Have you heard that Bitcoin has reached $44k? With such a meteoric rise over the years, Bitcoin has quickly become a household name. Mostly seen as a store of value these days, there are still many who rely on Bitcoin as their source of daily money.
Many of these people are unbanked or underbanked and need Bitcoin to survive. This is why you must learn to become self-sovereign.
If you have Bitcoin and would like to swap it for another cryptocurrency or fiat, then this guide is for you. Read below on how and where to sell your bitcoin today.
Bitcoin Wallet Options
When it comes to storing your Bitcoin, you have 2 main options to choose from—hot and cold. When you create a new Bitcoin wallet, you will be provided a public and private key. The public key is what you’ll share when you wish to receive bitcoin, whereas the private keys grant access to your bitcoin.
Once you have a Bitcoin wallet, you can now freely buy, spend, or sell your bitcoin.
It is crucial to keep your private keys safe and sound. Write them down (seed phrase) and store them away from everyone.
A hot Bitcoin wallet is a software-based wallet connected to the internet. Download one to your phone and open up as many Bitcoin “accounts” as you’d like. While they are more convenient, they are also more vulnerable in nature.
A cold Bitcoin wallet is a hardware-based wallet that is offline. They look very similar to a USB stick and are more private and secure.
Where to Sell Your Bitcoin
When it comes to selling bitcoin, you have a few options. Let’s discuss them further in detail below.
If you are performing a Bitcoin trade online, then an exchange is a viable option. There are many exchanges to choose from ranging from centralized to decentralized. The difference is that centralized exchanges require KYC/AML regulations and compliances.
Decide if you’d like to execute a market, stop, or limit order.
A “market order” Bitcoin sale will be executed in seconds and will sell at Bitcoin’s current market price. A “stop order” is when you decide what price you’d like to sell your bitcoin at (which may take longer to execute). A “limit order” tells the exchange to sell your bitcoin at a specific price or better (may take longer than stop orders).
It is important to remember to never store your crypto on an exchange (move it to a wallet self-custodial wallet instead).
Learning how to sell your Bitcoin is easy with a Bitcoin ATM. Enter in the amount for the Bitcoin sale, point your public key (QR code) to the machine, and you’ll have cash in no time.
We recommend visiting bytefederal.com to find a Bitcoin ATM in your area.
Bitcoin Is Here to Stay
It’s safe to say that Bitcoin is here to stay for the long haul. As the grandaddy of cryptocurrency, holding Bitcoin will bode well for you and your family.
We hope our guide has informed you of how and where to sell your bitcoin adequately. For much more Bitcoin and cryptocurrency news, tips, and insights check out our blog.