Are you worried that Bitcoin will turn out to be a "soap bubble"? There are two main methods of selling Bitcoin. Which one is right for you depends on the amount of available cryptocurrency you want to sell, as well as what price you would like to receive.
Exchange trade
Perhaps the easiest and most "automated" way to turn your bitcoin into cash is through an exchange platform. The most popular exchange platforms are Coinbase, Bitstamp, and Kraken. Whichever platform you choose, the process of selling bitcoins on them is much the same. You register and create an exchange wallet by linking your bank account to it. Then you send your bitcoins to it, just as if you were conducting a regular transaction. After your bitcoins are deposited, you will be able to place a "sell order". This is necessary so that, as a rule, bitcoins are sold at the current market rate. Some exchanges allow you to set a limit on the sale price, so if the price of Bitcoin falls below the desired rate, the sale will not occur.
Upon completion of the sale process, funds will be transferred to the linked bank account. After that, you can withdraw funds at any time convenient for you. Please note that you will be charged a fee for using the exchange services.
Possible problem
No matter how simple the process of selling on the exchange, there are pitfalls here. Some sites will require you to provide an ID photo for verification purposes. This process is manual, so it will take some time. To save time, carry out all these procedures in advance, and not at the time of sale.
It is important to remember that the value of bitcoin is constantly fluctuating, and significantly. This can lead to the fact that you sell bitcoins much cheaper than you expected, as well as incur significant losses during the transaction. Never leave money or cryptocurrency in an exchange wallet longer than required. Use only those exchange wallets that are insured against theft.
Direct trade
Direct or peer-to-peer transactions are a slightly safer alternative to exchanges. The method of the transaction will differ from the platform you choose, but in general the process is the same. Sites such as BitQuick only make transfers to bank accounts. However, sites like LocalBitcoin or Paxful provide many more options, including paying with cash, gift cards, cash in the mail, and even handing over money in person. You just need to choose the selling price of Bitcoin. If someone expresses a desire to purchase cryptocurrency at a given value, the site will send you a notification.
Possible problems
Since there is no middleman with this technique, you do not need to worry that someone will "throw" you and run away with your money. However, the platform itself contains a number of problems associated with high traffic DDoS attacks. This means that you will not be able to make any transactions while the site is down.
