Sell Bitcoin: UK Best Solutions
Cryptocurrencies are everyday more popular in 2021. Bitcoin (BTC) has reached its highest price ever in January, touching a maximum of $40.000. All the other cryptocurrencies have followed the trend. Their high recent performances can be caused by a fast-growing popularity of cryptocurrencies and a general feeling of insecurity in the traditional market.
A lot of people have invested in BTC and now they want to sell them. Where is it possible to sell Bitcoin in UK and in the rest of the world?
Let’s see the different solutions available.
Sell Bitcoin: UK Wallets
Bitcoin can be stored in different ways. One of the most popular way is using a Wallet. A cryptocurrency wallet is available in different forms: hardware, paper, software and mobile. All types of Wallet can store several types of cryptocurrencies other than BTC.
When a user wants to buy or sell Bitcoin, one has to know that this action will take place on the blockchain world.
The blockchain is an encrypted system which connects different computers across the world and allows all users to exchange BTC and other cryptocurrencies. Every transaction is secure and encrypted. This means that it is not necessary to share your name and address and everything will be anonymous.
The transaction made between 2 users of the blockchain happens through an exchange of a secret and encrypted code, which represents the amount of Bitcoin to sell or buy. This code is visible only to the 2 users making the trade.
Finally, to buy Bitcoin or sell them, it is possible to use the following methods.
Sell Bitcoin on Hardware Wallets
An hardware wallet is a USB private key where it is possible to store BTC. There are many companies offering it. Some of the most popular ones are Ledger, Ledger Nano S, Trezor, KeepKey.
What is common of all these wallets is that they are real objects to keep always with you. All of them has the shape of a USB key. They can be easily connected and disconnected to a computer and then kept safe at home or in your pocket.
Every Hardware wallet has a price which goes from $25 to $250.
Once you buy a hardware wallet to store Bitcoin, there are some things to do:
- Install the Software to your computer
- Connect the Wallet to your computer
- Store the Bitcoin or other cryptocurrencies
- Keep the Wallet safe
The hardware wallet does not have an expiration time. When you want to sell Bitcoin, the price the software will give you will represent the actual Bitcoin price at that moment.
Once you have sold your Bitcoin, the money you have received in exchange can be transferred to your bank account, where it will be accredited into your country currency.
Sell Bitcoin: UK Software Wallets
A software wallet is a computer program for desktop, mobile or online, which allow users to store, buy and sell Bitcoin and other cryptocurrencies.
- Desktop Wallet: this is a software on your desktop, which can be accessed only from your computer by using a private password. On this software it is possible to store cryptocurrencies and connect it to the web when you want to sell Bitcoin or other coins.
- Mobile Wallet: a mobile wallet is an App on your smartphone. Also, in this case, the App can be accessed only from your telephone, using a secret password or unique fingerprint recognition. The app allows you to store as many cryptocurrencies as you want and decide to buy more or sell them anytime in the blockchain market.
- Online Software: an online wallet is an online software. The advantage of this software is that they can be accessed anytime from everywhere and from any device. The difference from the other 2 types of wallet is that the secret key to access the software is stored by the software owner himself.
Some of the most popular software wallets to buy and sell Bitcoin are Exodus and Electrum. Both can be found online.
All types of software have a secret key to use for its access. This key has been created to make the Wallet very secure and to avoid any type of fraud.
A software wallet can store more than 100 different types of cryptocurrencies. The most popular ones are BTC, Ethereum, Litecoin, Stellar, Ripple, but there are many more.
Once a person decides to sell Bitcoin, or any other coins, the only thing to do is to connect the wallet with the blockchain and proceed with the transaction.
If you decide to sell Bitcoin, the price currency you will receive, will be the actual Bitcoin price at that precise moment.
Sell Bitcoin: UK Mobile Wallets
A mobile wallet is an App on your smartphone where you can store, buy and sell Bitcoin. A mobile wallet is a software which can be accessed only from your mobile phone where it has to be installed.
Mobile wallets are secure because they can be accessed only from your device and because you need a secret code or a finger id recognition to open the App. This is exactly the advantage of using a mobile wallet.
Nowadays everybody has got a private smartphone. Crypto Wallet Apps don’t use a lot of memory for their installation. Having your telephone always with you makes this type of wallet almost unreachable from any type of external attack.
The only disadvantage is that if you lose your phone that specific wallet can be hacked. In that case we recommend you contact straight away your Wallet company and ask to block the App.
Sell Bitcoin with a Paper Wallet
A paper wallet is a wallet with a secret key printed on a piece of paper. Every wallet has in common one thing: a secret key to access them.
The paper wallet allows you to generate and print the secret key and store it safely at home or anywhere you want.
Secret keys are a unique QR code which can be generated with an online open source software. Anytime you want to access your wallet for some transactions, the only thing to do is scan with you phone or computer camera your secret QR code.
The secret keys are generated randomly by the program and each key is unique.This means there is no risk at all that other users can enter your wallet by mistake.
The reason why paper wallets are so popular is that they can be safely stored somewhere different than the wallet itself by the user.
Plus there is no need to worry about damaging it because it is just a piece of paper which can be printed many times.
Sell Bitcoin on a ATM
Some countries in the world have installed ATMs where people can log into their BTC wallet and withdraw real money in exchange for Bitcoin.
In the UK there are more than 245 Bitcoin ATMs around the Country. They can be found following this link.
A Crypto ATM works exactly like a normal ATM where you withdraw Pounds.
Once you log into your wallet, you can select the amount of BTC you want to sell. The system will tell you the corresponding amount in Pounds.
Once you submit the request, the machine will give you your normal money and will take from your BTC balance the equivalent in BTC of what you have withdrawn.
This is a very convenient way to sell Bitcoin, the only problem is that every ATM allows a limited amount of money per withdrawal. If you are planning to sell a big sum of BTC, this is not the method for you.
Sell Bitcoin: UK Trading Platforms
There is also another way to buy and sell Bitcoin: online trading. The big difference from the other methods is that in this case, you can sell Bitcoin through CFDs.
CFDs are a financial instrument which allows people to trade in the market with a small amount of money.
There are a lot of brokers offering CFDs trading and having many cryptocurrencies among their assets.
Trading cryptocurrencies means speculation on its trend. When you buy Bitcoin using CFDs, you don’t actually own any BTC but you just go to bet on its price growth.
Even if you don’t own BTC, but you think that its price will decrease, you can still sell Bitcoin. This is because you are investing on its trend.
Many brokers offer cryptocurrency among their assets. Some of the most popular in UK are: eToro, Plus500, BDSwiss, IQ Option and Pepperstone.
Among all cryptocurrencies available, we can find:
- BTC
- Ethereum
- Litecoin
- Ripple
- NEO
- Stellar
- EOS
On cryptocurrency trading, every cryptocurrency is paired with another cryptocurrency or with a traditional currency. You will never find BTC or Ethereum by themselves. You will rather see the pair:
- Bitcoin/Ethereum (BTC/ETH)
- Bitcoin/Euro (BTC/EUR)
- Bitcoin/American Dollar (BTC/USD)
- Bitcoin/Pound (BTC/GBP)
This is because they are available only in the form of CFDs.
This means that if you want to sell Bitcoin in UK, you will probably select the pair Bitcoin/Pound and proceed with a sell order. In this way you are telling the market that your prediction is that the price of BTC will decrease, compared to the value of Pounds. If you are right, you will then make a profit from your investment. If you are wrong, you will have a loss instead.
Author of this article and founder of Tradingonlineguide.com
My aim is to help you increase your trading knowledge with helpful content. I come from an economic background and have a strong passion for forex trading. With more than 6 years in the online trading world, I want to share my financial knowledge so that anyone can develop their investment skills.
In my spare time I enjoy cooking and travelling.
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