Cryptocurrency is a digital currency, it is not physical, and it's electronic money which is exchanged electronically. The first currency of this kind was released in the year 2009 by a person or people using the nick name Satoshi Nakamoto. That currency is Bitcoin, and it's famous today, after its invention other kinds of electronic money have followed. Cryptocurrency has a lot of usage today as it has gained application, and this is what makes it valuable, and useful as money.
People and businesses have embraced it as a medium of exchange for goods and services. In addition to Bitcoin, the other forms of cryptocurrency are Ethereum, Ripple, EOS, Bitcoin cash, Litecoin and TRON among others. Deciding on which coins to buy will depend on your needs. After buying these coins, you may need to trade them for your cash needs. There are various places on the internet where you can sell your cryptocurrency. The first place is on Kraken which is a site for trading cryptocurrency.
Kraken is trusted by people because they offer a variety of all major cryptocurrency, and live market data. This data will enable you to make an informed trading decisions based on the current market prices. Moreover, the site offers a variety of cryptocurrency and currency pairings. This innovation on the site is excellent because you can sell your cryptocurrency for cash if your national currency is paired to cryptocurrency. Notably, this makes Kraken one of the best sites to sell your cryptocurrency as the costs of currency conversion are eliminated.
The second place where you can sell your cryptocurrency is in your social circles where you can sell them to your circle of investor friends. This method can make you a profit easily than transacting on online exchanges where you may be charged the transaction fees. Additionally, you may have to sell at the prevailing market price which may be lower than your selling price. To sell to your social circle, you need to indicate the amount of cryptocurrency that you want to sell, and the price that you want to sell at.
When you get a buyer, you send the coins to their wallet address, and the buyer sends you the cash. Another great place to sell your coins is among the crypto enthusiasts. There are online forums for the crypto community where you will find people who are eager to collect cryptocurrency to add to their portfolio. You can join these forums, and post that you are offering your cryptocurrency for sale. On the sale post you need to state what cryptocurrency you are selling, the amount of cryptocurrency for sale and all the necessary price details.
Once you find a buyer, they can negotiate the cost with you as they seek to get a good bargain for their investment. When you agree on the price, they may need to first pay you because the person may be a stranger to you. After you receive the money, then you can send them the crypto. Ensure that you conduct due diligence on these platforms because you don't know the people that you are dealing with. You can check on their reputation from the community members who have done business with them.
If you are looking for a safety guarantee when exchanging your crypto, then you can use Coinbase. Coinbase serves as an exchange site where you can transfer your cryptocurrency to sell them. You need to follow all the instructions that you are prompted to. The main reason for exchanging on such a trusted exchange is safety as they have invested in safety measures on the site to ensure your trading data is protected.
They look for buyers for you, and they have verified buyers on their site who are looking to buy cryptocurrency just as you are looking to sell yours. You can sell cryptocurrency on online exchanges as there are several online exchanges that are genuine, and you can search for them on your browser. Tohere are various ways in which you can check if a site is genuine or not. First, check if it's certified, then call the authority that has certified them to check on the credibility of the certificate. Always make sure that you check with the authorities first.
After this, you can try selling a small amount of cryptocurrency whose risk you can tolerate, and see how the general service offered on the platform is. The advantage of the online trading exchanges is the safety that is guaranteed in data protection, and the platform getting verified buyers for you. Another advantage is the live prices that they offer enabling you to sell based on real market information. Some also offer wallet services to store your cryptocurrency, and you can also link your bank account so that cash is wired directly after exchanging your cryptocurrency.