How to Sell Bitcoin: A Step-by-Step Guide for Beginners

As a crypto analyst navigating through the ever-evolving digital currency space, I understand why a crypto trader like you needs to sell their Bitcoin, especially with the recent bank restrictions in Nigeria. Nevertheless, there are multiple ways of trading bitcoin, and many folks are gradually turning to peer-to-peer (P2P) and crypto trading platforms. 

Whether you are planning your first sales as a beginner or a seasoned trader evolving with current trends, here’s a cryptocurrency selling guide for trading Bitcoin in your wallet to cash within a few minutes. Let’s get started!

Step-by-Step Guide on How to Sell Bitcoin for Beginners

The first and most essential step to successfully selling Bitcoin is choosing a reputable and reliable exchange. 

Here are some features to look out for when choosing a suitable exchange:

1. Robust Security Features: Two-factor authentication (2FA) safeguards your funds using a secondary authentication method. Thus, your funds are still safe even if your password is compromised.
2. Intuitive User Interface and Experience: An intuitive interface makes it easy for users of all levels to sell Bitcoin and manage their accounts.
3. Strong Track Record of Security: An impeccable track record of safeguarding users’ funds against security breaches and hacks is essential when picking a suitable exchange.

The Breet App is an exchange crypto traders and investors in Nigeria and Ghana use and trust for their Bitcoin-to-cash conversion because it meets all these requirements. 

For a smooth Bitcoin to Naira or Cedis trade, you’ll need the Breet app, and in the next four steps, I’ll show you how to sell your Bitcoin and have cash directly deposited in your bank account. 

Step One: Sign up for a Breet Account

The first step is to sign up for an account on Breet. 

1. You can download the app from the Android Play Store or iOS App Store. You can also sign up on the web app.
2. Click the sign-up button to create an account. 
3. Provide your email and create a strong password.

Step Two: Verify Your Identity on Breet 

After signing up and successfully logging in, you should verify your identity on Breet. This involves the KYC (Know Your Customer) process and submitting documents for identification. The verification process is essential before moving to the next step.

Step Three: Deposit Bitcoin in Breet

Next, you’ll need to deposit your Bitcoin in the Breet app. Your unique, permanent Bitcoin address is usually generated automatically following your signup.

Copy the unique Bitcoin address and send Bitcoin from your crypto wallet to the address. The transaction only takes a few minutes, and once confirmed on the blockchain, it is immediately accessible to you in Naira or Cedis.

Step Four: Withdraw Bitcoin to Your Bank 

Once you receive Bitcoin in your Breet wallet, it instantly reflects in Naira or Cedis. You must add your bank details if this is your first time withdrawing from the app.

Navigate to the “Menu bar” and click “Bank Details.” Then, add the necessary bank information and currency type.

Now that you have finished that, navigate to the “Menu bar” at the top right corner and click the “Withdrawal” button to withdraw your funds. Select your added bank and confirm the transaction. Congratulations! You have successfully sold your Bitcoin.

 Common Selling Mistakes to Avoid

You must avoid some common mistakes to ensure a hitch-free Bitcoin-to-cash conversion.

1. Inadequate Research: Avoid plunging into the crypto trade without proper market research. Engaging in in-depth research will help you learn about market predictions, map out your long and short-term goals, and pick the best exchange platform with fair Bitcoin exchange rates.
2. Overtrading: Another critical point is avoiding excessive trading, as this is a common mistake that many traders make. The over-excitement may tempt you to compensate for losses quickly, leading to sad outcomes that result from acting without a clear plan.
3. Disregarding Security Measures: It is crucial for all traders to secure their assets, as scammers are always scheming to gain entry into crypto wallets. Implement various security measures (e.g., 2-factor authentication) and use secure passwords.
4. Avoid Fraudulent Schemes: Whether you are a new or experienced Bitcoin trader, it is important to equip yourself with sufficient knowledge to detect and avoid scams like Ponzi schemes, recovery scams, and “pump and dump scams.”
5. Ignoring Transaction Fees: Each trade attracts fees, and it is important to learn about these costs before using any exchange platform. Be sure to choose exchanges or crypto trading platforms like Breet for zero trading fees.

Frequently Asked Questions (FAQs) About How to Sell Bitcoin

Why Sell Bitcoin?

There are different reasons why people sell Bitcoin. It could be profit-making because many people buy Bitcoin for the sole reason of making a profit. When the price of Bitcoin is higher than the price they paid for it, however significant, they may decide to sell.

Another reason to sell Bitcoin is to diversify one’s portfolio. Bitcoin, a cryptocurrency, is a very volatile asset, so some individuals may decide to reallocate funds to other asset types. 

Another reason to sell Bitcoin may be to mitigate losses. When a Bitcoin holder has experienced losses and believes the price may decline even more, he may decide to sell his Bitcoin.

Is Bitcoin Selling Illegal?

No. Selling Bitcoin is perfectly legal. However, cryptocurrency trading is restricted to a degree in Nigeria; this does not allow individuals to transfer cryptocurrency to their bank account directly, which is precisely why over-the-counter (OTC) exchanges like Breet are needed to facilitate Bitcoin sales.

When to Sell Bitcoin for Profit?

At any time the price of Bitcoin is higher than what you paid, you are in profit. However, to maximise profits, you must study the markets and make informed decisions advised by the proper financial and market experts.

Where Can I Buy Bitcoin?

You can purchase Bitcoin in various places and through different routes. You may purchase through exchanges, peer-to-peer, and even, in some countries, through a Bitcoin ATM.

What is Bitcoin Selling for Today?

To get accurate information about the selling price of Bitcoin at any moment in time, visit the real-time Breet’s Bitcoin rate calculator.