You will require three things for getting started with Bitcoin, namely, a wallet, an exchange, and some know-how on how to purchase Bitcoin Trading Platform. Although having knowledge will not be a difficult thing to do, we need to get some ideas regarding the other two. While the exchange will enable you to purchase Bitcoin, the wallet will provide you with the opportunity of storing it for the long term.
When selecting an exchange, it will be a good idea to go for one with proper customer support, many users, as well as low fees. The three most well-known exchanges happen to be Binance, Robinhood, and Coinbase. Nevertheless, you are always free to try new exchanges out there.
On the contrary, you can find the wallets a bit more complicated. Although cold wallets will require you to pay an upfront price, the hot wallets can be less secure in the long run. Nevertheless, it will be a sensible idea to get started with hot wallets since they are free to set up.
How is it possible to sell Bitcoin?
Chances are that you have purchased some bitcoin when the price was low. Now, you are just counting days for the bitcoin price to go up. When it does, you will come across a number of ways for selling cryptocurrency, and each one of them has its advantages and drawbacks.
- Cryptocurrency exchanges
In spite of having a number of drawbacks, you can consider exchanges to be the best solution for trading Bitcoin. At present, individuals are making use of an app known as the Bitcoin Era for trading cryptocurrency. These exchanges will be functioning as an intermediary when it comes to selling Bitcoin. It will hold the funds of the sellers and the buyers.
It is important to set up an account with your preferred platform in case you’d like to use an exchange. Identity verification is required by many well-known exchanges at present. It will be imperative to connect a bank account for withdrawing cash. Nevertheless, be aware of the restrictions imposed by the exchanges depending on your country. Your participation from a number of regions can be banned by certain exchanges.
After you have transferred Bitcoin to any exchange where you have an account, all you need to do will be to place a selling order. While doing so, you have to state the currency type that you like to trade along with its amount. After somebody matches your offer, the transaction will be automatically completed by the exchange.
- Online P2P Trading
A P2P exchange will allow you to select your price instead of performing the work for you. Moreover, this platform will help you to find a purchaser who wants to pay for it. Following this, the two parties will decide how to make the payment. This can be done by you sometimes on the site (usually known as direct trades); however, you will be using a different bank transfer on most occasions.
It will be possible to sell cryptocurrency with the help of P2P trading without the restrictions of an exchange. This implies that you might perform a wire transfer, send costly artwork if you like, or even send gift cards to well-known online outlets. This can be done so long as both parties give consent to it, and you happen to be in a P2P marketplace where the payment methods are not restricted.
This has got some issues, for example, what might happen in case the purchaser will not make the payment and the P2P marketplace still has information regarding you.
- Bitcoin ATM
Although a proper exchange will be fine, cash will be the way to go in case you’d like to remain secure and also maintain your privacy. Despite the fact that it will not be possible for you to take out cash from your personal computer, Bitcoin ATMs will allow you to do so.
It will be feasible for you to withdraw cash by entering your Bitcoin wallet address in this case. Tracing it would be more complicated as compared to a bank transfer on most occasions. These ATMs can also be used by you for purchasing Bitcoin. Thus,if there is an ATM close to your location, it will be quite difficult for anyone to comprehend what you’re actually purchasing.
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