A variety of platforms facilitate the trading of bitcoin and other digital assets by offering 1 a venue for buyers and sellers to post their buy and sell orders, and 2 an escrow and dispute resolution service. Since these platforms principally help people find each other, in many jurisdictions they aren't technically classified as exchanges or 'money transmitters,' so in some cases they don't require you to reveal your identity in order to use them.
For privacy-conscious buyers, therefore, P2P platforms can be an attractive method for obtaining bitcoin. This means that such platforms typically have no shortage of buyers. When selling bitcoin peer-to-peer, it's important to consider the laws in your region. The process for selling bitcoin using a P2P platform is typically as follows:.
Choose from Bitcoin, Bitcoin Cash, Ethereum, and more. More Get Started articles. How do I receive bitcoin? How do I buy bitcoin? How do I send bitcoin? How do I keep my cryptoassets safe? How do crypto exchanges operate? To receive bitcoin, simply provide the sender with your Bitcoin address, which you can find in your Bitcoin wallet.
Learn how to get your first bitcoin in minutes. Sending bitcoin is as easy as choosing the amount to send and deciding where it goes. Make sure your cryptoassets are safe with these simple tips. How safe is it to store your crypto on centralized exchanges? Everything you need to buy, sell, trade, and invest your Bitcoin and cryptocurrency securely. How to sell bitcoin Get setup to sell bitcoin in minutes 1.
Table of Contents Overview of the two main options for selling bitcoin Pros and cons Why do I need to verify my identity to sell bitcoin? What are the fees for selling bitcoin? Selling bitcoin using an exchange service Selling bitcoin with the Bitcoin. Overview of the two main options for selling bitcoin Your two main options for selling bitcoin into local currency are: Using an exchange service An exchange service is a regulated business that interacts with the traditional banking system.
Selling peer-to-peer When you sell peer-to-peer, you can bypass the traditional banking system to a certain extent by, for example, taking payment in cash, using a payment app like PayPal, or settling the transaction with goods or services. Pros and cons Here's a rundown of the pros and cons for each option: Selling bitcoin using an exchange service Exchange services can be divided into two groups: 1 simple exchange, and 2 full-service exchange.
Simple exchange services eg. Advantages Fast, easy, and convenient Guaranteed at or close-to market rates for sells Can sell any amount Disadvantages Requires identity verification Not available in all regions Payments made to bank accounts only Full-service cryptocurrency exchanges eg. Disadvantages Less convenient you must manually create and negotiate sell orders Generally only legal to sell small amounts Why do I need to verify my identity to sell bitcoin?
Selling bitcoin using an exchange service Bitcoin. If you haven't done so already, follow the instructions to connect your bank account. Select the amount you'd like to sell. You can input the amount in either local currency terms or bitcoin terms. Confirm the transaction. Selling bitcoin on our website With this method, you'll need to create an account, verify your identity and connect your bank account, then send the bitcoin BTC you'd like to sell to a specified Bitcoin address.
Here's how it works: Visit our official Sell Bitcoin page Select bitcoin BTC Choose the currency you'd like to receive and enter the amount either in local currency terms or bitcoin terms Carefully review the order, then add your wallet address and click Continue The wallet address you provide will be used as the return address in the very unlikely event the transaction doesn't go through Complete the sale process by entering your bank details and sending your bitcoin to the address we provide Note: it typically takes between working days to receive the funds in your bank account.
Selling bitcoin on a cryptocurrency exchange With this method, you'll need to create an account, verify your identity, and connect your bank account. The typical flow is as follows: Visit a cryptocurrency exchange, like the Bitcoin. Create an account and verify your identity as required.
Withdraw the funds to your bank account. Selling bitcoin peer-to-peer A variety of platforms facilitate the trading of bitcoin and other digital assets by offering 1 a venue for buyers and sellers to post their buy and sell orders, and 2 an escrow and dispute resolution service.
The process for selling bitcoin using a P2P platform is typically as follows: Either create a listing for the amount of bitcoin you'd like to sell or browse through the listings of people looking to buy. BitPrime is another New Zealand-based cryptocurrency broker acting as a middleman between customers in New Zealand and international exchanges.
You can learn more about this company by reading o ur BitPrime review. BitPrime lists 99 coins for customers to buy or sell. All prices are quoted in New Zealand dollars and inclusive of all fees. Depending on the coin and size of the order, the quotation could be generated automatically or manually. When initiating the transaction, make sure you send the right coins and amount, factoring in the network fees. Once you transfer the coins, send an email to BitPrime with the blockchain transaction ID.
BitPrime will proceed with transferring NZD to your bank account when the blockchain confirms the transaction. All bank transfers are processed at 5 pm on weekdays. To learn more about selling cryptocurrency via BitPrime, check their how to sell cryptocurrency through this BitPrime guide.
Sell your Bitcoin for cryptocurrencies or stablecoins. Using exchanges like Coinbase , Kraken , Binance and Bitstamp , you can exchange Bitcoin for hundreds of other tokens. The primary advantage of taking this approach is lower transaction fees. For example, Binance charges just a 0. Stablecoins are useful for minimising your exposure to cryptocurrency price volatility.
Most stablecoins are denominated in US dollars. Sell your cryptocurrencies via peer-to-peer directory. You can sell Bitcoin on classified marketplace platforms dedicated to handling cryptocurrency transactions between individuals. The most popular peer-to-peer marketplace for selling Bitcoin is LocalBitcoins.
How does LocalBitcoins work? As a seller, you can create a listing, which buyers can respond to, or you can answer buyer requests. When selling on LocalBitcoins, you deposit your Bitcoin to a wallet the platform hosts. When you enter into trades with buyers, your BTC will be taken from your wallet and held in escrow. LocalBitcoins lets you see the reputation of buyers based on ratings and the number of transactions conducted. When setting up an ad, the platform lets you set prices and minimum and maximum transaction limits.
When selling on LocalBitcoins, you can choose a payment method that suits you. For example, you can choose local bank transfer, cash, PayPal or other methods. However, you should keep in mind that buyers can perform chargeback fraud once they receive your Bitcoins , and payment methods like PayPal have a reputation for siding with the buyer over the seller. Other options to consider. Sell cryptocurrency via a Bitcoin ATM. Bitcoin ATMs allow you to buy and sell Bitcoin; some machines even support other cryptocurrencies too.
Prepaid debit card connected to a crypto wallet. A handful of decentralised finance companies offer prepaid debit cards connected to a payment account loaded with cryptocurrencies, similar to Wise. Companies like Wirex MasterCard and Crypto. You can use your debit cards to withdraw cash at any ATM or pay at any point of sale terminal. Spend your Bitcoin in New Zealand. Instead of selling your Bitcoin, another method to unlock its value is to use your crypto to cover payments.
Numerous restaurants, tradespeople, stores and services accept payment in Bitcoin. This list from EasyCrypto has the latest merchants. Know This: Taxation on selling cryptocurrency in New Zealand. As New Zealand does not tax capital gains, cryptocurrency-related income is taxed as income.
There are some exemptions to paying tax on cryptocurrency profits, notably when categorised as capital gains. You should check with a tax advisor experienced in dealing with crypto-assets to determine whether you should pay tax or not. The Inland Revenue Department urges crypto-asset users to maintain detailed records of their transactions and keep them for at least seven years. The Inland Revenue Department has written a detailed guide concerning taxes on crypto assets.
Frequently Asked Questions.
A public key is a large numerical value that is used to encrypt data. In such wallets, once you install them on your desktop, you will get your crypto address and own private key. Your cryptocurrency assets are safe if your private key is safe. Similar to desktop app, mobile platforms can also store Bitcoin and other cryptocurrencies via e-wallet app and manage your crypto portfolio. Several leading wallets have their mobile app Android and IOS devices , which makes them mobile crypto wallets.
Users can also use apple pay to buy bitcoin. These hot crypto wallets make crypto transactions more accessible and easy. Crypto users can exchange or transfer their crypto money via mobile wallets app and make transactions on the go. Web wallets have a limited period yet needful usability. These hot digital wallets run in the form of web apps on browser programs. They help in storing crypto money on the internet in a secure web domain. Web wallets can be used on desktop as well as mobile devices except for Chrome extension.
Furthermore, they can be installed as plugins on web browser apps of smartphones and personal computers. Cold crypto wallets store cryptocurrencies in offline storage ultra secure stored offline only. These storages are not connected to the internet. Therefore, they can be accessed and controlled at a given period. These restrictions make cold crypto wallet more safe place for storing digital money.
Unlike hot storage crypto wallets, this wallets have a low vulnerability to online threats and cyber thefts of cryptocurrencies other digital currencies. Non-custodial wallets are called hosted wallets or self-hosted wallets. In hosted crypto wallet, the user retains the sole custody of the private key. Here, in this wallet third party keeps your crypto for you. As a result, the non-custodial wallets can solely be controlled by the user as hosted wallets.
Decentralized crypto wallet are the newest addition to the type of crypto wallets. These wallets enable the user to hold private keys some kind of data that used to authorise outgoing transactions and control access to their digital money.
But you lose access to your digital money, if you lose your private keys or seed phrase. Due to the decentralized nature of these wallets, the user has complete control over buy and sell cryptocurrency from anywhere on the planet. For most people, decentralized bitcoin wallets are considered anonymous.
What to Look for in Crypto Wallets? Before selecting the right wallet for managing your digital wealth, it is essential to consider two critical factors. Security and wallet utility are the deciding factors for choosing the best bitcoin wallets for your business or use case. But, what sort of security features or wallet utilities should we look for?
The major game-changer for most crypto wallets has been the greater security features. Every year, wallet upgrade their security measures to curb all kinds of online and offline thefts. Best bitcoin wallets with offline storage, cold storages are more secure than hot storage crypto wallet.
Moreover, best bitcoin wallet developed with robust blockchain mechanisms can store in a safe place and transfer crypto funds securely. Therefore, cold wallets like paper wallet are more secure than hot storage wallets, which is a significant consideration when selecting the most secure wallet.
When it comes to utility, hot wallets are more practical and user-friendly than cold wallets. A hot software wallet can get more things done than a hard hardware wallets. Due to online accessibility, hot wallets are far more helpful than cold wallets. Similarly, using physical wallet can be improved to make it as applicable as software wallets. These wallets usually come in the form of a USB stick. And in this wallet thumb drive use for stores the private keys to your crypto offline.
A thumb drive, also called a USB drive or flash drive. With the help of these two factors, it is easy to select the best crypto wallets for managing your digital funds. We are here to find the excellent wallets for or we can also say digital wallet service provider. And, here are the top cryptocurrency wallets that have gained popularity for their security and utility in recent years.
Exodus is one of the most popular multi-digital currency wallets in the world and also popular as one of the best BTC wallets for beginners and new investors. As a cross-platform cryptocurrency wallet, Exodus is a strong leader in this list. Exodus wallet is used by people new to the crypto digital currency space. Basically this wallet is best for desktop users. The wallet makes crypto buy and sell crypto process more accessible and understandable to the novice user base.
So, instead of storing crypto, it stores a set of 3 codes — primary keys, seed phrase, and public address. Sign Up Now Pros:. Electrum is considered the first Bitcoin wallet in the crypto market. It is one of the oldest best crypto wallet and offers high-speed and low-resource crypto services. Developed on Python, this openly source wallet helps manage Bitcoin cryptocurrency by using online servers indexed on the BTC blockchain.
MyCelium wallet is a popular Bitcoin wallet. It is available exclusively as a mobile crypto wallet app. User can buy bitcoin very easily. MyCelium works on all mobile platforms also considered as the best bitcoin wallet for mobile users. Since its launch in , MyCelium is actively used as an Android app and iOS app for iOS users by millions of crypto holders worldwide.
Using the Google Authenticator turns on the two factor authentication that adds security to your wallet. Additionally, users can scan any QR code for quick digital currency transactions. User consider suitable best cryptocurrency wallet before buy Bitcoin and MyCelium is the best option. Trezor is a popular digital wallet for cryptocurrencies. Developed by SatoshiLabs, Trezor wallets is one of the pioneering of hardware wallets or we can say physical wallet looks like a USB stick in the world.
It was launched in to make the Trezor ModelT is a premium cryptocurrency wallet Trezor hardware-wallet offered for Bitcoin HODLers and active crypto traders and considered as one of the best BTC wallets for a large number of cryptocurrencies. It provides an LED display for simple interface. One key tip on using the Trezor wallet is choosing a good PIN code. Model T is also the first hardware wallet in the crypto world for implement SLIP39 in wallet for better security facility.
It also key features a microSD card, If the user wants to add encrypted storage directly to the hardware crypto wallet, that can also be possible in this model. One of the best key features of the this model device is the recovery seed phrase.
ZenGo is the multichain best cryptocurrency wallet for everyone. In case you misplace your private keys, you can connect the customer support team to regain access. In software wallets, Exodus cryptocurrency wallet is one of the best option. The Ledger NanoX wallet is used for premium storage services of cryptocurrencies digital currencies and also one of the best BTC wallets among other best physical wallets and give full control of your public and private keys.
It is a hardware-only wallet and developed for securing digital wealth and personal data at the highest level. You can easily transfer your Bitcoins from your exchange to your hardware wallet in a few clicks. To sell BTC, you need to have both the Bitcoin and the Exchange applications installed on your device.
To install these applications, you need to connect your device to a computer or phone and go to the Ledger Live Manager tab. The sell service is operated by our partner Coinify. Open the Exchange application on your device. After verifying the information displayed on your device's screen, you can confirm the operation.
When you own Bitcoin, what really matters is the ownership and the security of your coins. What counts is the key that unlocks the access to your crypto fortune: your private key. The person who has access to this key really owns the associated coins and can do whatever they want with them. When you buy crypto online, on an exchange for instance, you are not in control of this key, the exchange is. A Bitcoin wallet helps you protect and control your private key.
Ledger hardware wallet, combined with our application Ledger Live, is the most popular way to secure your funds while giving you the freedom to manage everything on your own. You can send, receive, buy, sell your Bitcoins without compromising their security. Ledger offers the best security for your crypto - your hardware wallet keeps the keys to your coins offline and secured at all time.
Ledger gives you full control over your crypto - manage, buy, sell your crypto anytime, anywhere with the Ledger Live app and its partners. One place for all your crypto - Ledger hardware wallets are compatible with more than assets. Directly manage your Bitcoin with Ledger Live. Buy crypto, grow your assets and manage your transactions in one single app. More than 5, coins and tokens supported. Bitcoin [BTC] was the first decentralized cryptocurrency, introduced by an unknown person or group of people called « Satoshi Nakamoto » in the famous « Bitcoin: A peer-to-peer Electronic Cash system » whitepaper.
Bitcoin was the first currency that only exists electronically and was released as an open-source software, meaning that anyone can examine the code and participate in the Bitcoin network. There's a large variety of options to sell your bitcoin for fiat currencies.
The most popular one is selling through crypto exchanges, but you can also sell using crypto ATMs to withdraw cash directly. And now you can sell your Bitcoin directly through Ledger Live with our partner Coinify. See the list of compatible assets. You can sell Bitcoin for cash on exchanges or through Ledger Live and move it to your bank account.
You can then withdraw the resulting cash. You'll be able to cash out your Bitcoin only into a bank account that you have already used to buy cryptocurrency.
Selling Bitcoin (BTC) can be similar to buying Bitcoin, except in a somewhat reversed process. To sell BTC, you must first have BTC on hand in your wallet. Here's how to set up a crypto wallet and buy some Bitcoin. Limit Order: Instructs the exchange to buy or sell Bitcoin at a specific price or better. The best way to sell Bitcoin is through a cryptocurrency exchange. your BTC deposit; Paste the address into your external Bitcoin wallet.