How to sell your bitcoin

While the number of bitcoin transactions is growing every year, it’s still far from being one of the major currencies in the foreseeable future. Bitcoin was, is, and will be an investment opportunity mostly, as per the current market analysis.

Therefore, like any investment option, you should know how to buy or sell bitcoin (casherbox.com) whenever you want. And due to its quasi-legal status in many most of the countries, buying or selling bitcoin is not as effortless as any other investment options. Here in this guide, we will tell you how to sell bitcoins, in a step by step manner.

Create an account in any popular exchange

There are many ways to sell your bitcoins, here we will talk about the most legal way – through an “exchange”. Why it’s legal? Because even though bitcoin is a virtual thing, bitcoin exchanges are not. They have physical offices, staffs, etc. and they are usually registered and formed as a legitimate business as per the law of the land. Therefore, dealing through an exchange is a legal way to buy or sell your bitcoins.

Also, as you’re selling your bitcoins via an exchange, the chance of getting frauded will be almost zero, provided you deal as per their rules and regulations.

However, setting up an exchange account is a time-consuming process. Almost every exchange will ask for your detailed KYC documents, and your account will be active only after they verify your documents. Along with document verification, they will verify your mobile number, bank account, and credit card. And since exchanges are getting lots of applications daily – it’s hard for them to verify you anytime soon. Most known exchanges are already backlogged with lots of verification requests; hence you should know that it will take time. Many times, it can take weeks or even months, depending on which exchange you selected.

Transfer the coins to exchange

As you’re trying to sell your bitcoins, so it’s a given that you already possess some bitcoins and those are stored in a secure wallet. I’m assuming that you have already created your exchange account, your verification process has been completed there and your account is now active to trade bitcoins. Now, it’s time to send your bitcoins from your secure wallet to your newly-created exchange account. Once you have sent, wait for some confirmations (typically from 3 to 6 confirmations, depending on a particular exchange) and then verify if the coins have successfully reached to your exchange account. If you have done everything without any mistake, the coins should be there in your exchange account by now. Please note, sometimes due to the congestion in the blockchain network, confirmations can take some time, from a few minutes to a few hours.

Place a “sell” order in exchange

So, if you have your bitcoins in the exchange account, you can sell those coins now. In all exchanges, there should be a page to conduct your buy/sell trades. You need to go to that trading page and select the “sell bitcoin” option. Make sure that you’re selecting the “sell” option, not the “buy” option. Now, once you’ve selected the sell option, put the amount of coins you want to sell – you can sell some coins or total coins, based on the limitations imposed on you by the exchange. You should double that you have done everything correctly, and then click the “sell” button. That’s all. You’ll receive an email or message on your phone when the trade is made. Usually, it does not take much time, though again, it depends on the blockchain congestion.

Transfer fiat to your bank or card

This is the last step. Once your trade is finished, you should see the fiat amount in your exchange account. From there, you can easily transfer the cash to your bank account or card, whichever method has been verified in the exchange while setting up the account.