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Posted on Aug 27, 2016 in Financial

Aspects to keep in mind when transforming bitcoin to cash

In case you might not know, it is not as straightforward to sell bitcoins, as it is to buy them, because the majority of people prefer to use them to buy different products and services from online stores that allow using this type of currency, and not to transform them to cash. But, in case you want to do this, it is possible, you only have to follow some tips offered by financial experts, who have the required knowledge for offering you advice. If you want to sell bitcoin for cash you should read the following article because it offers you all the information you need. The first aspect you have to decide is if you want to sell your bitcoins online, or if you want to sell them in person, because every one of the options has its own advantages, and you have to choose the one suited for you.

Sell bitcoin online

This option is the most common one, because people consider it more comfortable. You can choose from three different ways, when it comes to selling bitcoins. The first one implies a direct trade, which is facilitated by a platform, which acts as an intermediary. You would have to register as a seller on it, and the website would verify your identity, before allowing you to post your offer. However, the trade would be made directly with another person, so you establish the conditions of the trade. The second option is made through a website, which exchanges your bitcoins into a currency you prefer, and when a buyer is interested in your offer, it automatically completes the transfer, and you receive the money in your account. The third option implies using a peer-to-peer trading marketplace, and you would sell your bitcoins at a discounted price to a person who is interested in buying from an online store, which allows purchasing only with the help of this currency.

Sell bitcoin in person

In case you do not want to stress yourself with registering on a platform, which might be an overwhelming process sometimes, when you have to confirm your identity, you have the possibility to sell the bitcoins in person. This process implies scanning a QR code on the phone of the buyer, and accepting the cash in hand. The first step would be to ask your family and friends if they are interested in buying bitcoins, because they might intend to buy from online stores, which accept payment with this currency and they might not share it with you, because they do not know that you have a large amount available. In this way, they would not have to pay the fee to the marketplace, and you would find a buyer easier than you might think. However, you have to be aware of some things when you sell bitcoin in person, because you have to be sure that you determine the correct price for your bitcoins. Make sure to check the price for that particular day, and pay attention to local fluctuations in prices, because the buyer is always informed, and if you ask a higher sum than the one from the market, they would not seal the deal.