Bitcoin is a well-known crypto that has gained huge popularity, but still, many people do not understand the functions of bitcoins. You can indeed use your coins for different purposes, such as investing funds in Digital Yuan, buying products and services, as well as holding your coins for long-term to make huge returns.
Before you invest your funds in bitcoin, you need to know the steps for buying bitcoins, and here you can find a few tips to buy such coins:
You need to open an account on an exchange to buy or trade bitcoin. You cannot use your crypto account until you verify your KYC. Once you are done activating your account, you can then place orders to buy Bitcoins. Make sure, you should not leave your coins in your exchange account and use a digital wallet to store your coins. Here, you have two options to use the Bitcoin wallets, i.e. the hot or cold wallets.
How to send bitcoins?
You can send bitcoins through your wallet. You can access your wallet by entering your private key and you can access it from anywhere at any time. All you just need is a stable internet connection when it comes to trading cryptos. You can send your coins from your wallet to the receiver’s wallet by entering his or her public keys. Besides this, you can send Bitcoins with ease using the QR code available on your registered wallet.
It is an alternative selling strategy of bitcoins, and you can sell your coins directly to a buyer via P2P platforms. You can find such potential buyers on these platforms and you can connect with them by placing your selling order. Once the price is matched with the buyer, you can send your coins to his account and place a request to transfer funds to your account. He or she can transfer funds to your bank account directly to buy bitcoin from your wallet. But it is quite risky, as you cannot trust any unknown person. It has been seen that people have lost their coins due to some scams and you must contact the buyer personally to sell your coins offline.
Steps to selling your bitcoins:
- First, you need to set up an exchange account. You need to check their regulations before you open an account because they have some transaction fees that you need to pay for selling or buying your coins. Apart from that, you must submit your ID proof to verify your account. Make sure, you must check their currencies before you choose a platform because most of these exchanges have some geolocation restrictions and they have banned some currencies and states. You cannot use their platform if you are living in their banned country or state.
- Now, you need to transfer your coins to your exchange account. As stated above, most of the users store their coins in their wallets and they have to transfer their coins to their crypto account for selling their coins through their exchange.
- Once you transfer your coins, you can place a sell order. These exchanges have some holding period and you cannot sell your coins during this period. After this period, you can place a sell order.
- Once you place a sell order, your exchange sell your coins directly through their platform and money will be transferred to your linked account. You need to fund your crypto account with fiat currency and you have to link your bank account with your exchange account for the same. Once your transaction process is complete, your money will be transferred to your linked bank account only.
- You cannot sell your coins within a few minutes and you have to wait for a few days to get your money transferred to your bank account. The time for transaction processing varies from one exchange platform to another.
Conclusion
At the end of the day, when it comes to selling off your traded coins, you can do that easily with the Yuan Pay Group-App. You can also buy or sell your coins through bitcoin ATMs, but you need to pay a hefty transaction fee for the same.