Using Bitcoin can be really convenient, that is why many want to try and understand what is Bitcoin. Most users would spend bitcoins on betting sites and for their online purchases, but there are some who would rather sell it. They would buy it in a much earlier time when it is still cheap then sell it later when its price has gotten so much higher. That is the reason for people who bought bitcoins in the early days and are now very rich. The questions is, how to sell bitcoins? Well, there are two ways of selling it.
The first way on how to sell bitcoins is through the use of online exchanges. The advantage of using exchanges is that they are the one who does the work for you. They make unloading bitcoins from your wallets. All you have to do is set up the sale and off you go.
Online selling has different types. First, the exchange will only facilitate the trade. It connects the buyer and seller to negotiate. The exchange takes a portion for facilitating the deal. Second, the seller and the exchange will have a direct transaction. The exchange is the one who buys the seller’s bitcoins. They usually do it to add bitcoins to their system. Third, peer-to-peer marketplaces are available for those who trade their bitcoins for particular services or items.
A third party is involved in this selling method which has advantages but also has a disadvantage to it. A problem might occur if the third party requires a cut or delays the deal. But the third party could also make the transaction better because it can ensure the buyer and seller of an honest deal.
Another way how to sell bitcoins is to sell it in person. The people involved will have to meet up and do the deal. In that way, there is no middleman and there could be done offline. All they have to do is scan QR codes with their mobile phone and to have the trade. The problem with it is that without a third party in between them, they might not agree with the price. Also, personal safety can not be assured unlike in online transactions. Another problem with it is that there are not enough people out there who are willing to buy Bitcoin in person. Most people now prefer online selling because of its convenience, but if you want, you could still try selling in person.