How to Sell Bitcoin in India: Concerns and Tips for Best Practices

Published 12 Aug 2021 by Radhika Aggarwal

Table of Content

  1. What is Bitcoin?
  2. How to Mine Bitcoin?
  3. Is Bitcoin mining profitable?
  4. Is Bitcoin Legal in India?
  5. Know More about how can you sell bitcoin in India
  6. How to Sell Bitcoin in India?
  7. Conclusion

Bitcoin has been all over the news lately. The cryptocurrency’s value is up, and the price of related goods like Bitcoin mining rigs. It can be challenging to sell bitcoin when there are so many diverse ways to choose from, especially now that it has reached a record high. The price of cryptocurrencies is also volatile — and you need to assess carefully when buying or selling bitcoin would turn out to be profitable. This blog post will cover some best practices for Sell Bitcoin in India.

With bitcoin, it is easier to buy as opposed to selling. Many questions come up when one sells bitcoin, such as: how do I sell bitcoins in India? How can I exchange my Bitcoins for cash?

What are the advantages of an OTC (over-the-counter) desk over a more traditional cryptocurrency exchange like Coinbase or Kraken, where you have verification and other things required by many exchanges before being able to trade your funds into another currency–or even Bitcoin itself from fiat money that you might deposit with them on their site using a credit card number, say Visa/Mastercard, etc.?

When it comes to selling bitcoin, many questions come up. Such as: how can I sell my bitcoins in India? How do I cash out my Bitcoin if I don’t want them anymore - and where should you go?

What is the best way to liquidate a digital asset without having your funds tied down for long periods, like with bank account withdrawals or wire transfers that take days/weeks before they are confirmed by banks or other financial institutions (or even longer than weeks)?

Many people have asked these types of questions when looking at ways on how to sell their Bitcoins. For those who are new investors, here’s what we recommend doing instead!

What is Bitcoin?

Before knowing about how to buy bitcoin, one must be aware of what it is bitcoin? Bitcoin is a virtual currency created in 2009 by Satoshi Nakamoto and can make payments without government involvement. This digital cash system has no physical presence anywhere, so it’s not backed up with gold reserves or anything like that; its value stems from people who want to use this form of payment for their transactions.

Bitcoin is a super modern currency. It can be used to buy products and services, but you’ll need an app called a digital wallet on your phone or computer to store it in. Also, every transaction with bitcoin is recorded publicly, so if someone tries stealing any of the money from them, we would know right away!

Some countries have banned Bitcoin altogether, though, because they don’t trust how secure it is yet - even some people are worried that there may one day be no more Bitcoins left for us all to use at all!

How to Mine Bitcoin?

Simply put, Bitcoin mining is solving mathematical equations — just fast. That is why you need massive computational power to solve these mathematical queries quickly and quicker than everyone else to reap the rewards.

Mining Bitcoin works based on ‘proof of work,’ rewarding computing power with cryptocurrency coins. A miner will solve complex mathematical problems to securely add one block of transactions worth 1 megabyte (MB) to the blockchain.

Is Bitcoin mining profitable?

Bitcoin mining can be a difficult and expensive process, but for people who have the equipment to do it themselves, Bitcoin is still an attractive prospect. These miners are rewarded with Bitcoins from time to time as they crack code to mine more coins.

For first-timers looking into investing their money into cryptocurrency or trying out bitcoin mining on the side of another investment like real estate, then some online calculators take costs such as electricity usage and device hardware configuration (if you already know what type of miner you want) inputted before giving back potential profits along with some information about if your area has enough energy sources nearby so that this kind of work would even make sense economically speaking.

The fast-paced world of finance is constantly changing, and the Indian government has to keep up with these changes. India’s Finance Minister Nirmala Sitharaman stated that Bitcoin trading would be legal in her country for now, but how long will this last?

The Bill on Cryptocurrency and Regulation of Official Digital Currency (Bill No. 5) was recently released by Hindu Business Line, suggesting some form of the ban coming soon—unless there are further amendments before it becomes law. Until then, traders can feel safe buying Bitcoins because at least they won’t have any trouble from authorities! You can also read our blog related to Cryptocurrency legality on our website cxihub.com.

Know More about how can you sell bitcoin in India

Bitcoin of the sale in India is a cinch. You can sell the cryptocurrency by going on any of your favorite exchanges or through P2P platforms like LocalBitcoins, where you buy and sell directly to other users without an intermediary involved.

However, if privacy matters most, go with the traditional online exchange because they allow for maximum confidentiality during transactions between two parties while giving sellers more control over who buys their coins as well as pricing and settlement time options than when dealing with peer-to-peer exchanges such as LocalBitcoins that are made public once complete.

Hence, buyer information remains anonymous until after payment has been confirmed, which may make protection easier but less accessible if not banked first before making a purchase from elsewhere now available anywhere at any time thanks to this one simple app!

The small percentage charged for crypto sales is on the seller. The price of cryptocurrency depends on market composition and demand. It can either be sold instantly or in parts with an exchange having daily withdrawal limits, which means large-scale transactions may not have the cash immediately available to traders.

How to Sell Bitcoin in India?

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Let us now explore the various methods to sell bitcoin in India in detail:

Exchanges

Exchanges are one of the best ways to sell bitcoin, but they come with a set of drawbacks. First, they serve as an intermediary platform that stores funds for sellers and buyers until someone who meets your demands shows up to buy or sell bitcoins. In short, exchanges act as treasure chests that keep your money safe from harm’s way so you can focus on what matters most: making more money! To sell bitcoin through an exchange, there are two steps that you need to go through:

The first step is creating an account with a reputable Exchange. They might ask you to submit certain documents, such as bank statements and utility bills, to verify your identity. Besides these details, though, they would also restrict themselves from sending money out of their system when you try and withdraw the funds- which can be frustrating for some people!

The process for opening up an online trading account at any exchange often begins by verifying your personal information like we’ve talked about in this article so far: “proofs” that prove who or what are making the transactions; verification measures do not always come cheap, but it’s worth investing time into getting one because there have been reports where scammers have used stolen identities before to cheat traders on cryptocurrency exchanges.

After setting up an account with the Exchange, all you need to do is raise your selling offer. This includes details such as how much you want to sell and what price per unit. Then, your part of the job is done! On this site, it’s our responsibility to find buyers for sellers like yourself and let them know when a buyer has found their product on-site.

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Direct Trade

To get bitcoins, you can trade for them with other people. This is a straightforward way of exchanging currency without going through third-party agencies or brokers - though sometimes these are used in the process too! To register yourself as a seller on such sites might sound complicated, but it’s not: all you have to do is sign up at one of those websites, post your offer (at whatever price), and wait until someone buys from you.

Selling bitcoin in person.

Selling bitcoin in India to people is most accessible, but there are many other options. For someone to buy your bitcoins or any cryptocurrency on an exchange, they will need a form of identification and then go through some tedious steps that usually take longer than selling them in person.

This means when looking at how best to sell bitcoin without fees; we have seen two significant categories so far: exchanging with another currency like dollars from online platforms such as cxihub, Coinbase/GDAX (which has lower fees), or by meeting up with individuals near where you live who want crypto coins too!

The process to sell bitcoin in India is straightforward. Open a QR Scanner app on your phone, enter the person’s mobile number, scan their code with your camera, and send them some funds. They will receive an electronic notification via text message that you are sending money. But, it does not get any easier!

Withdrawing Funds

When you’re ready to cash out, there are still some options. However, if your bitcoin is significant and worth a lot of money, it may be too difficult for these methods alone; you could go through an OTC desk which would work on fulfilling your order in parts and send the money from fiat currency straight into your bank account- but this process can also be hectic as well with the patience required throughout!

This article is wholly based on how to sell bitcoin in India, but you want to know how to buy bitcoin in India; we have an article published on our website cxihub.com. Here is the link on how to buy bitcoin in India. You can get a complete guide related to how to buy.

Conclusion

We want you to be successful in your bitcoin journey. So if you’re looking for some best practices on selling Bitcoin, please get in touch with us, and we will help get you started with the process of selling your cryptocurrency in India.

In addition, if you are new to digital currencies or need a little more guidance about what cryptocurrencies have become in recent years before investing in one, there is plenty of information available on our website which can assist.

Understanding that different people might require additional resources based on their circumstances when buying or selling bitcoin should make this blog post helpful.

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