Introduction
The global geopolitical and economic scenario is getting more dire with every new day, and even some institutional personalities of the financial world, like Bill Miller, have recently come out to say that bitcoin is an “insurance policy against financial disaster.” To understand why that might be the case, take some time to read our Bitcoin guide.
If you bought bitcoin in the past, there are different reasons why you may want to sell it. You may be a trader who wants to get some profits or a pleb who needs the financial boost and has no other option than selling some of your stack. Whatever your reason, we will present to you five different ways to sell your bitcoin.
The selling process is often simply the reverse of the buying method and should be relatively easy to manage. However, before we explore how to sell bitcoin, there are a few considerations to take into account.
Key considerations before you sell
- Fees to trade bitcoin might be a considerable hurdle, and you should always consider this implication when you decide to sell your bitcoin. If your bitcoin is sitting in the same exchange you bought it, you should review their commissions, as they may have changed over time. Remember, a mining fee is also automatically charged by the Bitcoin network itself (not your exchange) and cannot be avoided when sending bitcoin from one address to another. Mining fees contribute to the network’s efficiency by paying miners for their work.
Especially during low trading periods, for example, when bitcoin price is moving sideways and volatility is low, some exchanges tend to offer zero-fee trading promotions to encourage more traffic and generate more liquidity.
- If your exchange fees are too high, consider sending your bitcoin to a more convenient service that offers more competitive rates. Usually, withdrawing your fiat currency to your bank account is free or comes with a small commission; however, it’s always worth checking the service provider…
