My Preferred Method to Sell My BTC
BTC is the thing now but I don't invest in it - I trade my Steem or Steem Dollars and make it grow/try to accumulate more then wait for a good price: either a high Steem/SBD price or a low BTC price (then I'll just wait for it to go up again).
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But how do I sell my BTC to Fiat in case I need it? There are different methods of doing so. I've discussed 3 local wallets that I use in this post: Wallets for BTC in the Philippines. Those wallets are what I use to convert my BTC to Fiat and get it directly to my Philippine Peso bank account.
However, that's not my preferred way of selling my Bitcoins. What I prefer to do is transact directly with other people who's looking to buy BTCs. This method is called P2P or Peer-to-peer.
Why do I prefer this method, you ask? Well, here are some Pros to using it:
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- I get to apply better rates:
In general, I use middle of Coins.ph Buy and Sell prices. Most of them accept my prices. This way, I get higher rates versus the Sell price and they get lower rates versus the Buy prices.
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- I get the money instantly:
Using the wallets can take 1-3 business days or even more before I get the money to my bank account. However, when I sell directly to someone I get the funds instantly to my bank account, because they always send it first before I send them the Bitcoins.
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- No paper trail sometimes:
Some people don't like getting things traced, selling through P2P has its advantages. Especially when the person buying the Bitcoin can pay cash by meeting up.
Those are some of the upsides of selling via P2P. I won't be discussing about any of its downsides in this blog post, you be the judge. What's your preferred way of getting your cryptos to fiat?
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thx for sharing this information
This is very useful method.
Thanks for sharing this.
Woops, you better straighten up - they're on your tail.
Thanks a lot for sharing your valuable content...Thanks for sharing...
have you tried to withdraw to cebuana? it only takes 30minutes and you can get your fiat in a nearby cebuana outlet.
I think his purpose of doing it P2P is to acquire more profit/earnings as the method will reduce transaction fees.
What he said. Thumbs up!
that is when you are using coins.ph
I haven't because it's a hassle, I need to go out and pay fees and get it at the rate on the app.
Do you find it easy to look for that person who's interested in buying your btc? How do you do it?
There's this Facebook group and telegram chat I frequent. I will post about it too. It's in the line-up of my to-post list hehe.
you every dicuss about bitcoin crypto....thanks for sharing...