How YOU Can Make INSANE Money Investing and Trading in BITCOIN by Harvey Mr. T

Author:Harvey, Mr. T. [Harvey, Mr. T.]
Language: eng
Format: epub
Published: 2019-09-29T00:00:00+00:00

Chapter 4: Selling Bitcoin

Have you decided you want to exit the Bitcoin world?

Do you just want to be ready for the day that you decide to do so?

If so, this is the chapter for you.

This section will cover selling Bitcoin, walking away exactly when you wish to do so and getting the right amount back. Keep in mind that if you try selling when everyone else tries, some issues can come up.

This chapter will cover some of those potential issues so you can make the best decision about where and when to sell your Bitcoin.

Methods for Selling Bitcoin

There are a couple of common methods for Bitcoin selling, each with its own advantages and disadvantages. Which one you choose will be based on the amount of Bitcoin you want to sell, the amount of control you wish to have over its price, and the amount of time you can spare for this venture.

Exchange Platforms

The most automated and simplest method for getting cash for your Bitcoin is using an exchange platform. These programs are essentially middlemen for Bitcoin and sell the crypto-currency for you.

Kraken, Bitstamp, and Coinbase are all examples of exchange platforms. No matter which platform you go with, the selling process is essentially the same.

1.​ Create Your Account:

The first step is creating a wallet and account on the exchange site, linking up your bank account or local currency wallet, if applicable.

2.​ Send Coins to the Wallet:

You then send the coins there like you’d do in a transaction with another person. Take the deposit address from your wallet, then send whatever crypto-currency you wish to sell to the wallet.

3.​ Sell Order:

As soon as you’ve deposited your coins, the next step is placing a “sell order.” This involves your crypto-currency being sold at the current rate of the market. Depending on the exchange you choose, you might get a sale limit, which means if the price dropped down below a specific point, it would pause the sale.

Once you’ve completed the sale, you will get a transfer in your currency to the bank account you’ve linked or the exchange currency account itself. This allows you to withdraw the money whenever, however. There may be a small fee included for some or all of these services.

Potential Issues with Exchange Platforms

Although selling Bitcoin using an exchange is pretty simple, it might not be straightforward in reality, depending on a number of factors. Some sites require that you provide your identification for account verification before you can either buy or sell on the platform, which might take time for manual verification. To prevent unnecessary delays, try to set this up ahead of time.

Here are some other potential issues with exchange platforms:

•​ Site Accessibility:

Even if you make sure your ID is uploaded and your account is ready to go, the exchange you go through might not be accessible when you want to sell your Bitcoin. A large influx of sellers and buyers in high-activity trading periods, maintenance problems, or DDOS attacks can all cause site outages. This could mean your money is not accessible until the website is back up.

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