This is done by miners for a profit.
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The fee depends on how many people are trading at the time and the data size of your transaction. A miner bundles the transaction together with other transactions into a block, and Bitcoin users set their own transaction fees within their wallets manually depending on how fast they want it to be processed. You can wait longer, until there is less congestion in the network, and miners begin picking up transactions with lower fees. If you have bought and held Bitcoin via a major all-in-one wallet and exchange provider, such as Coinbase or Blockchain.
This is the most straightforward option.
The way fees are charged varies: some but not all will pass on the exact transaction cost to you. Coinbase offers a percentage based fee — currently 1. With Blockchain, you pay the network transaction fee, plus a fee to the service. While many platforms only offer crypto-to-crypto trading, some providers allow you to exchange Bitcoin with fiat currency such as GBP, including Coinbase, Kraken, or Bitfinex.
S ome services will process your transaction faster than others.
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Often, the purchaser is first required to provide identification to prove they are who they say they are. Beware of scam sites and stick with popular, well-known cryptocurrency exchanges.
Step-By-Step: How to Sell Bitcoin
W ith a Bitcoin wallet you are free to go and find any exchange, where you can set up an account and wallet, then send your Bitcoin across from your existing wallet note this can incur an extra cost. Alternatively, trades between individual can be arranged peer-to-peer using websites and forums like bitcoin-otc and LocalBitcoins.
Sellers set their own price and what types of payments they will accept, often PayPal, bank transfers, credit cards and even cold, hard cash. Take precaution if you are selling directly to a random person. And recent years have seen the emergence of an increasing number of over-the-counter brokers who specialise in helping large-volume trades and can avoid slippage when the market moves against you before your trade can be completed.
Bitcoin ATMs and cash kiosks allow you to buy Bitcoin using cash or debit card.
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Some offer bi-directional functionality enabling both the purchases and sales for cash. In some cases, Bitcoin ATM providers require users to have an existing account. Note that these usually charge higher transaction fees, making this services costly. You can search for your nearest machine at coinatmradar.
QR codes make it easy to pay a person from a Bitcoin wallet app on your smartphone. Simply scan the code and it will pre-fill the recipient Bitcoin address and the requested payment amount.
Once you hit the send button in your wallet, how do you know whether your funds are on its way? How long will it take for my funds to arrive? How can I see when my fiat currency is on its way to my bank account? To alleviate these issues Safello has created a safe and simple selling process. As you type you will see a real-time calculation of your fee and the current bitcoin price.
Sell Bitcoin
Safely veryify your identity with BankID as you would in the buying process and then tell Safello what bank account your money should go to. In case you have already connected your account before, you simply select one of your connected accounts. Send your order amount to the QR code from your wallet. In that case you do need to put in the amount you are selling manually into your wallet. Follow your order on our tracking page until your money arrives. Once you have sent your funds you can visit our tracking page to follow your order.
Simply type in the order number you received in the last step or in your inbox and type it in the field. Now that your order is complete, you can save your order receipt in PDF form. This can be helpful to show your accountant or to generally keep track of your buy and selling history. The bitcoin world is as exciting as it is big.
At Safello, we place great importance on secure systems and transparent transactions which comply with all EU regulations and laws on money laundering.