This website tells you everything you need to know about how to buy bitcoin.
What about the other side of the coin: how to sell bitcoin?
The exchanges you’ll discover through this site are the obvious answer but there are other methods.
Even more important than the particular method of sale, deciding the proper asking price for your bitcoins ensures a profitable and successful exchange.
This guide will cover all these topics in detail.
Coinbase is a prominent and feature-rich exchanges which allow you to sell Bitcoins for USD.
Coinbase Pro also caters to Americans. It has high volume and advanced trading features. Ensure that you read the respective documentation for all these exchanges for further information on trading limits and terms.
All major decentralized services are available in the US, although LocalBitcoins and BitQuick don’t operate in the state of New York due to the BitLicense legislation.
The big American exchanges, Coinbase and Coinbase Pro, are also available in Canada for purposes of selling Bitcoin for Canadian dollars. Coinberry is also a great choice to sell your Bitcoins in Canada.
All major decentralized services are available in Canada.
If you intend to do many such cash trades, you might want to invest in an ultra-violet counterfeit bill detector. Also, if your buyer indicates any intention of using purchased bitcoins for illegal activities, cancel the trade immediately.
Perhaps the most well-known “decentralised” exchange, LocalBitcoins facilitates both online and in-person trades. However, LocalBitcoins was forced to finally forced to submit to KYC and AML regs and verify the identity of its users the moment they transacted more than €1,000 worth of crypto. Therefore, LocalBitcoins cannot technically be called a “decentralized exchange” any longer.
Here is a view of their different verification tiers
For selling Bitcoin online, up to 70 different payment methods may be requested (depending on your location), including traditional options such as bank transfer, PayPal, Western Union and so on.
You can also use a decentralized online exchange like bisq.
Because it is decentralized, using Bisq is a little bit different than a traditional exchange. It is similar to using Napster or Limewire - There is no website to go and log in to. Instead, you must download the Bisq client.
This creates your own node on the peer-to-peer Bisq network. Once you have the software downloaded, no one - not even Bisq - can prevent you from trading on the network because you are running the exchange locally on your machine.
Once you node is up an running, you will be given a recovery phrase to recover your node if your machine dies. This is because any coins you have “on deposit” are actually just stored in a hot wallet on your local machine.
Don't worry: you don't need to keep all the funds you want to trade in the local hot wallet. Bisq just asks you to lockup a small percentage of your desired trade as a way to prevent spam and fraudsters from using the network.
Here is what the bisq exchange user interface looks like:
As you can see, it is a very clean and simple interface.
If you want to learn more about Bisq and how it works, as well as some of the new functionality recently added to the platform, Unhashed Podcast did an interview with one of their lead developers if you want to understand better how a truly decentralized exchange can work.
HodlHodl is another decentralized exchange option. They work a little bit differently than Bisq, though. With HodlHodl, you do create an online account with the exchange. However, the exchange is not custodial. HodlHodl never takes possession of your funds, protecting you from exchange hacks and exempting HodlHodl from having to collect information about you that limits your privacy.
We think (collecting this data) does more harm (than good) by exposing law-abiding users to fraudsters and criminals. The information and documents users upload to exchanges has been stolen many times in the past. It also does very little to prevent actual money laundering and criminals from using those services. They always find ways.
HodlHodl also recently open-sourced their exchange source code so anyone who wants to can copy it and start their own version. It is currently permissioned, however, meaning you have to ask HodlHodl to give you the source code.
BitQuick is also considered to be fairly decentralised; this service escrows the seller’s bitcoins until the buyer’s in-bank deposit (to the seller’s account) is confirmed by the bank.
For individuals who know and trust each other, such as family, friends and business colleagues, there’s no compelling reason to use any go-between service.
The private sale method has several advantages; no fees, convenience and, depending on the level of trust and familiarity, the highest security.
A good way to meet potential buyers for private sale purposes is to attend Bitcoin meetings or conferences in your area.
Certain Bitcoin ATMs around the world enable you to sell as well as buy bitcoins. Check out our Bitcoin ATM Map for locations. To list only ATMs which buy Bitcoin, ensure that the checkbox marked “crypto -> fiat” is ticked and disable the “fiat -> crypto” box.
Clicking the location markers provides detail on specific ATMs, including basic information such as address, operating hours, fees, limits and the type of ATM. The “read more ->” link should provide contact details for the ATM’s owner should you require any further information. It’s best to enquire in advance as to what form of identification is required to use a Bitcoin ATM; some have rather invasive information requirements, such as fingerprint or ID book scans.
To view all the available sale venues in your location, obviously excluding the private sale method, consult the Buy Bitcoin Worldwide “Find a Bitcoin Exchange” page.
In person exchanges such as LocalBitcoins is available (almost) globally.
Larger exchanges, such as Coinbase, span several countries or entire regions. Smaller, local exchanges exist in most nations with a significant Bitcoin user-base.
Here are some specific recommendations for the English-speaking world: