How Do You Sell Bitcoin If No One Is Buying?

How Do You Sell Bitcoin If No One Is Buying?

The bear market is in full swing, fueled by the global economic recession and the overall chaos that has engulfed the financial markets of leading countries. One can certainly pick one party as the main culprit and blame it for the ongoing crisis, either basing their choice on propaganda or expert opinions, or through personal conviction in one truth or another. However, the fact remains that the global economy is undergoing a cycle that is in line with the predictions of economists like Nikolai Kondratiev, who stated that each economic flex lasts anywhere between forty to sixty years.

If we take his words and dissect them with a scalpel of reason, it will become obvious that the main drivers of each cycle are either technological factors that spurred new production processes, or geopolitical shifts that signal changes in general frameworks of markets. Since no significant technological breakthrough has been achieved as yet since the industrial revolution, the logical conclusion is that the current cycle is being spurred by political factors. The coronavirus pandemic did its fair share to deconstruct the so-called post-industrial economic model and shatter the concept of globalization, followed by the events of 2022 that set in motion a series of cardinal changes that can no longer be reversed.

The concept of globalization itself was based on the dominance of a single center of global power that would make all other states function by its rules. Naturally, the abuse of said power was unavoidable, leading to an eventual breakout of states willing to develop beyond the surly bonds they were driven into as competitors to the self-appointed dominant player. The result is the rise in dominance of the direct opposite of globalization – nationalization, which implies complete control over national resources and the process of building up an economy aimed at ensuring self-sufficiency.

One would ask how this could be of any relevance to the cryptocurrency market. The fact is that the blockchain industry is a purely post-industrial phenomenon. It has no production of tangible resources and is fully digital by nature, leveraging finance as a circulating supply. As the global economy suddenly shifted focus to vital resources in 2020, commodities that make up the products of industrial production became the most coveted investments, ousting the ones that make up the vestiges of the fading post-industrial concept.

What of Crypto?

With the crypto market in shambles and utterly undermined by a slew of scandals involving rampant corruption on exchanges, one has to ask – “how do you deal with the digital assets left on hand?” In other words – how do you sell Bitcoin while it is still worth something? Generally speaking, it is not difficult to sell cryptocurrency at all. One merely has to:

- Sign up to a reputable exchange;
- Transfer their assets to the deposit;
- Pick a time to sell;
- Withdraw the profits.

The process needed to complete the transaction seems simple enough, but it actually goes well beyond the few clicks. Though other cryptocurrencies have suffered more than Bitcoin, the latter retains some value that can still be withdrawn. Some can withdraw their assets directly into fiat through a Bitcoin ATM. Others can resort to using a peer-to-peer exchange for an instant trade in anonymous fashion with subsequent instant withdrawal to a bank card or account.

The abundance of services available online has made it easy to convert any cryptocurrency into local currency. When you want to withdraw your proceeds, you just have to select an off-ramp and enter the amount of funds you wish to withdraw.

As for trading Bitcoin, the issue is a bit more complicated in current times. The asset has a price fixed by demand for it. At present, the demand for Bitcoin is low and the amount of money one can hope to gain as a profit is meager compared to the figures seen in 2020. Many exchanges have gone offline, thus leveling out the aggregated price of Bitcoin even further. Yet, the payment option provided by all exchanges remains the same, as Bitcoin can still be used through crypto bank card services as a means of payment even at regular retail outlet terminals via instant conversion. Indeed, you can use your Bitcoins to buy coffee, but that will require setting up a special bank card.

These methods greatly simplify the process of using cryptocurrencies and somehow ameliorate demand for them in light of the general downturn. Instead of the option to withdraw the digital assets, users can hold them and wait for a market reversal. The bank details they use to maintain their cards can remain the same, since such cards will be available in the future. They also allow users to get the best out of the digital economy in a time of trouble.

Key Takeaways

The global economy is currently undergoing a radical change, which will see its transition from a post-industrial model back to industrial production and value of commodities over services. This means that Bitcoin can expect to weaken its grip on the financial industry, giving way to the value of its underlying technology instead.