An Easy Step by Step Tutorial for Beginners
There are lots of different ways to sell crypto. You can start an account at a trusted exchange like CEX.
You can also sell in the physical world with a Bitcoin ATM.
But one of the cheapest, fastest, most secure ways is p2p or Peer to Peer, which is doing a private trade with another individual. Some additional benefits: a buyer can use any payment method and you don’t have to fill out lots of paperwork or worry about bureaucracy. Although slightly different, it is worth it to mention the phrase OTC or Over-The-Counter. This is a phrase used to describe a system for very high-value trades outside of exchanges. Generally, the parties involved are high net worth traders and organizations.
Since 2012, LocalBitcoins.com has been a trusted intermediary. It is the biggest p2p crypto exchange on the internet.
It allows people to offer a sale of crypto (Bitcoin) at a specific rate under their specified terms for a 1 percent transaction fee. Potential buyers can search those ads in their local currency. You can even meet in person if you feel more secure, (although it is not recommended because people can physically harm you in real life).
The way LocalBitcoins protects users is by storing the proposed sale of crypto (from the seller) in an escrow account that they control.
Once the seller receives payment, the crypto is released to the buyer’s account. Since 2012 LocalBitcoins has acted as a trusted intermediary, but you must trust them to do this transaction.
If you have any problems you can contact their support.
Either way, it is always good to start out all trading with a low-value trade until you get used to the platform.
- The first step is to sign up at LocalBitcoins.com
2. Stay secure by enabling 2-factor authentication.
3. Deposit BTC to your LocalBitcoins wallet.
4. Create an ad or Search for offers using your preferred currency and payment method. Specify the amount you want to sell (start small).
5. Evaluate the rating and history of the buyer.
6. Understand how to create the terms of the trade by reading this guide.
7. Learn how escrow works in the guide.
Please make sure that you have received the money into your account before releasing the bitcoins. NEVER release Bitcoins before you have received payment. Bitcoin transactions are irreversible, once you send the Bitcoins to the buyer there no way to get them back, even if the buyers payment doesn’t show up.
Once you have confirmed that the payment has been made you can scroll down the page and select Release Bitcoins. This will send the Bitcoins from the trade escrow to the buyer and complete the trade.
Congrats! You have just learned how to sell crypto outside of the use of banks, governments, and other annoying organizations. Doesn’t it give you a sense of freedom? Now you’re starting to understand why we love crypto so much!
On youtube.com/c/coinyou you will see me doing a screencast tour of LocalBitcoins guide. Remember, everytime you trade crypto using the CoinYou link, you support our mission to teach crypto to the unbanked, learn more at CoinYou.co/mission