Selling some or all of your bitcoins is verysimilar to buying them – you can use the same resources to sell as well as to
buy. The most popular method for selling bitcoins
currently is via Bitcoin exchanges. Some of these are well-known, others less
so, but all fulfill the same purpose: to allow you to trade bitcoins for
another digital currency or for fiat currency such as US dollars or euros.
Different exchanges have different currency options available. Using an exchange is straightforward as many are
geared to making the trading process as intuitive as possible. Which exchange
you use will depend on your country of residence and the currency you wish to
convert to. For example, many exchanges offer US dollars, but only a few
currently offer British pounds. To sell bitcoins on an exchange, you transfer the
desired amount from your wallet to an account which you set up on the exchange,
perform a trade, then use the exchange’s funds transfer service to send the
resulting currency to a bank account or elsewhere. The best-known exchanges are efficient and
secure, and charge minimal fees for processing your funds. However, as cybertheft
is still a problem, you should never store your bitcoins in your exchange
account. Only store bitcoins in a dedicated Bitcoin wallet – ideally an offline
(cold storage) wallet.
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