Bitcoin is the most popular cryptocurrency in the world. At the beginning of the year, its value of over $ 900 seemed historic and unsurpassed but is currently closing the year with a considerable increase that has made it exceed $ 11,000, positioning it as the most expensive cryptocurrency market.
To enter the market and start buying and selling bitcoins we need two things; A wallet or purse and money.
A wallet is software designed to receive, send, post and store bitcoin. It is an indispensable tool because it is the best way to store bitcoin outside the exchange houses. There are many wallets available and each one tries to innovate by adding more tools such as graphs and exchange rates, but all of them fulfill the function of receiving, storing and sending BTC. When downloading a wallet and creating a bitcoin wallet, we will provide an address or code that will serve to tell people how to send us BTC.
Methods to buy and sell BTC
To buy bitcoin all you have to do is give the address of your wallet to start receiving, while to sell just ask for the address of another buyer. So selling and buying BTC can be done by any means that allows you to contact someone who buys or sells bitcoins; social networks, personal references, among others.
However, we understand that the purchase process can generate distrust because it is a business that is usually done remotely. That is why various methods have been developed so that people can trade their cryptocurrencies without problems.
Buy and sell bitcoins in Exchanges
An exchange is an entity that offers the service of selling and buying bitcoin on the internet. They are generally certified companies with a good reputation. It is the first option that bitcoiners have to change their BTC for centralized currencies like the euro or the dollar. In the network, the best known are Bitstamp, Bit2me, Coinbase and Kraken. Each one adds special details in its interface, but the purchase-sale mechanism is basically the same. In the following example, we will see how to buy and sell using the Bitstamp platform .
How to buy and sell in Bitsamp
Step 1.- Registration: Registering is the first step to start operating in Bitstamp. We simply must enter your web portal and fill out the registration form that appears on your landing page.
Step 2.- Verification of the account: Once we have registered, we only have to verify our account so we will need our ID as proof of residence and a receipt of some basic service (electricity, water, internet).
Step 3.- Deposit funds in the account: To make a deposit, we must go to the Deposit section and then to International Bank to make an international bank transfer. We will be shown a form in which we must indicate our data and the amount to be deposited along with the currency that we will use. Bitstamp will charge a receipt domiciled in our bank account with the desired amount.
Step 4.- Instant purchase or sale: Now that we have money in the Bitstamp account, we can only start buying and selling. One of the options we have is the instant and quick purchase and sale. We only have to go to the menu above to Byu / Sell and then to Instant Order. In this section we can buy or sell bitcoins that will be credited immediately to our accountant.
Step 5.- Purchase or advanced sale: In the buying and selling section there is the Limit order option where it is advisable to make larger transactions. In we determine a quantity of bitcoins that we want to buy or sell and the money that we are willing to accept or pay for bitcoin. The transaction will not be executed until another user has accepted our purchase or sale prices.
Step 6.- Withdraw funds: Now we only have to learn to withdraw our funds whenever we want. For this we must go to the Whitdraw section where we have to put the amount of BTC we want to withdraw and indicate the direction of our wallet.
The cryptocurrencies have become so popular that there are already companies that are in charge of developing ATMs through which people can buy and sell their bitcoin without problems. Countries like the United States already have a large infrastructure that operates in the Bitcoin network with more than 1,100 ATMs today, but they are not alone in this as Canada has another 300, United Kingdom 97, Austria 88 and up to 37 ATMs we can find in Spain today.
If you have an acquaintance who uses the cryptocurrency, you can negotiate with him to sell or buy your bitcoins. Finding serious users is the biggest concern, but fortunately there are communities of bitcoiners in which users are qualified and given a reputation. In this way you can locate a good buyer or seller and be calmer because the chances of fraud are lower. A famous community is Localbitcoins.