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Cashing out the bitcoins is as straight and easy as buying them.
It only requires a little bit of caution. If you are deciding to sell your bitcoin online, then it is important to either make that happen through the exchange or you could also use the method of the direct trade or carry out with the method of a peer-to-peer transaction.
Any other means to sell other than these may inflict fraud or similar consequences. Be safe from scams and sell your Bitcoins only using secured channels.
1. Exchanges:
Exchanges have always remained one of the top options when it comes to trading bitcoins and other digital coins. In terms of selling this cryptocurrency, exchanges will be acting as one of the primary and hence the intermediary that holds on with the both seller’s and buyer’s funds.
It is important that first of all, you should set up the account by means of the exchange that best suits your requirements. You should carry out the complete set of the requirements and also the connection of the bank account so that you can easily withdraw your funds. Then you will be placing the sell order that will be stating the cryptocurrency which you want to trade all along with the amount and then you will also see the market price per unit that you can accept in the given moment.
The exchange will on the whole automatically complete the transaction that matches with the buy order of counterparty. As the funds will be credited into your account, you will be in need to withdraw them to your bank account. It is possible that this will take a little more time (up to a few business days) but the secured and encrypted transactions are really worth it.
2. Direct Trading:
This is another one of the efficient ways of selling (or buying) your Bitcoins that is possible all through the direct trade with another person. This service is all meant to be accessible on top of the websites that are usually associated with the exchanges. And includes the range of the intermediary facilitating the connection.
But in direct trading, it is important that you register yourself as the seller. Besides setting up with the profile, you also need to verify your identity. As you are all registered, you will be posing away with the offer that is all the more indicating your intention to sell your Bitcoins. When any buyer is going to accept your offer, you will be getting the notification from the service.
Direct trading is usually used for huge crypto orders as the trade can be executed without influencing the market price. Buyers and sellers can also agree to buy or sell any % above or below the current market price.
Some of the best websites that cover up the bitcoin direct trading services are:
- Coinbase
- Bitsquare
- Localbitcoins
- Bitbargain
