If you have decided to sell your bitcoin(s) investment, you can sell them as easily as you would have acquired them. However, just as a reminder, you should not sell your holdings based on the market swings. It is suggested to do your research so that you do not end up selling at a bargain.
The simplest and most ‘automated’ way to turn your Bitcoin into hard cash is through an exchange platform. They act as a middle-man for the famously decentralized cryptocurrency by selling your Bitcoin for you. Since it’s one of the most popular and well established, we recommend Coinbase. If you would rather choose your own, there are many others to pick from.
Once you have taken an informed decision, you can sell your bitcoin(s) through any of the following means;
1. An exchange, or
2. Directly via the market
THROUGH AN EXCHANGE
- If you are interested in cashing out your investments, exchanges such as Coinbase, BitStamp, CEX.io etc. would be helpful. However, if you are interested in converting your bitcoin(s) holdings into other altcoins such as Ethereum, Litecoin and Bitcoin Cash, crypto-to-crypto exchanges like Binance, Bittrex, and Poloniex will turn out to be more helpful.
- All you have to do is to go to your chosen exchange’s sale section and proceed to either encash or convert your holdings into other altcoins. It’s that simple!
DIRECTLY VIA THE MARKET
- If you are not interested in selling your bitcoin(s) through an exchange, you can sell them directly via the open market. With the rising popularity of bitcoin and other cryptocurrencies, numerous peer-to-peer trading platforms have emerged where you can sell you holding directly to those who are interested in buying from you. BitQuick, Altcoin.io, Bitsquare are some of the peer-to-peer crypto exchanges, which you can use to sell in the open market.
- You might have to download the mobile application (or use the website) of your provider to proceed with the sale. Make sure to check the market selling price before proceeding with the sale!
Apart from all this, if you are interested in using your bitcoin(s) as a means of payment, there are a variety of options available (Bitcoin market has not scaled enough and hence, few enterprises accept it as a payment option).
Although some of those methods are far more time consuming, many are much more anonymous and can allow you to keep your transaction away from prying eyes if that’s an advantage to you. If you do decide to do trades in person, make sure to do so in a public setting.