Looking To Trade? Here’s you can sell Your Bitcoins Online securely and effectively
What’s the point of having bitcoins if you can’t use them right? You should be able to sell or exchange your bitcoins online securely and effectively, much in the same way you would handle your actual money.
You can decide to sell or exchange your bitcoins online or in person but in this age of convenience, online trading is more popular. So if you are registered with bitwallet and you would like to conduct a bitwallet bitcoin exchange or sell bitcoins on bitwallet, there are certain basic things you need to do and know.
There are three options…
First things first: you will need to access your bitwallet bitcoin wallet in order to access them for trading on bitwallet. Once that is done, you can go about your bitwallet bitcoin exchange or sale in three ways.
Direct trade
Online trade
Peer to peer trading
Shall we have a look?
First off, direct trading. This happens across websites designed to facilitate trading. You will need to register as a seller then post your offer. You will get alerts when you have interest from buyers. This may take some time so please be patient.
Next, we have the exchange trades. Here you register with an online exchange but without the process of arranging the actual sale. This is because the exchange site will act as middleman to help you find buyers for your bitcoins. Once you place the sell order with all the details of the sale, the exchange will find someone with a matching buy order, complete the transaction and credit your account.
Finally, there is peer to peer trading. This is a rather new development brought about by new trading sites. These sites bring together two groups of traders: one group that wants to use bitcoin in sites that do not yet accept them directly, and another than want to buy bitcoin using credit or debit cards. The trading marketplace then matches the needs of individual groups.
One mandatory requirement
While users can conduct many transactions on these platforms, for instance with bitwallet – buy bitcoins or do a bitcoin exchange, they must meet certain requirements. One of the most important is that the seller is required to provide proof of identity more than the buyer.
Most of these sites preemptively collect data about the users because they are required to record who it is that use their platforms. It would be therefore be much easier for you simply to go through the verification process when you are joining the site so you can be able to trade freely.
How the money moves
In order to carry out your transactions, your bitcoin will be moving around in three main ways:
- International wire transfer – This is just like other currencies. Most bitcoin markets support this.
- Single European Payments Area (SEPA) – This system allows you to transfer money to your bank after selling bitcoin.
- Third-party payment processing – These services are currently dwindling.