How do I sell Coinbase Bitcoins for PayPal?
Peter Bitcoin is a digital currency created in January 2009 following the housing market crash. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto.1 The identity of the person or persons who created the technology is still a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of hundreds of other virtual currencies collectively referred to as Altcoins.
To exchange Bitcoin, visit: bitcoin to PayPal
Coinbase only allows you to sell directly into your Coinbase fiat wallet. However, there is no limit on the amount you can sell to your wallet. After selling to your Coinbase fiat wallet, you can opt to either withdraw funds to your US bank account or repurchase cryptocurrency on the platform.
To sell cryptocurrency:
- Select the Trade button
- Select Sell
- Select the crypto you want to sell and have it sell to your USD wallet
- Then select your USD wallet and select Withdraw
When initiating a withdrawal of a sell from your fiat wallet to your bank account, a short holding period will be placed before you can withdraw the fiat from the sell. Despite the hold period, you are still able to sell an unlimited amount of your digital assets at the market price you desire.
Understanding Bitcoin
Bitcoin is a collection of computers or nodes, that all run Bitcoin's code and store its blockchain. A blockchain can be thought of as a collection of blocks. In each block is a collection of transactions. Because all these computers running the blockchain has the same list of blocks and transactions and can transparently see these new blocks being filled with new Bitcoin transactions, no one can cheat the system. Anyone, whether they run a Bitcoin "node" or not, can see these transactions occurring live. In order to achieve a nefarious act, a bad actor would need to operate 51% of the computing power that makes up Bitcoin. Bitcoin has around 47,000 nodes as of May 2020 and this number is growing, making such an attack quite unlikely.