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How to sell bitcoins for cash?

Cryptos

10 min read

Before embarking on investing in cryptocurrencies, many people wonder if it is possible to sell their bitcoin for euros, cash or any other fiat currency of their choice. In fact this makes investing in bitcoin simpler once you know you can sell them quickly. This may reassure some investors and push some to take the plunge for a first investment in crypto-assets.

So yes it is possible to sell your bitcoins for euros. Better yet, for long-term crypto investors who want to diversify their portfolios, it is also possible to exchange your bitcoin for other cryptos.

How then can you sell your bitcoins in euros? We found it crucial to answer this question because even if you want to invest for the long term, at some point you will probably want to sell at least some of your crypto holdings. This article aims to explain to you as simply as possible how to sell your bitcoins for any currency.

What are the different methods to sell your bitcoins and how does it work?

As we clearly indicated in the introduction, it is possible to exchange your bitcoin for cash or for another cryptocurrency of your choice. From the outset, it is important to keep in mind that before any exchange or sale of your bitcoins you must ensure that you have them in your possession and have control over them. This assumes that you are the only one to keep the keys that give access to your bitcoins securely. In the crypto sphere there is a well-known saying that was popularized by Andreas Antonopoulos : " Your keys, your bitcoin. Not your keys, not your bitcoin » which literally translates into French as: “ Your keys, your bitcoin. Not your keys, not your bitcoins ».

Once you are sure you have your bitcoins and are in control of them, the rest is much simpler than you might imagine. In effect, trading or selling your bitcoins is similar to buying them, but in a somewhat reversed process.

As buying cryptocurrencies, you have several options for selling your BTC. You can sell them directly on exchange platforms, from bitcoin ATMs or even in P2P (peer to peer) markets. If all this seems confusing to you, here we explain how each channel works.

1/ Sell your bitcoins on an exchange platform:

Despite the risks, exchange platforms are a one-stop solution for Bitcoin trading. When trading or selling cryptocurrencies, they act as an intermediary bringing sellers and buyers together.

Whether to sell or buy cryptos on a platform, you must first create an account. For security reasons, many crypto platforms currently verify your identity. To be able to withdraw cash directly, please link your bank account to your account on the platform. However, remember to check the platform restrictions depending on your country. Indeed, some exchanges prohibit access to users from certain regions.

All (or almost) exchange platforms allow you to sell your bitcoins. In just a few clicks you can do it. For example, the Binance platform offers different withdrawal methods. You can receive them by bank transfer or even sell your bitcoins in euros and send them directly to your bank card.

Once your account has been created and you have transferred your bitcoins to it, all you have to do is simply place a sell order. You must indicate the type of currency you wish to exchange (BTC if applicable), the amount you want to sell bitcoin (or another crypto), and the price per unit. After you have entered this, the platform takes care of the rest. It will automatically validate the transaction once a buyer is interested in your offer.

Sell your bitcoins in euros and receive them in your bank account via a SEPA transfer

Once the transaction is validated, the funds will be transferred to your account, you can withdraw them to your connected bank account.

This can sometimes take time, especially if the platform is having problems with its banks or if it is facing liquidity problems. It is also important to keep in mind that you will be charged transaction fees. Additionally, platforms can set limits on the amount a user is allowed to withdraw during a given period. However, this limit may be expanded depending on whether you stick to one platform or meet verification requirements Know Your Customer (KYC) and Anti-Money Laundering (AML).

? To conclude, it is important to remember that despite this offer of wallet services, exchanges are not a safe and reliable place to store your funds. Indeed, there are serious practical disadvantages to entrusting your cryptos to a third party. Exchange platforms can be victims of cybercrime as was the case with Mt. Gox, according to his ex boss in any case Mark Karpeles. They can also go bankrupt due to mismanagement like the recent debacle of the FTX platform. And in all cases, it is the users who lose their investments. Be careful and protect your wallets.

2/ Sell your bitcoins on P2P (Peer to Peer) platforms

Aside from bitcoin exchanges and ATMs, you can sell your bitcoins in P2P platforms like Paxful. It involves carrying out a direct exchange with another entity, online or in person. You can achieve this in several ways. You can choose to schedule an appointment to meet your customer in person and proceed with the exchange or complete a transaction online via a specialized platform.

For the unbanked, you can use the platform Noons which offers the possibility of withdrawing cash via Mobile-Money services (mobile currencies) which are very widespread on the African continent.

To learn more, we suggest you read the article: Noones: Here's how to buy BTC, USD peer-to-peer

Peer to Peer sale of bitcoin online

There are several platforms specializing in online P2P sales of Bitcoin. Generally these platforms essentially allow de convert cryptocurrencies into euros, or vice versa, with another online party.

Indeed, Bitcoin buyers post ads on these platforms, noting their desired price, their preferred payment method, etc. Interested parties then find the listings they like and complete the sale by following the instructions provided by the platform.

The platforms generally have functions that facilitate secure cash deposits. Depending on the payment option chosen, the bitcoin seller may receive a transfer directly to their bank account or card, a wire transfer, or an agreement to receive funds on some of the most popular traditional payment platforms.

Choosing face-to-face P2P transactions with a person

It is also possible to sell your bitcoins P2P in person. However, be very careful with this method because you never know people's intentions. These exchanges generally take place between friends or users living in the same region or between service colleagues. Although online platforms make it easy to sell BTC P2P for cash, parties can also simply choose to meet up with friends or family on their own and sell Bitcoin for cash. But be careful, selling Bitcoin in person requires you to understand how to send Bitcoin and work with a crypto wallet, or the platform where you hold your funds.

Additionally, the value of bitcoin constantly fluctuates, so it is important to know its price when making a sale in person. To be more or less sure, please consult the rates of the main exchanges. Also keep in mind that Bitcoin can trade at different prices from one platform to another and in certain regions. This price difference can be used to do arbitrage trading. Arbitrage on the price of bitcoin consists of buying it on a platform at a lower price and reselling it at a higher price. It's as simple as that.

—>? Doing Arbitrage Trading: Earn money by playing on the price difference

3/ Sell BTC from ATMs:

Bitcoin ATMs says “ Bitcoin ATM » are gradually becoming one of the most popular ways to buy and sell bitcoins. Since the very first one was installed in Vancouver in 2013, a wave of ATM installations has been seen around the world as the market has grown into a significant business sector.Judging from the appearance, Bitcoin ATMs resemble traditional ATMs.

However, Bitcoin ATMs are not ATMs in the traditional sense. Unlike ATMs which are connected to users' bank accounts, Bitcoin ATMs are connected to the Internet to facilitate Bitcoin transactions.

? There is a website that lists all Bitcoin ATMs in the world: https://coinatmradar.com. You can choose the city of your choice to discover ATMs near you.

Here are the steps to follow to sell your BTC at a Bitcoin ATM

Right off the bat, you should know that the first Bitcoin ATMs only supported the purchase of bitcoins. However, today most of them also support the sale of bitcoins. So you'll need to find one that specifically supports selling cryptocurrencies. Additionally, some bitcoin ATMs can process both buying and selling. They are called " dual lane bitcoin vending machines" Or " two-way bitcoin ATMs».

Although it involves selling your bitcoins, the process is pretty much the same as buying it. The only difference is that you must select the option to sell and not buy bitcoins when you are in front of the ATM.

Step 1: Open an account with the ATM operator

Like the platform channel, most bitcoin ATMs require you to create an account with the ATM operator before you can use the machine. Don't worry, the account creation process here is generally quite simple. It's usually enough to scan your ID card or driver's license.

Step 2: Enter the necessary information about your wallet

After creating the account, you will be asked to enter the information relating to your wallet at the ATM via a QR code, or by means of an alphanumeric key. You therefore need to scan the QR code of your Bitcoin wallet using your mobile phone. If you don't have a Bitcoin wallet, you can also choose to print a paper wallet that you can later use to import your bitcoins into a wallet.

? To learn more about a paper wallet, we suggest you read our article: Wallet Paper Bitcoin: Here's how to create one easily.

Step 3: Log in to your account on the bitcoin ATM

After entering your wallet information, you will be asked to log in to your account on the bitcoin ATM. As said before, the login process is generally quite simple.

Step 4: Select the “bitcoin sale” option

Once you are logged in, please select the option sale of bitcoin. You will then be asked to enter the amount of bitcoins you wish to sell. Machines usually have a minimum and maximum amount you can sell per transaction.

Step 5: Select the “withdraw money” option

This is the last step. After entering the amount of bitcoins you want to sell, all you have to do is select the cash withdrawal option. After these few clicks, the bitcoin ATM will then give you the corresponding amount in cash, and that will be it! You will then have successfully sold your bitcoins to a bitcoin ATM.

Again, keep in mind that not all bitcoin ATMs are the same, and the steps required to use them may vary slightly.

We have written an article for those who are interested in the Bitcoin ATM business : Make profits with Bitcoin ATMs (Bitcoin business idea)

Final word on selling bitcoin in euros

You will no doubt have noticed that there are several channels that offer you the possibility of selling your bitcoin for euros. But not only. It is worth remembering that bitcoin can also be exchanged or exchanged for other cryptocurrencies or stable coin (stable coins), such as ether or tether. A stable coin is a cryptocurrency whose price is generally pegged to a Fiat money. This is useful if you want to profit from your bitcoin investment or prevent your portfolio value from falling.

For exchanges via exchange platforms, Binance , Coinbase et Kraken are examples with high trading volume. That is to say, it is easier that you can successfully complete your bitcoin sale at any time on these platforms.

It's also worth mentioning that depending on the size of your order and the amount you want to withdraw, you may need to go through some form of identity verification. The procedures " Know Your Customer » (KYC) are now mandatory for many crypto exchanges, just as they are for traditional financial institutions. Therefore, you may be required to submit information such as a valid ID card or your valid license. All possibilities are available to you, it is up to you to choose which channel suits you best.

Read similar articles:

->How to convert your cryptocurrencies into euros? The 4 methods!

->How to convert your bitcoins into euros, dollars or cash?

Note: This is not investment advice. Always do your own research.

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