The word Bitcoins has been doing rounds on the internet for its ability to help people earn a lot of money in a short span of time. Bitcoins are a type of digital currency that can be used just like ordinary currency, the only difference being that, unlike normal currency notes or coins, the digital currency cannot be physically touched, held, or felt. For more queries go to the website.
Bitcoins have grown popular for several reasons. Many companies around the world have started accepting cryptocurrencies in general and Bitcoin in particular as a mode of payment. This currency is being used by products and service providers of all types.
But why do people prefer to pay and accept payments in Bitcoins rather than the normal currency?
Have you ever wondered what the reason behind the extreme popularity as well as the growing acceptance it is receiving over the world by people and government authorities is?
Some reasons why people prefer Bitcoins over traditional money are:
- Thunder speed transactions– bitcoins enact transactions at lightning speed, and quick transactions are more preferred by the people who had been asked previously by their banks to wait till the transactions could be completed online. Earlier, some banks in some countries required people to add other people as a beneficiary, and this process sometimes took up to 12 hours. They’re also used to be a closing time for online banking transactions. These restrictions were eliminated, and people could make transactions any time they wanted or needed.
- Easy transactions with anyone– bitcoins can be used for transactions with any person from anywhere in the world at any time. This kind of flexibility is always appreciated by people. There is no one single regulatory body, and the absence of such a body helps ease transactions.
- No recurring charges– people at one point were asked by banks to pay them in order to withdraw money from their own accounts. Such charges were felt heavily by people because they did not want to compensate for withdrawing their own money, and rightfully so. The absence of these recurring charges in the case of Bitcoins has made them increasingly popular among the masses now.
Now that we have understood why it is preferable to use Bitcoins and how to transact with them let us discuss how to go about selling bitcoins.
In case you don’t know, a lot of people who are into Bitcoins practice the Buy and Hold approach. This typically involves buying Bitcoins when the prices are low and selling them when the prices rise. This results in the seller earning profits from the sale.
If you are new to Bitcoins and are not sure about the selling process, this guide will help you.
Your guide to selling Bitcoins:
- Set up an exchange account– the first step toward turning your crypto money into hard cash is setting up an exchange account. These are middlemen who sell your Bitcoin for you. There are certain rules regarding these exchange accounts, and these might require you to submit certain IDs for verification purposes. These rules largely depend upon which country you are from.
- Transfer your bitcoins into the exchange account– you need to transfer your money into the exchange account from your wallet and keep it ready for sale. Choose a safe and authentic wallet as well as an exchange account for your money to avoid losing it to fraudsters.
- Make a sell order– once you have set up an exchange account, linked your account to it, and transferred your money to your account, you are almost ready to sell your bitcoin. Now simply place a selling order by choosing the sell option in your account. If there is a holding period, you will have to wait for it to be over for the transaction to take place. However, you can make as many sales as you wish during the holding period.
- Collect your money– as soon as the holding period is over and the transaction is complete, you can collect your money and spend it or save it the way you want to.
Buying and selling Bitcoins is really easy, and the availability of trading apps has made it even easier. You can use the Bitcoin Era for easy use. It is one of the most trusted applications, so use it for yourself and see how you like it.