There are many reasons why people would want to sell their Bitcoins. If it is time to get out of the crypto fad or you just want to sell them for profit, then you need to know more about the process. Because there are many risks involved, though there is a claim that blockchain technology is the safest, it is good to take all of the necessary precautions.
You are likely to face challenges at times during the selling process. But the good news is that we will take you through this in the easiest way possible. Read on to learn more.
Selling with Everyone Else is Not Good
If you are planning to sell your Bitcoins when everyone else is, you may face several problems including running at a loss. Remember that a high supply leads to a low selling cost of Bitcoins. This is also the time when mistakes may happen, including hacking and fraud because people are busy looking for buyers. You can follow the procedures below to sell your Bitcoins successfully.
Creating an Exchange Account
If you are holding any Bitcoins, you can sell them successfully through a reputable exchange account. Most buyers come here to look for sellers because they trust these platforms. Furthermore, your Bitcoins and accounts will be protected from fraudsters who are always ready to con you.
This is the main essence of an exchange account. Their environment is the best whether you are selling for the first time or not. If you are looking for a reputable one, you can check out Nakitcoins for more information and guidelines.
Create a Secure Wallet and Sell Order
Before you sell the Bitcoins through an exchange account, they will need to be in a secure wallet provided by the exchange account. Once it is set up, you can now move the Bitcoins from whatever account they are in into the wallet. Only move the number of coins that you intend to sell for security purposes.
When they have been successfully added, you can place a sell order so that they will be visible to the buyers. The steps to do this may vary depending on the exchange platform that you are using. However, it is a straightforward process that is simple even to novices.
Receiving Funds and Transferring to Your Bank
As soon as your Bitcoins have been bought, the money will be credited to your account on the exchange platform, and it is up to you to transfer the money to your bank. Although it is not recommended, some people leave their money in the exchange account if they are planning to buy Bitcoins after a few days. If you are not such a risk-taker, you can only call the transaction a success when the money is settled in your bank account.
Selling Bitcoins is easier than many people think. When the above simple and straightforward steps are followed, you can rest assured that it will be a success. Although there are other ways to sell like to individuals and through Bitcoin ATMs, using a reliable exchange program remains the best option.