Bitcoins are becoming increasingly valuable, which means that individuals who have held on to theirs for a long time often want to cash in on its value. Just like with any valuable currency, the way that you sell your Bitcoins will affect the amount of money you receive on them. Here’s how you can make money selling Bitcoins without too much headache.
- Set up an account on a site that is specially devoted to the trading of Bitcoin and other online currencies. There are many sites that are focused on Bitcoin trading. As a beginner seller, it’s smart to go for a Bitcoin buy/sell site that has a Bitcoin escrow account in order to reduce the chance of being fleeced. You also may have good luck on Bitcoin exchange sites. More advanced users, as well as users who want to meet clients in person and receive cash, should look at Local Bitcoin trade groups. (Note: Local Bitcoin trade groups can be hard to break into as a first time seller.)
- Choose payment methods that keep you at a low risk of rip-offs. New sellers would be smart to avoid Paypal, checks, as well as other payment methods that can put you at risk for being defrauded of Bitcoins or having your identity stolen. Credit cards, MoneyPak, and money transfers are all preferable.
- Start posting ads for your Bitcoins for sale on the sites that you choose to sell them on. You won’t make any money if you don’t post ads declaring that you have a Bitcoin or two for sale. As a first time seller, it will be hard to get business on many of the bigger Bitcoin trading sites, mainly due to the fact that buyers are (rightfully) wary of people who sell counterfeit Bitcoins. However, once you get those first couple of reviews, buyers will have no problem trusting you. Still, for the sake of getting a decent price on the Bitcoins that you have, and for the sake of speeding up the process of actually getting a buyer, it’s best to go on a highly secure Bitcoin auction or sales site.
- Once you receive a good bid, or once you get a buyer to agree on the price, do the transaction. You will need to accept payment to your account, then transfer the customer the Bitcoin. In many cases, that exchange will take a matter of seconds. You will be able to spend the money you received on more Bitcoins, or on goods from a normal store within 10 minutes.
- After the transaction is complete, check out the review your buyer left you. If you’re a new seller, remind your first buyer to leave a good review about you. It will make future Bitcoin sales endeavors a lot easier, and also will make you feel good about the whole experience, too.
Really, buying and selling Bitcoins is a lot like trading any other kind of currency. As long as you know what you’re doing, you will be able to make money off of it in no time flat.