How to sell Bitcoin and other cryptos? What should I consider?
One of the most vital driving forces in the tech-savvy demographic of today is Cryptocurrency. Digital assets provide an opportunity to buy, invest and trade with whatever you have on hand. The introduction of tokens and assets like NFTs has also led to the game field rising a notch.
If you are engaged in the crypto-sphere, then you know that selling out your cryptocurrencies is not easy. The reason is the presence of a plethora of options in the market. Which one do you choose? How do you reap the highest benefit? To answer these questions, we are here to help!
Why sell your Cryptocurrency?
Whether you want to sell BTC or it’s another cryptocurrency that you have that you intend to sell, the question is precisely why? After all, you made a hefty investment and have had them stored for so long. Why now are you selling them out?
The reason that many finance experts give is that based on the volatility of the market, if your initial calculation reveals that your investment will get you a decent profit, meaning a profit triple or quadruple of your initial investment, then it’s a great opportunity. In this manner, you are essentially playing with house money while staking enough off the “table” to cover capital gain taxes. As compared to other asset classes, you will be enjoying a generous return.
Things to consider & remember
Now that you know “why,” let’s move on to “how” you would sell BTC or any other cryptocurrency that you have in store. For starters, there are numerous options that we’ll be going through, and then there are strategies that you should consider. But first and foremost, there are two most imperative considerations to remember.
Secure a Crypto Wallet
Before you begin dealing with digital assets, you need a place to securely keep them. Cryptocurrency wallets provide you with the option to do so. These allow you to sell, trade, and buy cryptocurrencies. Just remember that each Cryptocurrency requires a different wallet, but some wallets support all types of cryptocurrencies.
Transfer your Cryptocurrency
Once you have your wallet secured, whether it’s a paper wallet or a hardware one, you will need to transfer your Cryptocurrency to it.
Methods to sell Cryptocurrency
Now that you have chosen your Cryptocurrency and have a secure wallet in place let’s dive into the methods to sell Cryptocurrency.
Cryptocurrency Exchange
In order to sell your BTC, you have to make an account at one of the crypto exchanges or crypto apps available in your region. Keep in mind that these exchanges have their own wallets, and you have to transfer your crypto to those wallets to start trading. Most cryptocurrency exchanges have several features like advanced analytics, high-level security, meager fees, support, and a user-friendly interface. This makes it easy to sell your Cryptocurrency whenever you want.
Bitcoin ATMs
Using your Bitcoin ATM or Kiosk, you can sell Bitcoin. All you need to do is log in and specify the amount you plan to sell and the crypto wallet address you want it to be sold to. Once the transaction is verified, you can withdraw the cash.
P2P exchange
A peer to peer exchange or P2P is a platform through which you can sell your Cryptocurrency directly to another individual without an intermediary. All you need to do is create an account and verify your identity.
Brokerages
Brokers act as intermediaries between buyers and sellers in the crypto market like the typical fiat one. However, keep in mind that their commission is often high.
In-person transaction
Through online platforms like the bitcoin website, you can simply sell to a person. All you need is a verified account and connection to your bank account. Another option is to scan the QR code and conduct the transaction online.
Strategy to consider
Now that you know how and why let’s focus on what you should consider. Selling off your crypto offers potential growth in the future and trades with profit maximization and revenues. However, remember to have a concrete strategy. Your strategy should include which digital asset to buy? These include crypto and NFTs, when best to buy, how much you sell, and when.
To conclude
Selling your crypto is a good choice only when made with a strategy. Make sure that you sell Bitcoin or any other cryptocurrency from a reliable platform. Study your options and make a wise choice of investment. Safe Crypto-ing!