If you’re among the 46% of Americans who struggle financially, Bitcoin may provide a unique solution to your problem. It’s a worthwhile investment that accrues value over time, meaning that you can sell it for more than you bought it for. It also makes transactions easier and keeps you secure when making purchases.
Selling Bitcoin is a great way to get fast cash, but you need to know how to trade in it the right way. Here, we’re going to give you some pointers for when you sell Bitcoin and get fiat currency in exchange. Read on to learn more about why you should convert Bitcoin and the tech that you’ll need to do it.
Why Sell Bitcoin?
There are several reasons to sell Bitcoin, the first and most obvious being that you have it but are not using it.
You may have been given cryptocurrency as a gift. You may have bought it thinking that you would use it, but found that you weren’t interested. Whatever the case may be, you can sell Bitcoin that you aren’t using and get cash that you will use.
Another good reason to sell Bitcoin is for fast cash. If you have crypto in your eWallet but not enough money to make rent, buy groceries, or even take a vacation that you wanted, you can sell it back for money. It’s much better than taking out a loan because you’ll never need to pay it back.
Investors are another demographic that can benefit from selling Bitcoin. In fact, investing in Bitcoin and selling it later is one of the smartest financial moves that you can make.
The crypto market is currently growing at about 12.2%. If you buy $100 worth of Bitcoin now, you’ll have $112.20 by this time next year. In 10 years, you’ll have accumulated around $1122.
$100 is also a pretty small investment for anyone looking to diversify their portfolio. You can buy even more than that and wind up with a huge profit in a few years. The best part is that all you need to do is wait- you don’t even need to do any work.
When Should You Sell Bitcoin?
Regardless of why you’re looking to sell Bitcoin, there’s a right and a wrong time to do it.
There’s no specific time of year when selling crypto is a good idea. The market doesn’t operate on an annually-predictable cycle in the same way that the real estate market does.
The best time to sell Bitcoin is when the value of your assets has doubled or tripled since your time of purchase. If it’s shot up by a large margin, don’t wait for it to increase more – sell.
Crypto is a pretty volatile investment and your profits can vanish pretty fast. Don’t let that happen to you. If you want to re-invest, cash out on the Bitcoin that has already accrued value and make a smaller investment to keep crypto in your portfolio.
Another good time to sell Bitcoin is when you don’t believe that it’s going to be a successful investment anymore. If community support looks like it’s decreasing, there might not be a lot of development for Bitcoin in the coming months. You should salvage what funds you can and not worry about losing your money.
When Shouldn’t You Sell Bitcoin?
Despite needing to sell when you no longer believe in Bitcoin’s success, it’s important to remember that you should never panic-sell.
If your crypto is currently worth less than you originally bought it for, there’s no need to freak out. Don’t sell right away for a low price. The value of crypto bounces around a lot, so it’s going to be worth more in the future despite this price drop.
In fact, part of Bitcoin’s appeal as an investment lies in its volatility. The dips and peaks of its value over time also don’t detract from the fact that its value is on the rise in the long term. Don’t sell your Bitcoin simply because it’s having a bad month – wait for the value to rise again before selling.
How Can You Sell Bitcoin for Cash?
There are several ways that you can sell Bitcoin and get the cash that you’re looking for. The first is by using an online cryptocurrency exchange.
Exchanges are the most common way that people traditionally traded in Bitcoin. These online forums automatically and anonymously pair up those looking to buy Bitcoin with those who are selling it.
To access an exchange, you’ll need to link the website to your Bitcoin eWallet. You also may need to send in personal information to verify your identity, meaning that this data would ender onto the network. While a traditional way to sell crypto, this does bring up some security concerns with unreliable exchanges.
After you’re on the exchange, select your intention to sell. You’ll be paired with a buyer and can undergo an automatic transaction process. Neither you nor the other person will know who was on the other end of the exchange.
This lack of control is understandably upsetting for some people. Many of these people choose direct exchanges instead. In a direct exchange, you find a buyer on your own and negotiate a transaction with them. It’s completed over the exchange website, but it’s neither automatic nor anonymous.
This gives you more control over who you’re selling to, but it also causes other issues. You don’t truly know if the buyer is reputable after a couple of conversations, and you also could spend weeks finding someone that’s a good fit.
Luckily, Bitcoin ATMs provide an easier and more effective way to buy and sell Bitcoin.
Why Is a Bitcoin ATM the Best Way to Get Cash for Crypto?
Bitcoin ATMs are kiosks that you can find in retail stores, gas stations, and banks. You can find one near you with an online locator such as the one on ByteFederal’s website. These kiosks look just like regular ATMs but let you trade in Bitcoin rather than fiat currency.
Bitcoin ATMs give you complete control over your transaction because you know exactly who you’re selling to. You’ll only be working with a machine managed by a reputable crypto company. When you exchange your cryptocurrency for cash, you don’t need to stress over an anonymous exchange that might come back to haunt you.
These kiosks are also extremely easy to use. All you need to do is:
1. Scan your photo ID (such as a driver’s license)
2. Scan the QR code to the eWallet holding the Bitcoin that you want to sell
3. Wait a few seconds for the machine to confirm your identity and ownership of the assets
4. Select the cash amount that you want the machine to give you
5. Wait for your money
6. Check to make sure that the appropriate corresponding amount of Bitcoin was withdrawn
7. Log out of the kiosk and head on your way
Click here for more information about this simple process!
Is It Secure?
When making any financial transaction, security is obviously going to be a top priority. Luckily, Bitcoin ATMs are extremely secure for a ton of different reasons.
First, you need to scan both your ID and your eWallet information before you can make a transaction. This protects you against unauthorized users stealing your money.
The machine also doesn’t save any of your information, so there’s no way for anyone else to access it. The person owning the ATM can’t see your ID or financial information. Data is also never saved onto the network, so there’s no need to worry about hackers accessing it via malware, either.
When you use a Bitcoin ATM, you don’t need to worry about the potential security risks that an exchange poses. No one will be able to get onto your machine or your network. All of your personal and banking details will be 100% private.
Convert Bitcoin to Fiat Currency Today
While Bitcoin is a great way to make secure transactions online and in stores, sometimes you’ll need to sell some to get fiat currency. There are several ways to make this happen, but using a Bitcoin ATM is one of the best. Now that you know how to sell Bitcoin easily and securely, it’s time to get started.
Check out the “tech news” tab on our home page to learn more about the technologies associated with trading cryptocurrency. You also may be interested in the “entrepreneurs” section if you want to learn more about those trailblazing the Bitcoin investment market so that you can make the right choices in the future.