Although you may want to HODL your Bitcoin, the reality is that most of us have to sell Bitcoin for fiat at some point. Fortunately, there are various ways for you to off-ramp your bitcoin.
Read on to learn the three best ways of selling your BTC in Australia.
Best ways to sell BTC for AUD
Using a Bitcoin exchange to receive AUD on your bank account
A Bitcoin exchange is an online marketplace that allows you to buy and sell Bitcoin.
When considering a Bitcoin exchange to off-ramp your BTC, you need to look at its user-friendliness, payment options, trading fees, security, and customer support.
An example of a trusted, non-custodial Bitcoin exchange would be paybtc, which allows you to sell Bitcoin (BTC) to receive dollars (AUD) directly to your personal bank account.
Pros
- You can buy and sell online
- You can make large transactions
- Presence of KYC and AML features make trading more secure
Cons
- Potential security risks from cyber hacks and fraudulent transactions (especially if you are using a custodial Bitcoin exchange)
Using a Bitcoin ATM to sell Bitcoin for cash
Bitcoin ATMs are physical teller machines where you can sell Bitcoin for cash, offering a fast and easy way of converting smaller amounts of BTC to AUD.
To sell BTC on a Bitcoin ATM, you need to find one closest to you and understand what type of machine it is. You can use a site like Coin ATM Radar to identify the location of a Bitcoin ATM close to you.
The process for selling BTC at a Bitcoin ATM is pretty straightforward. Depending on the ATM operator, you may be required to verify your identity. The Bitcoin ATM will generate a QR code for you to scan and send your BTC. The Bitcoin payment will be processed within a few minutes, and the ATM will dispense your cash shortly.
Pros
- No need to sign up for an account
- Convenient for small Bitcoin-fiat transactions
Cons
- Bitcoin ATMs typically charge higher fees than exchanges
- A Bitcoin ATM has a lower maximum limit, which means you can’t use it for larger amounts
- Security risk of carrying around cash after the transaction
Using a Peer-to-Peer (P2P) exchange to receive AUD to your PayPal account
A P2P exchange allows you to trade Bitcoin directly with another party. It operates as an online marketplace, enabling traders to dictate the transaction’s terms. Moreover, P2P exchanges often support a variety of payment options.
For example, you can sell Bitcoin on a P2P platform like LocalCoinSwap and receive AUD payments via PayPal.
To get started, you will have to register for a trading account. Next, transfer the desired BTC amount from your Bitcoin wallet to the in-platform wallet. Then, you search for a buyer advertisement with your desired amount and payment terms and initiate a trade. Place your BTC in escrow and only release it once the AUD has been reflected in your PayPal account.
Pros
- Offer multiple payment options like cash, bank transfer, PayPal, etc.
- Escrow functionality for enhanced trust
Cons
- Difficult to find a good price for larger transactions
- Susceptible to potential fraud and malicious transactions
Final Word
Choosing the right method to sell your BTC mostly depends on your needs. For instance, if you are looking for ease and affordability, your best option is to sell your BTC on a Bitcoin exchange like Paybtc and receive dollars in your bank account.
Alternatively, if you are looking to sell a small amount of BTC for cash you can try your nearest Bitcoin ATM. On the other hand, a P2P exchange will provide you with a long list of payment methods, enabling you to receive your fiat on the specific type of account you want.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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