How do I sell Bitcoin to crypto buyers in China?

Cashing out your Bitcoins is not as straightforward as buying them. If you decide to sell your Bitcoins online, you can either do it via an exchange, direct trade or carry out a peer-to-peer transaction.

Outside of the comfort of your own home, you can withdraw flat money using a Bitcoin ATM or sell your Bitcoins in person.

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Exchanges

Despite having several disadvantages, exchanges are a one-stop solution when it comes to trading Bitcoins. In the case of selling the cryptocurrency, exchanges act as an intermediary that holds both seller’s and buyer’s funds.

First, you need to set up an account with an exchange of your choice. The absolute majority of reputable exchanges will require a complete identity verification and a connected bank account so that you can withdraw your funds.

Then, you just simply place a ‘sell offer,’ stating the type of currency you wish to trade, its amount and your asking price per unit. The exchange will automatically complete the transaction once someone matches your offer.

After the funds are credited to your account, you will need to withdraw them to your connected bank account. This can sometimes take an excessive amount of time, especially if the exchange is experiencing issues with its banks or facing liquidity problems. Several months before its bankruptcy, the Mt. Gox exchange was experiencing this exact problem. Moreover, some banks just outright refuse to process transactions with funds obtained via cryptocurrency trading.

Direct trades

Another way of selling your Bitcoins is via a direct trade with another person. This service is accessible on websites usually associated with exchanges and includes an intermediary facilitating the connection.

First, you will need to register as a seller. Apart from setting up your profile, you will need to fully verify your identity. Once you’re registered, you can post an offer indicating your intention to sell some Bitcoins. When a buyer wants to trade with you, you get a notification from the service and from then on you are only interacting with the buyer. The website merely serves as a platform to complete the trade.

The process of selling Bitcoins on some of those sites can be quite involved and time-consuming. So, it is imperative to do your research before deciding on a trading platform and make sure you have the time and patience required.

Some of the websites offering the option of direct trading are BitBargain, Bittylicious, Coinbase, Openbitcoins, Bitsquare and LocalBitcoins.

Online P2P trading

Peer-to-peer trading marketplaces are a relatively new development in the Bitcoin world. There is no direct exchange of funds taking place. Instead, those websites essentially work as a platform that brings people with different, yet complementary needs together.

The service is designed for the mutual benefit of people who would like to buy Bitcoins with their credit card and those who want to spend their Bitcoins to buy goods from places that don’t accept digital currencies as a form of payment. As a result, the former get their flat currency exchanged to BTC, while the latter can buy discounted goods.

Via ATM

Despite looking like traditional cash machines, Bitcoin ATMs are not ATMs in the traditional sense. Instead of connecting to the user’s bank account, they are connected to the Internet in order to be able to facilitate Bitcoin transactions.

Bitcoin ATMs can accept money in cash and exchange it to Bitcoins given as a paper receipt with a QR-code on it or by moving the funds to a wallet on a Blockchain network. They usually charge very high transaction fees - there are media reports citing fees as high as seven percent.

Moreover, they can be quite difficult to locate. Most known Bitcoin ATMs are marked on this Bitcoin ATM map.

Only a few specific Bitcoin ATMs offer bi-directional functionality meaning that users can both buy and sell Bitcoins using them. Among such machines are Robocoin, Genesis1 and Satoshi2 from Genesis Coin, BitAccess and BATMThree model from General Bytes. However, some operators might disable sell operations.

Selling Bitcoin in person

In many ways, trading digital currency in person is about as easy as it gets. All you need to do to sell your Bitcoins is scan a QR-code on someone’s phone and receive cash on the spot. If you’re selling to friends or relatives, you only need to set them up with a Bitcoin wallet, send them the necessary amount and collect your cash.

However, if you are dealing with a random person, you will most likely go through lengthy rounds of negotiations discussing the price, place of meeting and other relevant conditions. Moreover, you need to take a few things into consideration to ensure your safety and the safety of your funds.