You bought your Bitcoins, congratulations. And now that the bear market has struck, you have watched its price plummet from the giddy levels of around sixty thousand per piece to about twenty thousand per coin. What a bummer, many would say. It is indeed a disappointment, but one that should have been expected in a market as volatile as the cryptocurrency industry, where volatility is everything for some and the doom for others. The ability to make profits on cryptocurrency price changes is what actually set the stage for the whole market and paved the way for millions of traders to start looking where to sell Bitcoins for a profit.
The quest on where to sell Bitcoin runs in parallel with the one on where to buy it, since it is the process of buying and selling that results in the considerable or meager gains that traders live by. Before ever venturing into cryptocurrency space and wondering where to sell Bitcoin for USD, one must ask themselves if they actually need the whole affair in the first place. True, there is the allure of drawing an inch closer to the glamor and luxury of the so-called crypto millionaires and being able to post some pretty pics in social media. But on the other, there is the risk of misjudging where to sell Bitcoin for cash and ending up with huge losses.
Some would say that the benefits outweigh the risks, while others would shun the idea of risking their life savings on something as trivial as Bitcoin. Whichever approach one takes, the reality remains that Bitcoin and the cryptocurrency industry are not going anywhere and will continue to attract would-be traders and seekers of easy money for many years to come. The only thing that will change is the number of ways users can resort through which they can sell their assets.
Selling Bitcoin – For What?
Unlike many users who used credit funds and their last savings to buy Bitcoin, some received theirs as a gift and are now looking for venues where to sell Apple gift cards and vouchers. Others are looking for venues where to sell Amazon gift cards. But in order to sell a gift card, one must know where the offers are best and the conditions most suitable. More importantly, you must select which currency you want to receive your proceeds in and think of withdrawal gateways well in advance.
But when it comes to ways of how to sell Bitcoins, the easiest way is to sign up to a cryptocurrency exchange with the best possible commissions and the broadest range of options and features. Selling Bitcoin with smart approaches is the surest way of making a profit on it. That is why exchanges like Coinbase give real-time price updates and offer lucrative rewards for trading the asset. As a reliable trading partner, the exchange you select will play a key role in shaping your yields and ensuring that you manage to make some serious profits during your trading career or one-off attempt at selling your Bitcoins. The first step will be to register on the exchange and create a wallet address that will be used for accepting deposit top up and then for withdrawals of proceeds.
One promotion all exchanges offer from time to time, and one that users should seriously consider, is the commission reduction. This promotion allows users to save up to half on commissions when they sell out Bitcoin and pay the exchange its dues. Selling BTC for USD is the most logical step, however, some traders prefer to sell their assets for the native coins offered by the exchange website. This is a good way of stocking up on assets that can later be used to save on commissions without having to wait for that one promotion.
Lastly, when selling Bitcoin, users must first take into consideration the prevalent market condition. The current market is in a protracted bearish state, meaning that all assets have lost in price and are not experiencing high volatility. This is a double-edged sword for traders. Some see the period as a time to hibernate, while others take advantage of the downturn to stock up on assets they believe will experience considerable price gains after the market starts entering into a bullish phase. Both approaches bear risks and both have their advantages, depending on the trader’s individual sentiment.
Before selling Bitcoin, make sure to:
- Read the latest market news;
- Apply risk management;
- Find the best entry and exit points.
By following these simple tips, users can have a clear guideline about how to sell Bitcoin and remain in the green. Though the asset has lost in price considerably over the last year, there are clear signs that it will be gaining momentum in terms of price in the near future.
Key Takeaways
Bitcoin is a very volatile asset that is susceptible to considerable price hikes. Selling Bitcoin is not a proble, however acquiring it may be challenging, given its rather restrictive price. For many, the ability to own Bitcoin is a privilege in itself, while others hold masses of coins and trade them routinely for a profit. This difference is what sets the market and draws a clear distinction between retail and professional investors.
