Storing Bitcoin Cash In The Best Wallet
Bitcoin cash has a high level of liquidity which means that demand is high. This is a highly valuable asset that needs to be kept safely. Negligence on the part of bitcoin cash holders can lead to permanent loss. The increase in the levels of cyber crimes is something all investors should beware of.
There are so many kinds of wallets. Some wallets have top security features while others can be easily hacked. When storing something of high value as bitcoin cash, investors must go for the best kinds of wallets to ensure that their investments are safe and cannot be stolen.
Bitcoin cash can be stored safely in either a software wallet or a hardware wallet. A software wallet is a wallet that requires a pass code to get access. A hardware wallet on the other hand is backed on an external drive. They are both safe ways of storing bitcoin cash so long as precaution is taken.
Software wallets have no external source of recovering a pass code. This means that when an investor loses this pass code, they have lost their investment as well. Unless of course, the pass code is regained. Investors can avoid this by storing their pass code externally so they can access it in case they lose their pass code.
Hardware wallets are great but the storage medium is a drawback. Since storage is via physical drive like a flash drive, damage to the drive can result in loss of access to ones investment. Again, this can be managed if the drive is kept safely and protected from damage.
Can I Sell My Bitcoins With Western Union
Yes, you can sell BTC using Western Union , as multiple exchanges support transfer with this payment method. However, some traders have been scammed through this option, mostly by the exchanges themselves. You need to investigate platforms thoroughly and make sure which are legit to work with, based on user reviews.
You need to be careful when trying to sell crypto using Western Union as multiple users have reported being flagged and having their account banned. Another issue may occur in which WU will ban accounts that have suspicious activity meaning too many transactions all at once.
Estimate The Best Time To Sell Your Bitcoin Cash
Timing is the defining factor for how profitable a bitcoin cash investment can be. Before investing, investors have a time frame in mind for how long the Investment will last. As soon as the time elapses, investors start agitating to make sales as that is the calculated time. However, it is important to reassess the market when the investment time elapses to arrive at the perfect day and time to place a sell order.
Hasty sales have a proven track record of causing the trader loss. This is because the time was not given much consideration hence the execution time was wrong. The trader then has no choice but to make do with the lower amount of cash gotten from the exchange. In extreme cases, after waiting for the investment to mature, the coins are sold at a rate lower than it was bought initially.
These scenarios are disturbing and to avoid such occurrences, estimate the best time to sell your bitcoin cash before selling. These estimates are obtained after thorough analysis of the price changes, liquidity level and a host of other factors. None of this can be done without the necessary tools for analysis. This is one of the reasons why eToro is one of our top recommended brokers. eToro has a wealth of analytical tools, charts and graphs at all traders disposal. Traders can make good use of these tools to decide the best time to part with their investment and yield the most profit.
Bitcoin Cash tools for analysis
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How To Sell Bitcoins Without Risk
Whether you are the owner of Bitcoins and would like to sell some to make a profit or you would like to buy them and sell later, the most convenient way to realize your intentions is to use an online Bitcoin exchange with decent reputation. You can sell Bitcoin with ZERO risk via CEX.IO service. The platform always guarantees the security of your funds and personal information.
At CEX.IO, we understand that working with the financial data is very serious and a single mistake can mean much to the customers. As a result, for you to be able to sell Bitcoins without concerns, we have obtained the internationally recognized security certificates, Level 2 PCI DSS among them. Compliance to these standards means that all the card data of users are thoroughly protected, which eliminates the risk of illegal activities. With CEX.IO, you will easily learn how to sell Bitcoins safely and then withdraw your money to your card or bank account without losing a single cent.
Do I Just Need The Money
Forgive me for leaving the obvious question until last. Sometimes as much as youd like to let your investments ride, you need to tap into them sooner than later. Medical bills, a job layoff any number of things can crop up that require an influx of cash instead of digging deeper into debt. If thats what youre facing, ease up on the guilt, be thankful for this safety net, and know that you dont have to cash in all of it.
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Do I Like The Novelty Of Owning Bitcoin
As an asset class, Bitcoin is a new kid on the block. Each time a speculative bubble occurs, funding drives the evolution of this technology and financial infrastructure. If youre comfortable with risk and got in on the ground floor or during one of Bitcoins previous ebbs in the market you might appreciate watching this cryptocurrency evolve, knowing that youre part of its community.
Two Great Options For Escrowed In
In the past we used to recommend LocalBitcoins for in person trading, however since then the company its local cash ads. Therefor, Paxful is the next best service around.
Paxful buyer/seller matching
Paxful have been running since 2015, and theyve grown to service most countries and regions. Over that time, they have established a reputation for reliability, and they have become well-known as a go-to site for OTC trading.
To buy BTC on Paxful:
A list of sellers will be displayed. If there are none, youll have to wait for one to appear, or consider a different method. The sellers list will display the feedback score for each including their exchange rate.
For a complete demonstration this short video:
Since you can trust Paxful to send the coins to you, theres no reason to wait for multiple confirmations after the seller releases the coins. You can read my Paxful review here.
Mycelium Local Trader
The popular Mycelium mobile wallet includes a feature known as Local Trader. This tool serves as a cash-only matching and escrow service for Bitcoin traders.
Depending on your area, you may find more or fewer sellers on this site than on Paxful.
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Make A Cryptocurrency Account On A Selling Platform
Now that you know which currency you want in exchange for your cryptocurrency, its time to make an account on a platform that lets you sell your BTC.
This is obvious, but you should check to make sure that platform cashes out in the currency you determined in step 1.
The ones below support many different fiat currencies and we like all of them!
- Popular Exchanges
There are tons of platforms to sell Bitcoin on, and the easiest, by far, are exchanges and brokers like Coinbase or Coinmama.
Signing up on Coinbase is really simple – its like making an account on Amazon!
Some methods, like selling to a Bitcoin ATM or to a friend at a Bitcoin meetup wont require an account at all.
If you choose that method, you can skip this step.
How To Withdraw Money To Credit/debit Card Instantly
One of the fastest ways is through PayPal, even though it takes up to an hour for the funds to be processed into your account, it is considered the fastest when it comes to the safest method available. You connect your prepaid or debit card to PayPal and use it to withdraw funds there.
There are some exchanges that do not require verification at all but gives you a very small purchasing limit, as low as $150. You do gain speed through this method should you choose to diversify your selling activities across several platforms.
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Selling Btc By Spending
There are thousands of businesses, around the world, that accept BTC as payment. Mostly because it is a decentralized currency, and relatively new, there are no laws or taxes against them in most regions around the globe, making BTC transactions attractive.
Another way to spend BTC is by going to the deep/dark web, as that is the main source, and for your own safety, the only source of payment. The dark web is known for a ton of illegal activities but some of the processes can be used for legal payments like retrieving stolen credit card numbers to their owners.
How To Sell Bitcoin: What Are My Options
The step-by-step guides above take you through the process of selling Bitcoin on an exchange. However, this is just one of several options available when you want to cash out your Bitcoin, so lets take a closer at what other options you have.
Selling to a cryptocurrency broker
- Why might you choose this option? If youre looking for a convenient and simple way to turn Bitcoin into AUD or another fiat currency.
- Pros: Convenient, quick and easy, allows you to exchange BTC for fiat
- Cons: Transaction fees can sometimes be steep or the rates poor, ID verification process can cause delays
This refers to selling cryptocurrency directly to an exchange at a market price chosen by the exchange. Many cryptocurrency exchanges offer brokerage services, and you’ll often see brokerage services referred to as “instant buy/sell” or “quick sell” options. This is a popular option for anyone looking to sell Bitcoin, because it’s fast and easy to do from the comfort of your couch. The downside is that you may be able to get a better price elsewhere, and you need to make sure the broker is offering you a fair price for your Bitcoin.
Selling through a cryptocurrency exchange market
Selling via a Bitcoin ATM
Selling peer to peer
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Withdrawing Your Funds After The Sale
Even after youve sold your Bitcoin, your transaction hasnt been fully completed. The final step is to withdraw the proceeds of your sale into either your bank account or your cryptocurrency wallet.
If youve sold Bitcoin through a platform that permits AUD withdrawals, check to see what withdrawal methods are supported. Options include:
- Bank transfer
When choosing your withdrawal method, make sure you consider:
- Fees. Many platforms impose a withdrawal fee, and the fee charged usually varies depending on the withdrawal method selected.
- Limits. Are there any minimum or maximum limits on how much you can transfer? How do they differ between withdrawal methods? Can you increase these limits by providing additional verification or ID?
- Processing times. How long will it take for the AUD to arrive in your wallet or bank account? For example, while cash withdrawals are instant, bank transfers can take several days to arrive.
- Any other restrictions. For example, some exchanges will require you to withdraw funds using the same payment method with which you made your deposit.
Once again, check whether there are any limits on the amount of crypto you can withdraw per-transaction or in any 24-hour period. Youll also need to factor any withdrawal fee into the total cost of the transaction.
S Of Withdrawing Your Money
Once youve sold your bitcoin and have some fiat currency in your digital wallet, you might want to withdraw those funds. There are three main options for withdrawing funds from online wallets. However, be aware that the trading platform will have a different withdrawal fee depending on which you choose, so be sure to look at that before deciding on a method.
You might also have to prove your identity with an ID card, drivers license or passport before withdrawing funds. This is a step that most exchanges have to take to follow anti-money laundering laws. It shouldnt take long, but you wont be able to move your money without it.
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What Are The Basic Things That You Need To Consider Before Investing In Any Cryptocurrency
Cryptocurrency is a high-risk/high reward investment. You have to be prepared to accept the risk. There is no governing body, so it can be difficult to resolve issues if bitcoins get stolen or lost. Learn to trade!
Since bitcoin is relatively new, there are still many unknowns and its value being volatile can change daily, significantly. So, invest the money after much understanding and dont invest the money which you need in the short run.
Bitcoin appeals to criminals due to its anonymity and lack of regulation. So, consider the risks involved and the nature of the bitcoin market.
Stay up to date with the crypto scene, the news, and the technology. For trading platforms, just try them after comparing their fees and the terms and conditions of use.
The Ultimate Guide How To Sell Bitcoin Anonymously
As previously explained, Bitcoin transactions are transparent, making it hard to transact coins without exposing your identity. Its even easier to trace your transaction history when you use a KYC-exchange.
Regulated crypto exchanges require identity verification to prevent money laundering and protect your account better. However, KYC is the policy that links your personal life to your crypto assets.
Hence, if you want to sell Bitcoin anonymously, the most important thing is to stay away from exchanges that require KYC.
There are some platforms and methods that provide anonymity for Bitcoin purchases. Continue reading for a closer look at them.
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How Do You Sell Bitcoins
When you feel like its time to trade those precious Bitcoins back to fiat money there are a few things youll need to think about.
First, how do you want to get paid?
Do you want to receive money to your PayPal account? your credit card? your bank account? or maybe you prefer cash?
These considerations will lead you to the second question: Which exchange do you want to use?
Different exchanges provide different payment methods, fees, and exchange rates. Its important to conduct ample market research before choosing the right exchange.
Finally, theres the issue of taxation.
I wont go into detail about this one since its different for each country. Ill just say that its important to know how your country taxes cryptocurrency sales in order to understand if and when to report about the sale to authorities.
Some countries havent come up with clear guidelines, while others have very strict rules. Make sure to consult a CPA in your jurisdiction.
Now that weve got the basics out of the way, let me review the various methods you can use to sell Bitcoins.
Three: Place An Order
When you have chosen an exchange and connected a payment option, you can now buy Bitcoin and other cryptocurrencies. In recent years, cryptocurrency exchanges have slowly become more mainstream. They have grown significantly in terms of liquidity and their breadth of features. The operational changes at cryptocurrency exchanges parallel the change in the perception of cryptocurrencies. An industry that was once thought of as a scam or one with questionable practices is slowly morphing into a legitimate one that has drawn interest from all the big players in the financial services industry.
Now, cryptocurrency exchanges have gotten to a point where they have nearly the same level of features as their stock brokerage counterparts. When you have found an exchange and connected a payment method, you are ready to go.
Crypto exchanges today offer a number of order types and ways to invest. Almost all crypto exchanges offer both market and limit orders and some also offer stop-loss orders. Of the exchanges mentioned above, Kraken offers the most order types. Kraken allows for market, limit, stop-loss, stop-limit, take-profit, and take-profit limit orders.
Aside from a variety of order types, exchanges also offer ways to set up recurring investments, allowing clients to dollar-cost average into their investments of choice. Coinbase, for example, lets users set recurring purchases for every day, week, or month.
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Set Up An Exchange Account
The simplest and most automated way to turn your Bitcoin into hard cash is through an exchange platform. They act as a middleman for the famously decentralized cryptocurrency by selling your Bitcoin for you. Since its one of the most popular and well-established exchanges, we recommend Coinbase. If you would rather choose your own, there are many others to pick from, including popular international options like Bitstamp and Bitfinex.
Signing up for an account at Coinbase is easy, but there are some hoops youll have to jump through. Depending on which country youre in, you will have to comply with different forms of know your customer rules, meaning sending the site certain ID forms. That can take a few days to process. Signing up for Coinbase Pro is also recommended, though not strictly necessary, to give you greater control over your sale.
Once your account is created, link your bank account so that when you have made your trade, you can get cash out with as little hassle as possible.