A lot of arguments and opinions have been Revolving around the question if Bitcoin can be sold or not. If you are a Crypto enthusiast you must be knowing that Bitcoins can be bought or more appropriately, mined. Mining Bitcoin means to solve complex mathematical problems or code on a blockchain platform which is often a tedious task.
At the least, for mining Bitcoin the user needs to have sophisticated and specialised hardwares as well as softwares to carry out the process; besides having to use a hefty amount of electricity to run the system. Now that you have bought/mined Bitcoins, can you sell it?
Can Bitcoin be sold?
Bitcoin as the world's most intriguing cryptocurrency has encountered several questions regarding it's sale. Individuals with a considerable idea of what Bitcoin is, know that it can be transferred. How can that be done?
- Setting up an account
Setting up an exchange account is an automated yet easy way to exchange Bitcoin on an exchange base. These exchange bases are platforms where Bitcoins can be traded as a decentralized cryptocurrency. Bitcoin trading has now become the most popular and stable trade, generally taking place via Bitcoin apps and softwares like Immediate Edge.
The exchange account functions as a wallet which gets connected to your bank wallet. This is required to complete the exchange or the trading process. Bitcoin can be exchanged with real cash with very less difficulty.
- Transferring Bitcoin to wallets
Following the previous step on setting up an exchange account, you now have Bitcoin stored in your trading wallet. This is a protected wallet where your Bitcoin is kept safely and can be exchanged on any other trading app. This is what most of the Bitcoin users do. They exchange their currency to an exchange account where it is stored and can be sold later.
- Placing an order to sell
Once the trading wallet is set up the users bank account is linked with the trading app. The stored Bitcoin in the trading app wallet can now be initiated for a sale. One thing that you have to remember while placing a sale order is to update the app's version to make the process simpler and secure.
- Selecting the domain for sale
This is in line with the above steps that you need to follow to sell Bitcoin. On the Bitcoin trading app the user has to select where the money has to be deposited. Once your bank account is connected with the trading app wallet, transferring Bitcoin or selling it becomes straight forward.
Before the sale is completed you will have a half time in which you can earn as many sales as you want. But the user must keep in mind that none of the sale can be completed before the half time expires.
- Planning the trading time
To plan the perfect time for trading Bitcoin it is advisable that you take recommendations from someone who has already done it. There are different plants based on the amount of Bitcoin that you desire to to trade.
Of late, Bitcoin as the most traded and sold cryptocurrency has been encountering fluctuations and rectification in its value. With the recent changes in how trading takes place, you need to do a thorough research to find out the perfect trading hour.
- Alternatives
Now that you know that selling Bitcoin is basically trading it on trading platforms, you must remember that straightforward trades are the safest options. You would need to inscribe which means you have to verify your personal identification throughout all the trading processes. The foremost thing you must remember before planning a selling time is to set up a wallet and get it linked with your bank account.
Conclusion:
Selling Bitcoin is basically initiating trades between a trading platform and another platform that accepts the exchange in cash. This means that the exchange takes place among traders and buyers. Therefore selling Bitcoin is quite possible.
