How to sell Bitcoin

Afraid that Bitcoin could be a bubble? Here's how to sell what you've got

bitcoin

Decided it’s time to get out of the Bitcoin craze or just want to be prepared for when you do? In this guide, we’ll teach you how to sell Bitcoins to make sure that you’re able to walk away when you want to and get what you’re owed in return. Be aware though, that if you decide to sell at the same time as everyone else, you can run into a few problems. Fortunately, we’re here to talk you through them all, so you can make an informed choice about when and where to sell your cryptocurrency.

For those of you who don’t even have your first piece of the Bitcoin pie yet, make sure you read our guide on everything Bitcoin and how to make your first purchase.

Step 1: Setup an exchange account

Selling on Coinbase

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.

Singing up for an account there is easy, but there are some steps you’ll have to jump through. Depending on which country you’re in, you will have to comply with different forms of “Know Your Customer” rules, which may mean sending the site certain forms of ID. That can take a few days to process. Signing up to Coinbase Pro at the same time is also recommendable, though not strictly necessary, to give you greater control over your sale.

Once your account is created, link your bank account to it so that when you have made your trade you can get your cash out with as little hassle as possible.

Step 2: Transfer your Bitcoin to your exchange wallet

Exodus Wallet
Exodus

If you followed our guide on how to buy Bitcoin, you’ll have stored your Bitcoin in a secure — maybe even cold — wallet. To trade on Coinbase, you’ll need to send your Bitcoin to your exchange wallet.

Use your respective wallet’s transfer function to send it over and await several confirmations once it arrives. That may take a couple of hours, or if it’s a particularly busy time, a couple of days.

Step 3: Place a sell order

how to sell bitcoin coinbasepro
Coinbase

With your exchange account set up, your bank account linked, and your Bitcoin deposited on the exchange, it’s time to actually make a sale. To do so, login to your Coinbase or Coinbase Pro account, and head to the trading portion of the exchange. Make sure you’ve selected to sell, rather than buy Bitcoin, and input the amount you want to trade. From there, you can place a “sell order” to sell at the current market rate, or alternatively, place a “limit” order, which will only sell when the price is at a figure you’re happy with.

From there the trade will take place without any further input from you. As long as you are selling at a reasonable price — like the market rate — the trade should happen relatively quickly. Once it does, your Bitcoin will be transferred out of your account and your local currency account will fill up with your chosen fiat currency.

Step 4: Transfer your funds to your bank account

Once you’ve completed the trade, it’s time to get your money off of the exchange. Select “Withdraw” from the menu and choose “bank wire” in the “To” field. Then input the amount you want to send to your bank account. When ready, double check you’ve input all of the correct information and that your bank account is properly linked with your exchange account. Then select “Withdraw” to complete the transaction.

Although there may be a slight delay in sending it, the funds should reach you relatively quickly. And that’s it! You’ve successfully sold your Bitcoin.

Alternative methods

If you’d rather have more of a hand in the actual sale process, direct trades (or peer-to-peer trades) are a possible alternative. You will need to register, which in some cases will mean confirming your identity, so as with all selling methods, we’d recommend getting your account set up well in advance of when you actually want to sell. Once you’re set up though, you can sell your Bitcoins in a much more ‘direct’ manner.

Unlike the exchanges, where the transactions are automated, you’ll need to perform the transaction in direct contact with the buyer. You set up a sell order for a specific value and when someone comes along looking to buy at the agreed upon price, the site will alert you that you can move ahead with the transaction. Once you give it the thumbs up, the buyer pays you, and you then send them the cryptocurrency in return.

The actual method of conducting the payment will very much depend on which platform you make the trade through. Sites like BitQuick keep things exclusively online, utilizing bank account transfers. However, sites like LocalBitcoin or Paxful have far more numerous options, including Moneygram, gift cards, cash in the mail, and even cash in person.

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.

Computing

Microsoft takes up to $330 off of Surface PC bundles in Black Friday promo

'Tis the season for savings at Microsoft. The Surface-maker is offering some nice Black Friday deals on its Surface Pro 6, Go, and Laptop 2 hardware. You'll also find deals on notebooks from HP, Dell, and Lenovo.
Computing

How to change your Gmail password in just a few quick steps

Regularly updating your passwords is a good way to stay secure online, but each site and service has their own way of doing it. Here's a quick guide on how to change your Gmail password in a few short steps.
Web

Be at your most productive with these Slack tips and tricks

Slack is an common means of communication in the workplace, but how do you use some of the app's lesser-known features to get the most out of your experience? Here's what you need to know to stay organized, efficient, and entertained.
Computing

Windows 10 notifications driving you crazy? Here's how to better manage them

Are the notifications on Windows 10 annoying you? Here's our guide on how to turn off notifications in Windows and how to manage alerts so that the important stuff still gets through.
Gaming

The DualShock 4 is one of the best controllers ever, and you can use it with a PC

Sony's new DualShock 4 controller has become a fan favorite, and some people want to use it with a PC. Here's how to connect your DualShock 4 and start using it, either with an official adapter, or unofficial software.
Computing

Over a million veterans now eligible for Comcast’s Internet Essentials program

Comcast's low-cost Internet Essentials program, which provides internet access for just $10 per month, has expanded to include U.S. veterans. One million veterans now qualify for the service.
Computing

An IP address vulnerability took down some Google services for 1 hour

It might have been for just a brief hour, but some of Google's services went down on November 12. Caused by an improper rerouting of IP addresses and traffic away from usual western sources, Spotify and Google Cloud were impacted.
Gaming

How to Install an SSD in a PlayStation 4 or PS4 Pro

SSDs are much faster than mechanical hard drives, which is what the PlayStation 4 and PlayStation 4 Pro come with. Here, we show you how to replace it with an SSD, which will allow you to boot to the OS faster and load games quicker.
Computing

Google’s Squoosh will get an image web-ready with in-browser compression

Google's latest web app development is an image editing and compression tool, Squoosh. In just a few clicks, it can take a huge image and make it much lighter and web-friendly, all in your browser.
Gaming

The best HTC Vive games available today

So you’re considering an HTC Vive, but don't know which games to get? Our list of 25 of the best HTC Vive games will help you out, whether you're into rhythm-based gaming, interstellar dogfights, or something else entirely.
Computing

Should you buy the affordable MacBook Air, or is the MacBook Pro worth the price?

Though they both share Retina Displays and similar keyboards, there are still some specs differences and other changes which distinguish the new 2018 MacBook Air and MacBook Pro. In this guide, we stack the two up against each other.
Computing

Want to save a webpage as a PDF? Just follow these steps

Need to quickly save and share a webpage? The best way is to learn how to save a webpage as a PDF file, as they're fully featured and can handle images and text with ease. Here's how.
Computing

Installing fonts in Windows 10 is quick and easy -- just follow these steps

Want to know how to install fonts in Windows 10? Here's our guide on two easy ways to get the job done, no matter how many you want to add to your existing catalog, plus instructions for deleting fonts in the process.
Computing

After a month of bugs, the Windows 10 October 2018 Update is finally here

After more thoroughly investigating and resolving all bugs and related issues, Microsoft is announcing the Windows 10 October 2018 is again rolling out to consumers starting today, November 13.