How to Sell Bitcoin ?

How to Sell Bitcoin ?

Some users choose to sell their Bitcoins for many reasons. Maybe the exchange rate is so favorable that they have decided to cash out their Bitcoin holdings. Maybe they were investing in Bitcoin while saving for a specific purchase or event, such as a vacation, and are now ready to take that vacation. Whatever the reason, there are several different ways to sell Bitcoins. Selling Bitcoins is a bit more complicated than buying them, but it can certainly be done.

One way is through LocalBitcoins. LocalBitcoins facilitates the in-person exchange of Bitcoins by people who live geographically close to each other. You can advertise on LocalBitcoins that you have so many Bitcoins that you want to sell for a certain amount of money. When another user responds, you can arrange a time and place to meet in order to make the exchange.

Another way is to sell them to an exchange. Whereas with LocalBitcoins you sell them to an actual person, this method would involve selling them to the exchange. Some exchanges, such as BitStamp and Coinbase, allow you to sell them your Bitcoins. Keep in mind that the exchanges are looking to make a profit, so you may not get the entire value of what your Bitcoins are worth.

An indirect way of selling your Bitcoins would be to use them for your regular purchases or even for a large purchase. For example, say you have $8000 in Bitcoins and need a car. Luckily for you, there is a nearby car lot that accepts Bitcoins. You could use your Bitcoins instead of dollars to buy the car.

The best way to ensure that you can get the most for your Bitcoins is to explore all of your options. Look at multiple exchanges to see how much you would be able to get at each different one. Look at Local Bitcoin to see how much individual users near you are willing to pay. If you have friends or family members who want to get in on the Bitcoin movement or are already Bitcoin enthusiasts, let them know that you want to sell and see what they will offer. You will be able to find the best deal and hopefully get more money for your Bitcoins if you explore multiple different options.

Mastering Bitcoin for Beginners - Neil Hoffman