Selling Your First Cryptocurrency

Cryptocurrency Exchanges

Although there are many shortcomings, exchanges are a stand-alone solution when it comes to Bitcoin trading. In the case of cryptocurrency trading, the exchange acts as an intermediary holding the funds of sellers and buyers.

Direct Trades (person-to-person)

Another way to sell your Bitcoin is direct trading with another organization, either online or in person. There are several ways to achieve this, either by setting up a direct Bitcoin marketing meeting or by conducting online transactions on a special platform.

Online P2P Selling

With online P2P Bitcoin trading, several specialized platforms - as well as products from reputable cryptocurrency exchanges - are available to make such transactions. Somehow, these platforms make it easy to trade Bitcoin for money, or otherwise, with another party online.

Typically, Bitcoin buyers make a list of these platforms, looking at their desired price, their preferred payment option, etc. Interested people then find the list they like and complete the sale by following the instructions provided by the platform.

Face-To-Face Transactions

Trading Bitcoin P2P in an in-person environment is also a viable option. Some online platforms make it easy to sell BTC for cash, but groups can choose to meet their friends or family and sell Bitcoin for cash. Selling Bitcoin in person requires you to understand how to send Bitcoin and operate a crypto wallet, or a platform where you hold your money (such as holding your money in exchange, for example).

Bitcoin ATMs

Although they look like traditional currency machines, Bitcoin ATMs are not ATMs in the traditional sense. Instead of connecting to a user's bank account, they are connected to the internet to facilitate Bitcoin transactions.

With their simple ATMs, Bitcoin ATMs allow you to scan a wallet QR code and sell BTC for money. Bitcoin ATMs are available worldwide, and their locations can be easily found online. However, they tend to charge higher transaction fees compared to other methods. In addition, not all Bitcoin ATMs offer both buy and sell functionality, which is important to remember when looking for a Bitcoin ATM where you can sell BTC.

Withdrawal Of Funds

The most common way to transfer Bitcoin into cash is to withdraw money from a bank account via wire transfer or through an automated clearing house (ACH) after trading your BTC in crypto exchange.

Alternatively, money can be transferred through the Single Euro Payments Area, or SEPA, which provides euro transfers. It is a program designed to make international transfers between members of the European Union faster. Some European cryptocurrency exchanges accept this transfer method.