Nowadays, almost all platforms that you get to buy your Bitcoins give you an option to sell them. All exchanges let you buy and sell bitcoins depending on whether you are a trader, small investor or an institution holder. Traders and institutional holders usually make large orders so they use systems like GDAX and Gemini. Retail and small investors can sell Bitcoins at exchanges like Coinbase, Bitstamp, Kraken, Poloniex, etc.
The Bitcoin Calculator has made the whole process of converting your bitcoins to dollars easy. Bitcoin is a very volatile currency with its value changing almost hourly. Bitcoin Calculator comes in handy as it keeps you abreast of the value at any particular time.
Steps to Convert Bitcoins to Dollars
- Choose a conversion service
You have to look for a conversion service that gives you the best out of your investment. Do an extensive research and choose one that gives you the best rate. In addition to getting the best rates, one should also look at the service charge for the conversion. Service charge might eat into your good rates hence lowering your returns. Good conversion services have reputable reviews and testimonials verifying their safety and efficiency. They deliver the best service in the shortest time possible.
- Sign-up into the system to upload your Bitcoin
Create an account into your preferred conversion service ensuring your personal and payment details are accurate. Ensure that the account has the highest security authentication offered. Have a strong password and if possible use a multi-signature option to secure your account. Protection against hackers and theft should be a priority and your account needs to have several approvals before anyone can withdraw or convert anything. Once this is done, you are free to deposit the bitcoins in the marketplace and this is dependent on how you have stored tour Bitcoins.
- Do the exchange
Bitcoin exchange rates vary over time. You need to have an exchange rate service that constantly updates you with the real-time rates. Only convert your coins when the rates are best favorable to you. Different marketplaces give you different options to sell your Bitcoins in the market. Some will authorize you to sell directly to buyers while others allow you to sell into the marketplace for a later resell. In most cases, you just click on the “Sell Bitcoin” option or a similar command on the system. Once you do that, the Bitcoins are converted into dollars and the money is deposited in the payment details bank account you provided while signing-up.
Some marketplaces give you an option of putting your bitcoins into debit cards that automatically converts them into Bitcoins. Others give you the option of transferring them into other digital wallets. However, conversion by transferring them into other digital wallets charge higher fees than when you transfer to your bank. If you are a regular buyer and seller of bitcoins this is often the best option for you as saves you the hustle of moving your dollars from the digital wallet and your bank.
You can also convert your Bitcoins to dollars by cashing them out online or offline by interacting with buyers directly online on websites. Or you can join a Bitcoin Trading Exchange that is made up of forex trading features and bitcoin exchange. You are given several options and the key is choosing the one that best benefits you, one that is safe as well as efficient.