For those who don’t know, Cryptocurrency is a digital or digital currency that operates via peer-to-peer networking and is not under the jurisdiction of any governmental body, such as the RBI in India or the Federal Reserve in the US.
Because of this, unlike currencies that are governed by governments, cryptocurrencies do not involve a centralized government or banks. The system of interconnected computers is responsible for collectively managing Bitcoin transactions and currency issuance.
According to Bitcoin.org, “Bitcoin is transparent; its design is public; nobody can own Bitcoin, and anybody can participate.” Twelve years after Bitcoin’s creation, its originator or founders’ identities are still unknown. This article illustrates what happens to Bitcoins when you sell them. Also, you will get insights on how to sell or transfer BTCs to someone else.
What happens when you sell Bitcoins?
When you sell your Bitcoins, they are just transferred to another person’s wallet and you can see that on the blockchain, which is like a ledger that keeps track of all transactions and balances. That other person might be someone you know or it might be a company or individual who bought your crypto coins and decided to use them for something else.
It’s important to remember that when you sell these crypto coins, it doesn’t disappear. It is still in the blockchain somewhere and can still be used by someone else at some point in the future. Furthermore, Bitcoin is a digital currency, if you store them in an exchange, you can sell it for a price set by the exchange.
When you do so, your BTC is transferred from your account to the account of the exchange. This means that if you want to buy something else with these crypto coins, you need to transfer them from the exchange back into your account. In order to do so, you need an address that matches the one associated with your wallet.
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How to sell/transfer Bitcoins?
There are multiple ways of selling bitcoins but you might want to create an online wallet first before you buy, sell or store digital currencies. You can easily create your BTC wallet from any crypto exchange. Look for popular and reliable crypto exchanges and register on their website upon which you will be able to buy, sell, and store all kinds of digital currencies for both trading and investment purposes. You will also receive a BTC wallet address which is necessary for making transactions. Using your wallet address to trade cryptocurrency makes it easier and faster. Furthermore, you will also need this for P2P transfers and while using Bitcoin ATMs.
1. Crypto exchange
Crypto exchanges are websites that allow you to buy, sell, and trade cryptocurrencies. Crypto exchanges operate like stock exchanges in the real world. They list the prices of different cryptocurrencies and let you choose which ones you want to buy or transfer. The prices listed on crypto exchanges fluctuate based on supply and demand. If you are looking for a more stable way to get paid in BTC, use an exchange that has a low transaction fee.
Furthermore, be careful when choosing an exchange platform because there are many scam websites and services online. This is why you should do your research and carefully evaluate the pros and cons of every platform before using it.
2. P2P transfers
Another most common way to transfer Bitcoins is through P2P transfers. This means you can sell/ transfer any cryptocurrency from your wallet directly into another person’s wallet without going through any third-party services like a crypto exchange, Bitcoin ATM etc. It also allows you to sell your digital currencies without any limits or restrictions.
This method is more convenient than using an exchange platform because you don’t have to pay any fee for selling your crypto coins. But to sell/ transfer your digital currencies, you will have to look for someone willing to buy them from you. If you can’t wait to find a buyer for your BTC and want to sell them instantly then the crypto exchange is a better option.
3. Bitcoin ATMs
You can also sell/ transfer your BTC through Bitcoin ATMs. These machines allow users to convert their Bitcoins into FIAT money which is directly deposited into their bank account or credit card account. Later you can withdraw FIAT money from your account like regular cash withdrawals. Some machines also allow users to sell BTC directly from their accounts.
Bitcoin ATMs are one of the best ways to buy and sell bitcoins. If your country has a Bitcoin ATM service then you can easily find one just like a regular ATM. Also, these machines are easy to use, so you can convert your BTC quickly at your convenience. To use an ATM, you will need your wallet address which is used for sending or receiving Bitcoins.
4. Cold wallets
Cold wallets are offline wallets that are used to store BTC offline. In other words, a cold wallet is a physical device such as a flash drive or paper wallet that stores your private keys offline, rather than using an online service such as an exchange or online wallet.
These offline wallets are used to protect your coins from being compromised by hackers who would try to steal them from websites where they are stored online. This mode of selling online currencies is not very convenient as you have to meet the buyer personally to hand over your wallet in exchange for FIAT money. But if you don’t want anyone to track your transactions then this mode of selling Bitcoins is the best.
The Bottom-line
The value of a bitcoin is determined by a number of factors. It can rise or fall depending on how many people are willing to buy and sell it for their use. This digital currency can be transferred peer-to-peer without a bank or other centralized institution.
Bitcoin can be purchased using cash, but you can also use a number of payment options to transfer your coins. If you are thinking of selling them then here are a few options that you can select to sell/ transfer your BTC quickly and easily.
