Its been a couple months since you bought your first bitcoin, or other crypto, and you're ready to take some profits. Maybe you want to take a break or need some extra cash for an emergency and you need to turn your crypto currency back into TTD, whether that crypto is Bitcoin, Ethereum, XRP, DOGE, etc...
Selling your crypto currency is even easier than buying it and can take less than a day for you to receive TTD for your crypto currency depending on who you sell it to.
This guide aims to give you the step by step method that you can use to easily sell your crypto currency to a buyer and receive TTD.
Step 1: Convert your Crypto Currency to a Stablecoin.
Why convert it to stablecoins?
If your unsure of what stablecoins are please read "What are Stablecoins? | Trinidad and Tobago".
Most buyers in Trinidad and Tobago primarily buy stablecoins, or sometimes Bitcoin. Stablecoins allow you to maintain the dollar value for your cryptocurrency when you're trying to sell it. For this example we will use a cryptocurrency called Ethereum.
All cryptocurrencies values are constantly changing, similarly to how the price of a stock may change at any point when the market is open. This means 1 Ethereum may be worth $2000 now, but in ten minutes 1 Ethereum may be worth $1500. This fluctuation may result in you getting less money as you sent the Ethereum to the buyer when its worth $2000 but they receive it when its worth $1500. The buyer may want to use the price they received it in and refuse to honor the $2000 value, or request some of the money back since it decreased in price when they received it.
By converting your cryptocurrency to a stablecoin before sending it to a buyer, you guarantee the price you will get for 1 Ethereum as you sold your 1 Ethereum when it was worth $2000 and are able to send $2000 Stablecoin to the buyer.
How to convert it to stablecoins?
For this guide we will be using Binance to conduct all transactions, if you need more information on Binance please read "How to Create and Verify your Binance Account".
If you don't use Binance, that's fine too, the same type of transaction can be done on a different wallet but just may have a slightly different process/ look.
First, click on the markets tab
Then search for your coin, for example, if i want to convert my Ethereum to stablecoins I will search ethereumusdt:
click on the first option, in this case ETH/USDT:
next click sell:
click limit and select market:
then type in the amount of eth you want to convert to USDT to sell to your buyer and click sell:
Step 2: Find a Buyer for your Crypto Currency.
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 crypto currency 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 crypto currency 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 crypto currency. 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 crypto currency, while the other party prefers you send the crypto currency 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 cryptocurrency 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 crypto currency 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 Crypto Currency to the Buyer using a Binance account.
You ask the buyer to give you an address to send the crypto currency to.
*If your buyer is using a Binance account please use this guide "How to send crypto currency to a Binance account" instead as Binance account can send to Binance account using a different method for free*.
Once you have converted your crypto currency into a stablecoin you can ask your buyer to send you the wallet address they would like to recieve the stablecoin to, as of writing this article, we recommend using BEP20 (BNB smart chain), or Polygon as wallet address on those networks require less fees to send.
If you want to learn more about networks please read this guide "Crypto Currency networks explained".
We will use a BEP20 address for this guide, here is an example of one:
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 USDT:
select send via crypto network:
copy the address the person sent and paste it into address:
ensure the network selected is BEP20 (or other respective network such as polygon erc20 etc.):
select the amount you want to send:
select the type of wallet the USDT is in:
then press withdraw:
That it, Congratulations! you just sold your Crypto Currency.
Step 3B. How to send the Crypto Currency to the buyer if using another wallet.
The process is similar, once you have the buyer's wallet address and network the address belongs to. Most wallets will have a button or tab called send or withdraw.
You can click the button then follow the respective 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.
