So you did you research on crypto currency and decided to buy some bitcoin. Maybe you kept your bitcoin and HODL for couple months, maybe you traded it for other altcoins and made even more bitcoin when converting it back, you could've even decided bitcoin is too volatile for your liking and want to sell it to get back your fiat currency.
Selling your bitcoin is even easier than buying it and can take less than a day for you to receive TTD for your bitcoin depending on who you sell it to.
This guide aims to give you the step by step method that you can use to sell your bitcoin to a buyer and receive TTD.
Step 1: Find a Buyer for your Bitcoin .
When looking for a buyer you can go two different routes:
1. You can sell to buyers in various local crypto communities that discuss the market, or groups that mainly focus on just buying and selling crypto. There are often well known persons in these groups that buy and sell crypto that are willing to meet in person or do bank transfers while being known and trusted by several other group members.
There are also persons in these groups that may try to scam you by impersonating as others, or asking you to send your bitcoin first before you receive the money, therefore utmost precaution must be taken when doing a person to person sale.
If you decide to go this route, its best that you meet in person with the buyer at a safe location such as a police station to ensure the transaction is done smoothly, preferably with you sending your bitcoin after receiving cash/ seeing the bank transfer to ensure you aren't scammed.
2. You can sell to a trusted and reputable company such as Sunshine Exchange where you are sale is guaranteed to be completed without risking your bitcoin. This process can be started by following this "Sell Request" link.
Step 2: Discussing the transaction with the buyer.
Once you've found a buyer, decide how you're going to sell to them. Some buyers may have a process they want you to follow however, only do so if you're comfortable with it.
For example, you may want them to send TTD to your bank account first and then you send the bitcoin, while the other party prefers you send the bitcoin first then they send the TTD to your bank account once they have received it.
It is up to you to decide what route you wish to take with whomever the buy is.
Step 3. Sending the bitcoin to the buyer.
Once you and the buyer have agreed on the terms of the transaction you can send the bitcoin to them whenever they/ you are ready. For this step Binance will be used as the wallet of choice in which we are sending bitcoin from. If your bitcoin is stored in a different wallet, that's fine, the process is the very similar.
If you want to learn more about Binance read this guide, "How to Set Up your Binance Account".
Step 3A. How to send the Bitcoin to the buyer using a Binance account.
You ask the buyer to give you an address to send the bitcoin to.
This type of address is normally bitcoin, or lightning. We recommend using a lightning address when possible as the fees are lower, as well as completed more quickly.
A lightning address is basically an upgraded bitcoin network that some exchanges/ wallets may support, you can think of it like building a 5 lane superhighway on top of a single lane road to allow traffic to flow more efficiently.
Here is an example of a bitcoin wallet address given by Binance, you can use scan the QR code with your phone if you want or copy paste the text address. Most buyers will give you the address in text format:
Once you have the address you can now go to your wallet by clicking the wallet tab in the bottom right, click spot then click withdraw:
select send via crypto network:
select Bitcoin:
copy the address the person sent and paste it into address:
ensure the network selected is Bitcoin (or lightning where available):
select the amount you want to send:
select the type of wallet the bitcoin is in:
then press withdraw:
That it, Congratulations! you just sold your Bitcoin.
Step 3B. How to send the Bitcoin to the buyer if using another wallet.
The process is similar, once you have the buyer's bitcoin or lightning address, most wallets will have a button or tab called send or withdraw.
You can click the button then follow the wallet's instructions, ensuring the buyer's address is put in correctly.
Once the applications instructions have been followed correctly the sending process should go smoothly.
