Get Rich Quick: Sell and Trade Bitcoins
Bitcoins have become popular over the years, and some even made someone rich overnight because of it. If you wish to get rich in Bitcoins, here are ways you can sell or trade it:
For this selling structure, some websites offer this service, some of which include Coinbase (US), LocalBitcoins (US), BitBargain (UK), and Bittylicious (UK). If you go to these sites, make sure to register as a seller who would involve verification of your identity. After registering, you can post your offer and signal other users that you are selling. Once a buyer expresses interest, then the website will alert you about the trade. From that point forward, you will interact with the buyer and then complete the business from the site.
If you want another way to sell your Bitcoins, then you can do it by registering on an online exchange site. Profile verification is compulsory even after this. But, after that, you won’t have to do so much work in terms of organizing the sale.
The exchange acts as an intermediary that is holding everyone’s funds. This process will include placing a “sell order,” stating the volume and type of currency you wish to sell, and the price per unit that you want to sell. Once someone places a matching buy order, the transaction will go forward after the exchange happens.
Despite how it is easy to use, there are still some downsides to it. If you sell your Bitcoins for fiat currencies, then surely you will be withdrawing those funds to your account. Once some liquidity problems or issues with the banks arise, then it will take some time before you can receive the fund.
Peer-to-Peer Trading Marketplaces
In the Bitcoin industry, the advent of sites such as Purse will bring together two groups of people that have particular and complementary needs. The first group of individuals will be the ones who want to buy goods from sites that do not accept digital currencies as of the moment. The second one will be those who wish to purchase Bitcoins using their debit or credit card. This marketplace targets bringing a group of individuals that have matching requirements to sell Bitcoins to one and provide the discounted goods for the other.
How to safely trade with Bitcoins on eBay
Another way to earn money from Bitcoins is by buying them. For those who have been around eBay and PayPal for a while, you should know that they don’t cover digital products very well. The reason for that is scammers love to use those methods to steal from you. If that is the case, then you surely won’t risk your Bitcoins with it.
Since you are receiving Bitcoins electronically, then selling them on eBay can be a problem because there is no physical aspect involved. Also, make sure to include something that is tangible and notes that if it has tracking, then it is not virtually possible to get a chargeback.
If you are a new Bitcoin seller on eBay then you should know these key factors:
- You can sell Bitcoins only to verified PayPal accounts.
- Make sure that you verify the emails of the buyer both on PayPal and eBay. You also have to ensure that they match with each other.
- Once you have received the payment, ask the buyer to provide his Bitcoin wallet address using private messaging on eBay or through email.
- Mention in your offer something that can be reassuring for the buyer. Something that, as a seller, you have the right to cancel the transaction at any time, but if that happens, you are willing to issue a full refund. If the buyer feels suspicious about this, then don’t close the deal yet. You will eventually find another safe buyer in the process.
- You should also mention in your offer that the buyer should be responsible for providing the Bitcoin Wallet address for the delivery and that no refund will take place if the address provided is wrong. Just remember that Bitcoin transfer is irreversible.
- Check out any reviews about the buyer. If it has 100% positive reviews, then that one is certainly recommended. Don’t also forget to check the dates of the reviews to make sure that they are up-to-date.
- As suggested by Paypal, you can upload a photocopy of your ID to verify the account.
Bitcoin has no doubt become famous since its launch in 2009. And although many have claimed to gotten rich with Bitcoin, make sure that you understand how it works for your investment not to go to waste.
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