How to Sell Bitcoin Cash? Beginners’ Guide
Even though Bitcoin Cash (BCH) has only been around since August 2017, it is now the fourth largest cryptocurrency behind the original Bitcoin, Ethereum and Ripple in terms of market capitalization and the second highest behind Bitcoin in terms of its price. At the time of writing, Bitcoin Cash’s market capitalization stands at $27,619,560,691 USD, while the price of one BCH is $1,631.30 USD.
If you’ve already bought your share of BCH, you might be considering ways of selling it. This guide will provide you with detailed instructions on how to do so.
As Bitcoin Cash is a relatively new cryptocurrency, there are a very limited number of major international exchanges that support it, especially when it comes to selling it for fiat currencies. It is perhaps easier to trade your Bitcoin Cash tokens for other cryptocurrencies.
A number of globally operating exchanges, such as Poloniex and Bittrex (where Bitcoin Cash is listed as ‘BCC’), enable users to trade Bitcoin Cash for either Bitcoin, Ethereum or Tether. If you’re looking to sell Bitcoin Cash, chances are you probably already know your way around exchanges and wallets. If you are new however, you can always check out our ‘How to buy Bitcoin Cash’ guide.
If you’re not a fan of exchanges in general, or if you wish to avoid linking your bank account and verifying your identification (which can take several days) you can always use services like Changelly and ShapeShift, which offer instant exchange between numerous cryptocurrencies. Both of these platforms support Bitcoin Cash.
Currently, there are three major globally operating exchanges where you can sell Bitcoin Cash for fiat currencies: Coinbase, Kraken and Cex.io. Coinbase only allows selling Bitcoin Cash for U.S. Dollars. Kraken also supports Euros, while Cex.io supports the USD, Euros as well as British Pound Sterling.
Bear in mind, if you’re looking to exchange your BCH tokens for cash, you will have to both link your bank account to an exchange and go through a lengthy procedure of identity verification. Once you’ve done all that, you can go ahead an withdraw your funds in cash.
Most exchanges only allow withdrawals to a linked bank account. This can be done via bank wire transfer, SEPA for European customers, SWIFT for customers from almost every country in the world as well as some other options. Moreover, Cex.io allows withdrawals directly to VISA or MasterCard cards in USD, EUR or Russian Rubles.
Depending on where you are in the world and what withdrawal method you’ve chosen, it may take anywhere from one business day to a week for the funds to appear in your account. Withdrawing money from the exchange will also incur fees, which differ depending on the exchange.
For example, some platforms, like Kraken, will charge from €0.09 for SEPA withdrawals to €60 for SWIFT withdrawals. Others, like Coinbase, will automatically calculate fees for every specific withdrawal.
Finally, exchanges usually impose daily and monthly limits for withdrawals, but fully verified users or corporate accounts don’t have these limits imposed on them.
To find out about withdrawal methods, fees and limits on the exchange of your choice, simply navigate through the website and find the ‘about’ or ‘F.A.Q.’ section.
You can find the full list of exchanges, including a growing list of localized exchanges for Asian markets supporting Bitcoin Cash here.
If you wish to avoid all the hassle associated with trading on and withdrawing from an exchange, you could sell you Bitcoin Cash directly to another person. There is a service called LocalBitcoinCash, which facilitates direct trades between user. All you need to do is simply post an offer, or, alternatively, respond to an already existing offer posted by someone else.
LocalBitcoinCash provides an escrow service, and the transactions are instant, as long as both parties have sufficient funds in their accounts. Moreover, the platform also gives you an option to contact the other party directly for a face-to-face transaction offline.
Please note: Whether LocalBitcoinCash is a reliable platform still remains to be seen.
Alternatively, you can use Meetup.com to find your local Bitcoin Cash related meetups, where you can meet other BCH enthusiasts and trade directly with them in a safe environment.
Remember to keep your funds safe. Most importantly, never keep too much money in a wallet provided to you by an exchange. The cryptocurrency history is filled with instances of exchanges being hacked and shutting down without reimbursing their customers.
Moreover, if you’re using an exchange’s wallet, you’re effectively giving up control of your private keys, and, by extension, your funds to a third party. Always keep the majority of funds in your own wallet that stores your private keys offline or consider investing in the safest option currently available – a hardware wallet. For more information on Bitcoin Cash wallets check out our dedicated guide.
Also keep in mind that all Bitcoin Cash transactions are irreversible, so make sure to double check the amount you’re sending, as well as the addresses of you and the recipient.
Make sure to protect your accounts on exchanges with strong passwords. Using different passwords for different websites and services related to cryptocurrency trading is also a very good idea.
Finally, if you’ve set up a person-to-person meeting offline, make sure to meet in public places such as a cafe or a busy park. Never go to the seller’s house, especially if the trade you’re about to conduct is a big one. Moreover, you will need active access to the Internet to sign off for the transaction as well as to check the current exchange rate.
Unfortunately, there is no straight answer to that question. The cryptocurrency market is still largely unpredictable and very volatile. In 5 years time, the value of one BCH can be anywhere between $0 and virtually any number imaginable.
Bitcoin Cash is among the top cryptocurrencies both in terms of value and market capitalization and it’s been steadily going up. However, every trading move involves risk, you should conduct your own research when making a decision.