Selling Bitcoins can be difficult for the new Bitcoin adopters as making the decision between selling bitcoin online and selling bitcoin in person can get confusing. Fortunately, NewsBTC is here to ease the new bitcoin enthusiasts’ journey into bitcoin veterans.
The most common way to sell bitcoin nowadays is to sell them online. Bitcoin can be sold online in three ways.
Selling Bitcoin Online
1) Direct Trade is the first method of selling bitcoin online. As the name suggests, direct trade is made directly with another person via an intermediary that facilitates it. The website acting as the intermediaries require people willing to sell bitcoins register as sellers. The registered seller then can post an offer, to which the website replies by alerting the seller whenever a buyer is interested to trade. Any further interactions following this are solely between the buyer and the seller, the website only remains a means of transaction.
Some of the websites offering the option of direct trade are Coinbase, LocalBitcoins, BitBargain and Bittylicious.
2) The second way to sell bitcoin online is to do so via an online exchange. In this case, the trade is with the exchange rather than another individual. The intermediary in this case is the exchange which holds everyone’s funds unless the seller places a ‘sell order’ and a matching buy order in terms of volume and currency is placed for it. The exchange thus completes the transaction and currencuy gets credited to the seller’s account.
Circle, Kraken, BTC-e, Mt. Gox and Bitstamp are some crypto-to-fiat currency exchanges.
3) Peer-to-peer trading marketplaces are the latest phenomenon in the bitcoin sphere. These marketplaces act as the intermediaries, offering users the platform, bitcoin wallet and escrow for transactions.
Brawker and Purse, are the two examples of such sites.
Selling Bitcoin in Person
To sell bitcoin offline is extremely simple. A simple QR code scan on another person’s phone is required to sell bitcoin in person. The payment can be done directly by cash-in- hand method or any other way as agreed upon by the two parties. All one needs to sell bitcoin in person is a bitcoin wallet.