Nowadays, it is effortless to buy and sell bitcoin in person. The value of bitcoins has been on the rise for the past couple of years. As of now, one bitcoin is valued at $55,110.80. That is a remarkable rise considering that back in 2011, 1 BTC was valued at $10. According to finance experts, bitcoin’s value is set to rise as most people are now favoring decentralized money systems for their digital transactions. Bitcoin is a crypto coin that uses P2P technology.
It is decentralized, meaning that its transactions are not governed or controlled by any bank or government. Bitcoin transactions are carried out using blockchain technology. Bitcoin has a plethora of benefits to its users. It provides fast but cheap peer-to-peer transactions for digital payments.
Buying or selling bitcoin is a simple process. You can sell bitcoin for cash or swap it for another crypto coin. To sell bitcoin in person, you will need to use an exchange account or peer-to-peer trading platforms. Peer-to-peer trading platforms are faster compared to exchange accounts. You will also be charged a small fee for the transaction.
Using Exchange Accounts
Exchange accounts are the safest platforms where you can sell bitcoin in person. For newbies, you will need to open an account if you do not have one. Opening an exchange account is very simple and will only take a couple of minutes. You will need to provide an email address and password on the homepage to set up your account.
After that, you will need to verify your account before you start doing any transactions. You can upload a photo of your ID card or driver’s license for account verification. After your account is verified, you will then need to add a payment option. If you’re selling bitcoin for cash, you can add your bank account details so that the money can be sent straight to your bank.
Using P2P Platforms
As discussed before, P2P platforms offer a simple and faster way for selling bitcoin in person. P2P trading platforms are also discreet, and you do need to provide your details. Herein, all you need to do is place an advert that you are selling bitcoin. The platform will pair you with an interested buyer who matches your selling price.
You will then send the buyer an address where you want him or her to send the money. This can be either a bank account or a PayPal address. The seller will also share his or her crypto wallet address where they want the bitcoin sent. Once you receive payment, you will then proceed to send the bitcoin to the given address.
Trading cryptocurrencies is a lucrative gig but is worth its fair share of frustrations. Always keep in mind that bitcoin and other cryptocurrencies are very volatile, and their values can shoot or drop drastically at any moment. When selling your bitcoin, ensure that you carry out adequate research to avoid raking in losses.