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How to Sell Bitcoin (BTC): Ways to cash out your BTC holdings

Are you the lucky owner of bitcoin and you want to cash it out profitably? It is not always easy to do: due to the fact that cryptocurrencies are at the stage of active spreading, they are still accepted for payment far from everywhere. Nevertheless, technology does not stand still and in 2021 there will be more ways to sell your bitcoin at a higher price.

Ways how do you sell Bitcoin

Making a sale is simple enough. You need to use the services of one of the services that provide such an opportunity. In fact, for the lucky owners of these expensive coins, it all comes down not to finding a selling point, but the need to find a way to properly sell bitcoin at maximum value and with minimum transaction costs.

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How to sell bitcoin for maximum profit?

There are many ways to sell Bitcoin and your other digital savings for maximum profit. When choosing the place and the person who sells assets, you just need to decide what is more important to you: time or money? Fast transactions are often compensated by high commissions or deliberately low rates. Other ways will help to make the most profitable deal, but you will have to spend a lot more time.

There are three main ways to sell bitcoin on the market today:

  • cryptocurrency exchanges;
  • exchange services;
  • direct transfer.

All ways how to sell Bitcoin differ in reliability, speed and cost of transactions.

Cryptocurrency exchanges are specialized platforms for buying, exchanging and selling cryptocurrencies. They can be called the optimal solution for those who prioritize reliability and plan to make similar transactions on a regular basis.

How to sell bitcoin on an exchange?

To get access to the functionality of the exchange, you will first need to register, and for transactions of a large amount you will also need to verify your identity. You can sell bitcoin through an exchange instantly, but it may take several days to deposit and withdraw funds. Exchanges have balanced commissions and the most honest rate, which is set solely by the current supply and demand in the market.

Private exchange services are an option for those looking for a quick solution on how to sell Bitcoin. On them, you can exchange bitcoin for other currencies in popular payment systems and bank accounts in seconds, even without having to register. However, it should be noted that many exchangers have a fairly high commission and not always a good rate.

The best of all representatives of such services is the best cryptocurrency exchange J2TX. It will give you the ease of investing from USD to BTC or ETH, answers to the most frequently asked questions and fascinating articles about crypto-business.

How to sell bitcoin in the exchange site?

There are also exchange sites that act as intermediaries in transactions between users. Unlike traditional exchange services, in this case, the administration of the exchanger only controls the fulfillment of obligations by both parties.

Transactions are made on the following principle:

  1. The seller and the buyer of bitcoin find each other on the website of the exchanger and agree on the deal.
  2. Each party transfers the asset they have to the escrow account of the exchange service.
  3. The administration of the resource checks that the parties have fulfilled their obligations - and makes the exchange. If the terms of the transaction are violated, the exchange service employees return the funds to their owners.

Such resources may take a little long to complete the sale transaction than a traditional exchanger, but there is a high probability that the terms of the transaction will be more favorable.

Of course, those who want to of course, those who want to buy and sell bitcoins can also do so directly, without a third-party guarantor. This method allows to make transactions with full compliance with personal requirements, but it is not 100% safe and it can take a long time to find a second party.

Can you sell Bitcoin for cash?

The mechanism of how to sell Bitcoin for cash large depends on the method chosen and even the specific resource where the exchange will take place. In general terms, it all boils down to the exchange transaction, but the requirements, fees, and timing of the application are set by each platform individually. Each of them also has their exclusive advantages and disadvantages.

Q&A

What are cryptocurrencies and what is their main difference from regular currencies?

Cryptocurrency is a type of virtual money that is created directly in a computer network. The unit of crypto is a сoin (translated from English as "coin"). It is protected from counterfeiting because it is cryptographically encrypted. Cryptocurrency is issued in a computer network and is not connected in any way to conventional currency or to any state currency system.

Crypto has no administrator and is not backed by anything. He rate cannot be regulated by a third party, it depends only on the balance of supply and demand in the market.

What is the difference between cryptocurrencies and bitcoins?

There is no difference, because bitcoin is a type of cryptocurrency, by far the most popular and expensive. Today there are about 1,000 cryptocurrencies on the market. But it is very difficult to name their total number, because new ones appear all the time, and some of the existing ones do not find popularity and actually cease to exist.

How does BTC appear?

Cryptocurrency arises during such an action as mining. Crypto mining cannot be blocked, transactions cannot be undone, and all data is stored in a common database. This uses the blocks that arise in the process of creating a bitcoin, for example. The entire process ensures complete anonymity. Therefore, it is impossible to trace the chain of transactions.

How are cryptocurrencies used in banking?

To date, no banking system works systematically with cryptocurrency. There are a few states that have expressed their willingness to create a national crypto: Japan, Singapore, Russia, Estonia, Switzerland, Sweden. Cryptocurrencies can be used in banking for conventional and p2p payments. Digital currency will enable consumers to make instant payments in stores, and the cost of making such payments will be significantly lower than existing methods.

Does anyone control cryptocurrencies?

Cryptocurrency is an independent monetary unit. No one regulates its issuance and does not control the movement of funds in the account. The owner carries out all operations himself and nobody can cancel them - neither a bank, nor a government agency.

Is it easy to join crypto trading?

Accessibility is another plus. There is no need to prepare a lot of documents and spend a lot of time in order to invest. It is enough to download the application to your smartphone. Now it may be more profitable for people living in countries with weak currencies to invest in cryptocurrencies than to buy local stocks and bonds.

How profitable is it to settle in cryptocurrency?

In many cases, crypto settlements are conducted without commission, or it is applied on a voluntary basis, which saves a lot of money. For example, there is no commission for transferring money between countries.

What caused the excitement around these currencies?

Cryptocurrencies attract transparency of transactions and their anonymity, security at the same time. This is achieved through a special cryptographic encryption method, where each successive block contains information about the previous one. The database is updated automatically on all connected computers scattered around the world.

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