hand in wanting to get hold of Bitcoin and on the other in wanting to sell their possessions, or use them to buy certain goods .
In this case, the presence of some specific platforms allows the exchange to be completed in peer-to-peer mode , however, almost always after demonstration and verification of one's own identity.
As for systems to sell Bitcoin locally , that is, also in person, we find specific intermediaries, such as LocalBitcoins , with a quite unique operation.
The platform made available is, in fact, considered a real shopping center.
Users, depending on their location, have the opportunity to see different offers (from real users), being able to buy Bitcoin in person and with cash . Hence the parallel possibility of being able to sell Bitcoin , receiving money physically.
Please note, as the same BTC exchange is always carried out electronically, given the very nature of cryptocurrencies, and therefore potentially controlled within the platform, in turn based on protection systems, reviews and ratings of the users.
Sell Bitcoins at ATMs
One more system to be able to sell Bitcoin, also in this case obtaining cash directly, is the use of ATMs .
They simply represent real Bitcoin ATMs, which can be used very similar to banking ones. As for the systems analyzed above, here too, unlike in the past, the recognition procedure is required by many services.
In any case, not all Bitcoin ATMs allow both buying and selling cryptocurrencies. Therefore, before proceeding with the change, it is necessary to carefully check the double value of the machinery.
How to sell Bitcoins at ATMs? Let's find out some standard steps, used by most Bitcoin ATMs:
An alternative system, which in this case does not provide for the physical possession of cryptocurrencies, refers to the presence of so-called contracts for difference. These are derivative instruments, based solely on replicas of the performance of the underlying.
They simply represent real Bitcoin ATMs, which can be used very similar to banking ones. As for the systems analyzed above, here too, unlike in the past, the recognition procedure is required by many services.
In any case, not all Bitcoin ATMs allow both buying and selling cryptocurrencies. Therefore, before proceeding with the change, it is necessary to carefully check the double value of the machinery.
How to sell Bitcoins at ATMs? Let's find out some standard steps, used by most Bitcoin ATMs:
- Go to the nearest ATM , carefully verifying that it allows double negotiation, that is, both sale and purchase;
- Follow all procedures required by the system, including verification if required;
- Enter the amount to be converted (there are almost always certain denominations that can be selected, which increase from multiple to multiple);
- Pick up the receipt, where there are specific codes, or alternatively the now known box with QR Code ;
- Sending Bitcoins to the wallet of the service used. The process can be completed by scanning the code, following the steps written on the receipt;
- Wait a few minutes for the validation and verification of the process, then be able to collect the receipt and withdraw getting cash by selling your own Bitcoins.
Short Bitcoin Selling (CFD)
In the course of the previous paragraphs, we remember how today there are many systems to be able to sell Bitcoin in a real way , that is, to have a certain amount of cryptocurrencies available.An alternative system, which in this case does not provide for the physical possession of cryptocurrencies, refers to the presence of so-called contracts for difference. These are derivative instruments, based solely on replicas of the performance of the underlying.
The main feature refers to the possibility of opening positions in two different modes, on the one hand the ascending mode and on the other the descending mode.
The second option allows you to make a short sale, that is, open a short position, in case of a decrease in the values of the selected asset. All without owning any BTC.
Contracts for differences are currently available through professional brokers. The same broker with which eToro allows you to trade derivative instruments on Bitcoin , as well as on the underlying directly.
It is good to know that there is no real answer to this question, nor can it be calculated using formulas or mathematical systems. The value of Bitcoin is constantly evolving, like indeed that of any other cryptocurrency.
Therefore, it is up to the user, i.e. the owner of the Bitcoins , to decide when to sell their possessions, based on the initial purchase value, compared to the current one (whether increasing or decreasing).
The same choice, as well as from an analytical point of view and in the specific study of the market at that specific moment, is also based on purely subjective issues. In fact, each trader knows his own risk level and his own ambitions.
All this due to the unpredictability of the markets and the presence of volatility, which characterizes typical bullish and bearish periods.
The second option allows you to make a short sale, that is, open a short position, in case of a decrease in the values of the selected asset. All without owning any BTC.
Contracts for differences are currently available through professional brokers. The same broker with which eToro allows you to trade derivative instruments on Bitcoin , as well as on the underlying directly.
When to sell Bitcoin
One of the most frequently asked questions by users and merchants within professional information channels is regarding a good time to sell Bitcoin.It is good to know that there is no real answer to this question, nor can it be calculated using formulas or mathematical systems. The value of Bitcoin is constantly evolving, like indeed that of any other cryptocurrency.
Therefore, it is up to the user, i.e. the owner of the Bitcoins , to decide when to sell their possessions, based on the initial purchase value, compared to the current one (whether increasing or decreasing).
The same choice, as well as from an analytical point of view and in the specific study of the market at that specific moment, is also based on purely subjective issues. In fact, each trader knows his own risk level and his own ambitions.
It is good to remember how the speculative process on crypto instruments (whatever they are, that is, even on Bitcoin), represents a high-risk methodology.
All this due to the unpredictability of the markets and the presence of volatility, which characterizes typical bullish and bearish periods.
Pros and cons
Before drawing the final conclusions, here is a summary table, intended to highlight the main ones. Strengths and weaknesses of the Bitcoin sales process.- Numerous Systems You Can Trust
- Choice at your discretion according to your interests
- Ability to convert an amount of your choice
- Different payment systems per conversion.
- General Market Volatility Risk
- Presence of commissions on exchanges
Selling Bitcoin: Conclusions
At the end of our presentation, it is now possible to summarize some highlights, to possibly keep in mind based on your own needs and requirements.From the introductory paragraphs we were able to discover the meaning of selling Bitcoins , which is nothing more than a conversion of cryptographic instruments to Fiat currencies, such as euro, dollar, pound, etc.
Preliminary presentations have subsequently given way to the vision of some of the best intermediaries and operators currently on the market, which allow you to buy and sell Bitcoin independently and professionally.
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