How to Sell Bitcoin and Transfer the Money to Your Bank Account
Bitcoin is one of the most significant investments that investors are constantly getting involved with lately. Satoshi Nakamoto created this digital currency in 2009, and later on, people adopted this digital currency. In 2010, Laszlo Hnyecz purchased pizza using this virtual money and proved that this digital currency is a store of value and a medium of exchange. On the other hand, one has to create an account with a reliable and reputable exchange like BitProfit so they can sell their digital currencies.
However, selling this electronic currency is similar to buying this virtual money. Nevertheless, one must have this virtual currency in a digital wallet. There are a variety of places one can transfer the ownership of this digital money and then transfer the funds to their bank accounts. Such places include:
Bitcoin Exchange Platforms
A Bitcoin exchange acts as an intermediary between the Bitcoin buyer and seller because it is what connects all of them. Therefore, Bitcoin exchanges are a perfect solution when one wants to sell their digital assets.
What’s more, reliable crypto exchanges require identity verification. In the end, the seller will connect their bank account with the cryptocurrency exchange to withdraw the cash.
Once you create an account with a reliable and reputable exchange, you can transfer their Bitcoin to that exchange and place a sell order. You can move your cash to your bank account if you successfully sell your digital currency.
Online platforms facilitate the selling of this digital currency in person for cash. However, selling this digital currency in person requires one to understand how to transfer the ownership of this virtual money and work with a Bitcoin wallet.
While selling this virtual currency in person, people (buyer and seller) will agree to meet up. The Bitcoin seller will transfer this virtual currency to their current. However, the seller should know the current price of this digital money before selling. Most times, sellers consider the current price of this virtual money on the exchange that holds their Bitcoins.
On top of that, when arranging to sell this digital currency in person via an exchange or not, they should be careful. Dealing with this virtual money personally involves several risks, especially with strangers. Upon receiving the payment for the digital money, the seller can transfer the currency to their bank account with a link to their crypto exchange account.
Various digital money exchanges make it possible to sell this electronic currency for cash or Bitcoin. So, those who want to sell this electronic money will post their listings on the exchange platforms noting the price they demand and their preferred payment option. As a result, those buyers that find that the conditions favor them will purchase this virtual money.
Depending on the payment option, the person transferring their Bitcoin ownership may receive a transfer directly to their bank account or through a wire transfer.
One can deposit this digital money to their debit card and later withdraw it at an ATM. However, one has to look for the fees linked to transferring to a debit card. That is because some debit card providers have huge withdrawal fees while others have lousy currency exchange rates. Either way, one should check out the costs before investing blindly.
The Bottom Line
Selling this digital currency is not as hard as it sounds. One can use endless options to sell this digital money and transfer the funds to their bank accounts.