Although Binance and Coinbase are still the most popular methods of buying Bitcoin, they’re not the only way. Here are some other methods Bitcoin owners use.
Bitcoin ATMs act like in-person Bitcoin exchanges. Individuals can use a machine to insert cash and then purchase Bitcoin. The money is then transferred to their digital wallet. Bitcoin ATMs have become increasingly popular in recent years; Coin ATM radars can help to track down the closest machines.
Peer-to-peer exchanges (P2P) provide a direct connection between users, unlike decentralized exchanges that match buyers and sellers anonymously. LocalBitcoins is an example of such an exchange. Users can create an account and post requests to purchase or sell Bitcoin. They can also find information about payment methods, prices, and other details. The user can then search through the listings for buy and sell opportunities, selecting the trade partners they want to transact with.
LocalBitcoins facilitates certain aspects of the trade. Although P2P exchanges don’t offer the same anonymity and security as decentralized ones, they give users the ability to shop around for the best deals. Many exchanges offer rating systems that allow users to assess potential trade partners before they transact.
How to sell Bitcoin
You can also sell Bitcoin at the exact same places you bought it, such as on cryptocurrency exchanges or peer-to-peer platforms. The process of selling Bitcoin through these platforms is usually the same as the one used to buy the cryptocurrency.
To sell the cryptocurrency, you might only need to click a button to specify the order type. This means that the seller can choose whether to sell the cryptocurrency immediately at the best price or if it should be sold to limit loss.
The offering price of Bitcoin can vary depending on market conditions and the demand at the venue. South Korean exchanges traded Bitcoin at a premium for kimchi during the 2018 price rise.
As fees, cryptocurrency exchanges take a percentage from the total amount of crypto sales. Coinbase, for example, charges fees of 1.49% on the total transaction amount
There are usually daily and monthly withdrawal limits for exchanges. Cash from large sales may not immediately be available to traders.