How to Sell Bitcoin (BTC) If You’re Ready to Stop Hodling
At some point in every crypto investor’s life, there comes a time to sell Bitcoin (BTC). Markets are finicky (when it comes to the Bitcoin market, we’d even say volatile), and there’s no knowing when the next spike or drop will be. There are, of course, lifelong HODLers—people who are determined to see their Bitcoin investment (hopefully) grow over the course of 50 years, to leave it to their kids or grandkids—and we admire the patience and perseverance of those people. But for us mere mortals, every swell of the Bitcoin wave leads to a frenzy of anxiety and self doubt: do I keep holding, or do I sell? Will I feel like an idiot if the price suddenly reaches $30,000 and I’ve already sold? What if it drops down again to $3000 next week? The question of when to sell Bitcoin is not unique to cryptocurrency—as with every investment, timing buys and sells correctly is the key to success.
Examining the Bitcoin Market
Coinmama recently took a look at the ten-year history of Bitcoin market cycles and how they might help you make an educated guess about when to buy Bitcoin. But what about when to sell? Our guess is as good as yours. And if you look at analyst predictions, you’ll see that while many times they’re correct, they also often offer conflicting reports as well. For every analyst that predicts the Bitcoin price will skyrocket, another will predict that a drop is about to return to the Bitcoin market, or that the death of Bitcoin is around the corner. And it’s important to remember that often times the predictors have crypto holdings of their own, and therefore a vested interest in feeding the hype.
Speaking of hype, what does drive the Bitcoin market? As with other investments, the BTC price depends on several factors:
Supply and demand. As more people want to buy Bitcoin, the price will go up. As more people want to sell BTC, the price will go down.
Hype. Hand in hand with supply and demand, comes hype. When people are excited about a project or new development it will drive up the price, and that, in turn, will drive it up even more, as more and more people join in and buy Bitcoin, suffering from FOMO. Similarly, when the Bitcoin price dips, people start to get scared and sell, which drives the price down even more.
Regulations, laws, and governments. Often times, Bitcoin price is also affected by cryptocurrency regulations, the fear of regulations, or the promise of stability. If a country’s government says they’ll enact a number of regulations on crypto, it can push the price down. When a government announces they plan to embrace crypto, it can make people optimistic.
Where does that leave us? As the Bitcoin price has tripled over the last three months, and is now well above the $10,000 mark, we can feel the buzz of people wondering if they should buy more, or when the right time to sell is. Unfortunately, we don’t have any future-predicting abilities that can help us see when to sell BTC (any more than we have future-predicting abilities that tell us when to buy Bitcoin). But what Coinmama can provide you with are the tools for how to sell Bitcoin. After all, if you do decide to sell, you need to be prepared.
How to sell Bitcoin online
Selling Bitcoin online through an exchange or broker is one of the easiest ways to convert your BTC to fiat currency. Customers who hold European (SEPA) bank accounts can easily sell their Bitcoin to Coinmama and receive payout through a SEPA bank transfer. We’re working on expanding this option, so don’t worry if you don’t have a European bank account—it’s entirely possible that by the time you’re done HODLing, Coinmama will have its option to sell BTC available more widely.
To get started, simply sign up for a Coinmama account. You’ll need to enter your first and last name, email address, password, and country of residence. To complete your account set up, check your email for a confirmation link.
If you’ve signed up for a Coinmama account, your next step is to get verified. Getting verified—or confirming your identity—will give you the ability to both buy Bitcoin and other cryptocurrencies as well as to sell Bitcoin. Getting verified for Coinmama requires you to add some personal details and upload a copy of your government-issued identification card. We verify all of our users, but we’re not alone—almost all cryptocurrency exchanges and brokers will ask users to verify who they are before allowing them to transact on the site. It’s a combination of regulations by country and our way of keeping you and your account safe from fraud. Our verification team is hard at work, so once you’ve uploaded your documents, you can be confirmed in as little as fifteen minutes. Don’t worry—if something looks amiss, we’ll let you know!
Once your account is verified, it’s easy to sell Bitcoin. One question people have is “How much Bitcoin can I sell?” Your spending limits depend on your verification level. Our transaction limits vary by location, but if you’ve just verified your account, you can probably sell Bitcoin for up to 15,000 USD. These limits are for buy and sell combined. so if you buy 5,000 USD in Bitcoin, you’ll be able to sell 10,000 USD. How do you sell more? As you approach your spending limit, you’ll be able to upgrade your verification level by providing more information to Coinmama, which will then increase your spending limits.
To sell Bitcoin online with Coinmama:
log into your account and click “Sell.”
Enter the Bitcoin quantity or Euro amount you’d like to sell, then click “Sell” again.
Enter your bank country and IBAN, or International Bank Account Number, with no spaces between characters. This is the account we’ll transfer the fiat funds to. You can find your IBAN (or International Bank Account Number) by logging into your own online banking system.
Confirm that the coins are legally yours to sell.
You’ll be provided with a Bitcoin wallet address. From your own wallet, send the exact amount of Bitcoin shown to the wallet address provided. We recommend copying and pasting the wallet address, or scanning the QR code from your wallet app to avoid any errors. Note that coins sent to the wrong wallet address will not be received.
Once you’ve sent the coins and they’ve been confirmed on the blockchain and received by us, we will transfer the Euro amount to the bank account you provided. You will usually receive the funds in 1-2 business days.
At Coinmama we send you crypto fairy dust to make the absolute best Bitcoin investment choices and to be able to predict the crypto markets. We recommend signing up for a Coinmama account now and getting verified, if you haven’t already, so you’re prepared to buy and sell Bitcoin whenever you feel the market is right. And if you’re already a Coinmama user but are approaching your account limits, we suggest upgrading to the next verification level now, so you won’t be left in the cold next time you want to place an order.