Which is harder, buying or selling bitcoin? Different people have different opinions in this regard. We believe it varies from person to person. If you consider convenience and ease of the process, cashing out bitcoin is more comfortable than buying. However, selling bitcoin is more troublesome if you think of the chance of getting frauded, choice of cash out options, etc. How to sell my bitcoin (https://casherbox.com/en/) conveniently, yet in a secure way – is this the question you have in mind right now? Look no further; today we will discuss various ways of cashing out bitcoin.
There are three main ways by which you can sell or convert your bitcoin to fiat money. The first and most popular way is by using a reputable exchange. The second option is more convenient and offers instant cash out, which is a bitcoin ATM. However, unless you’re from countries like the US or Canada, those bitcoin ATMs are not available all over the world. Even in the US or Canada, bitcoin ATMs are not available everywhere. Hence, this is an option for just a handful of lucky people who have these ATMs around where they live. And the third option is most convenient and straightforward out of all three – you can do direct trade or a peer-to-peer transaction. But this is the option where most of the frauds happen. Therefore, proper and adequate due diligence prior to any such transaction is a must.
Admittedly, bitcoin exchanges are not someplace people enjoy very much. Trading via an exchange is a complicated process, to say the least. They ask every possible ID and other documents in the sign-up process, they take forever to verify your documents and activate your account, they impose a limit on how much you can trade, their payment processing is time-consuming, they charge an exorbitant fee, the list can be endless. Still, they are people’s #1 choice when it comes to trading bitcoin. Here’s why.
1. Exchanges are widely available to people from every corner of the earth.
2. Exchanges offer a one-stop solution for all your bitcoin related activity, like buying, selling, holding in their wallet, etc.
3. They are generally secure and trustworthy. Exchanges are bound to carry out their business as per financial regulations of the country, and that gives a sense of safety and trustworthiness in the mind of buyers. Also, Major exchanges are in business for many years and handling a large number of bitcoins every day.
These specific ATMs work just like any other regular ATM. And you can not only sell your bitcoins from these machines, but you can also use your credit or debit cards to buy bitcoin from here – instantly! However, if convenience is the main advantage of this option, there are quite a few cons too.
1. Bitcoin ATM is somewhat a rare thing to find. These wonder machines are only available in countries like USA, Canada, UK, Australia, etc. and then also not in every place in those countries. So, it’s not an option for most people in the world. If you see such a machine around your home or where you work, consider yourself lucky!
2. These machines offer you “instant buy-sell facility”; however, they charge quite a significant fee. If you want to sell a small amount for an urgent need, these machines can be useful. But selling a large amount would dig a much deeper hole in your pocket. Same goes for buying too.
Direct trade or peer-to-peer transaction:
This option is riskier than the other two options we mentioned above. You shouldn’t sell your coins directly or peer-to-peer way unless you have to. Most of the frauds happen here, so do not forget to take every precaution possible. Localbitcoins is the most popular online peer-to-peer bitcoin trading service; you can try this site.