Bitcoin Sale Using a Peer-to-Peer (P2P) Explained
P2P exchange is a preferred channel by crypto holders seeking to withdraw funds. The platform links crypto purchasers and sellers directly with each other.
Most centralized crypto exchanges have their P2P platforms. Exchange prioritizes holding the sellers’ crypto in escrow to secure the transactions.
Escrow services assume the impartial party role by holding the assets or funds transacted until the fulfillment of the agreed-upon conditions to avert fraud. It gives the seller the opportunity to verify the receipt of the payment from the buyer to allow the funds to be remittance from the account.
P2P platforms provide a straightforward user experience. The platforms mandate full disclosure of the party by completing the KYC process.
Several withdrawal methods are available for the user relative to the location. The alternatives available include PayPal, wire transfers, or mobile payments.
Understanding the Bitcoin Conversion Process
The conversion of BTC to cash on the P2P platform utilzes the laid out process below that utilizes . Binance as an illustration.
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Step 1
A user should create an account and complete verification. The authentication process entails confirming email and phone number.
The KYC process comes afterward, which entails uploading a government-provided identification document and photographing oneself.
Step 2
Bitcoin should be moved from the external wallet to the exchange’s wallet address. An external wallet is a different wallet, normally a software or hardware wallet, that a person controls autonomously.
Accessing the address entails clicking the ‘Deposit’ button in the top-right row. Afterward, the ‘Deposit Crypto’ button on the left should be tapped, and the correct blockchain network should be selected.
A user should move Bitcoin from their external wallet to the address. After reaching the Binance wallet, it should be moved to the funding wallet within Binance to facilitate the transfer process.
Step 3
The ‘Withdraw fiat’ on the left menu should be clicked. Details such as currency and preferred withdrawal method should be set up.
Step 4
The ‘Deposit’ button at the top-right menu should be clicked. Afterwards, the ‘P2P Trading’ platform should be selected.
Alternatively, one can hover the mouse over the ‘Trade’ at the top menu and click ‘P2P’ from the drop-down menu. The P2P platform appears on the screen.
At this point, a person should set up their preferences, for instance, whether they want to purchase or sell crypto. The choices can be made using various controls on the top, like text, toggle, and drop-down buttons.
Step 5
The next screen displays all the information concerning an advertiser. On Binance, an ‘advertiser’ is the Bitcoin’s potential purchaser.
The screen’s right side allows one to specify the Bitcoin they plan to sell and the amount they will receive. The ‘Add’ button can be used to add more Bitcoin to the funding wallet before selling it.
Selling Bitcoin on a Crypto Exchange
Numerous exchanges permit people to sell Bitcoin directly for fiat currency in the crypto exchange. Afterward, the fiat currency is moved to the bank account using the preferred method.
These exchanges operate on an order book model to manage the transactions. The order book is a real-time, constantly revised list of purchase and sell orders for crypto, which aid in determining the prices at which transactions are implemented.
Bitcoin Sale via ATM
Bitcoin sale using automated machines involves a straightforward process. A person should locate a close Bitcoin ATM using various methods. For instance, they can use websites such as CoinFlip and CoinATMRadar that offer detailed maps and directories of Bitcoin ATMs.
A person can use popular search engines or local business directories to look for local listings of Bitcoin ATMS.
The steps involved in understanding the Bitcoin to bank account process include:
- Entering a phone number
- Selecting the ‘Sell’ option on the ATM screen.
- Specifying the amount of Bitcoin to be sold.
- Transferring the Bitcoin to the wallet.
- Collecting cash
Final Thoughts
As crypto becomes more incorporated into mainstream finance, Withdrawing Bitcoin to bank accounts is set to become more convenient. Such relies upon guaranteeing lower fees, instant withdrawals, and improved exchange rates.
The evolution of blockchain technology and merging with conventional banking systems may reduce reliance on traditional bank withdrawals.
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