How to sell Bitcoin?

Sell Bitcoin in minutes:

1. Signup on wazirX [wazirx dot com/ invite/ t944mj65 (remove dot with actual and remove the space b/w them)]
2. connect bank account
3. Tap the sell button and follow the instructions.

Overview of the two main options for selling bitcoin
Your two main options for selling bitcoin into local currency are:

1. Using an exchange service

A regulated business that interacts with the traditional banking system is an exchange service. A cryptocurrency exchange can be as simple as a website with limited exchange capabilities, a digital wallet with banking links, or a full-service cryptocurrency exchange with order book, market makers, and other features.

1. Selling Peer-to_Peer

When selling peer-to-peer, you can avoid the traditional banking system to some extent by accepting cash, using a payment tool such as PayPal, or paying the transaction with goods or services. You can purchase bitcoin directly from someone you know who wants to sell it. Alternatively, a number of platforms function as matchmakers, assisting sellers in finding buyers and vice versa. Buyers and sellers then negotiate trades on a peer-to-peer basis.

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.

1. Simple exchange services

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

1. Full-service cryptocurrency exchanges

Advantages

Can set 'limit' sells, thereby guaranteeing your specified rate
Can sell any amount

Disadvantages

Not available in all regions
Requires identity verification
Payments made to bank accounts only
Custodial (the exchange holds your bitcoin, not you)
Relatively difficult to use (for example, requires setting sell orders and understanding order books)

Selling bitcoin peer-to-peer:

Advantages

Identity verification is often not required
Any payment method is possible (including cash, payment app, barter, etc.)

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?

You're dealing with a regulated company when you sell bitcoin through an exchange provider. Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements must be followed by such businesses. Customer information, such as identity documents and, in some cases, proof of address, must be collected and stored under these requirements.

What are the fees for selling bitcoin?

Selling bitcoin fees are determined by the payment method and platform/venue used. If you're selling bitcoin directly to a friend and paying cash, for example, you'll simply have to consider the 'network charge' for transmitting bitcoin from your digital wallet to your friend's digital wallet.

Selling bitcoin on a cryptocurrency exchange.

You'll need to register an account, verify your identification, and link your bank account with this technique. You can withdraw your bitcoin into your bank account after selling it for local money.

Selling bitcoin peer-to-peer.

A number of platforms make bitcoin and other digital assets trading easier by providing 1) a place for buyers and sellers to publish their buy and sell orders, and 2) an escrow and dispute resolution service.

Because these platforms primarily serve to connect people, they aren't officially recognised as exchanges or "money transmitters" in many jurisdictions, thus you may not be required to reveal your name in order to use them. P2P services can thus be an appealing method of obtaining bitcoin for privacy-conscious purchasers. As a result, such marketplaces usually have plenty of buyers.

It's crucial to consider your local regulations while selling bitcoin peer-to-peer. You may find yourself on the wrong side of the law in many regions if you sell above a set daily and/or yearly limit.

The process for selling bitcoin using a P2P platform is typically as follows:

Create a listing for the quantity of bitcoin you want to sell or explore the listings of people wishing to buy bitcoin.
Begin a transaction. This secures the bitcoin you're selling in an escrow account.
Verify that the agreed-upon payment amount was received using the agreed-upon payment method. It's worth noting that this could even include meeting the buyer and taking cash in person. The site will release your bitcoin to the buyer's wallet once you've confirmed payment.