Investing in cryptocurrency does not necessarily imply purchasing when it is cheap; it often entails forecasting the best moment to sell digital assets.
The most common method of selling Bitcoin Cash (BCH) tokens is through platforms that connect buyers and sellers, such as cryptocurrency exchanges or peer-to-peer (P2P) services. BCH may also be traded to anyone else by transferring tokens to their BCH wallet’s public address in return for fiat currency such as the dollar.
But, why would anyone give up their Bitcoin Cash (BCH) stash? Crypto investors do not always sell their tokens for a quick profit. Instead, selling crypto can be ascribed to a variety of personal or financial motives, ranging from diversifying an investment portfolio to needing fiat currencies to fund day-to-day needs. The latter is true, particularly for the global workforce, which has begun taking Bitcoin (BTC) and other cryptocurrencies as payment.
Regardless of your reason, here are some ways to trade Bitcoin Cash tokens:
How to sell Bitcoin Cash (BCH) tokens
1. Through crypto exchanges
Cryptocurrency exchanges are among the most popular platforms for buying and selling a variety of cryptocurrencies. A crypto exchange often allows users to purchase or sell cryptocurrency tokens against other cryptocurrencies or local fiat.
To do this, exchanges employ trading pairs that reflect the asset against which you will be exchanging your BCH tokens. Placing a sell order using a BCH/USD trading pair, for example, involves agreeing to swap your BCH tokens for an equivalent quantity of US dollars. A BCH/BTC trading pair, on the other hand, will allow you to trade an identical quantity of Bitcoin for the value of your BCH tokens.
Investors may find BCH on most prominent exchanges across the world due to its appeal as an asset. Selling BCH on a crypto exchange is simple: transfer the BCH tokens to the exchange’s BCH wallet, put a sell order against a trading pair of your choice, and wait for the transaction to be finalized.
Once the corresponding fiat or cryptocurrency is displayed on the wallet, you may either transfer the fiat money to your bank account or purchase any other cryptocurrency of your choosing.
2. Peer-to-peer (P2P) service
A peer-to-peer service is a platform that links two or more investors who want to trade currency on mutual terms. P2P systems are accessible as independent programs as well as through numerous cryptocurrency exchanges.
Users of a typical BCH P2P service will be able to swap BCH tokens for local money. This sort of service connects buyers and sellers in real time and simplifies transactions. Some type of escrow incorporated into the platform’s architecture will ensure the trade between the two businesses.
Furthermore, one may contact other traders on specialized forums and meet them in person to exchange currencies, a true peer-to-peer transaction. The risk connected with these sorts of transactions is greatly dependent on the parties involved’s credibility.
As a result, it is prudent to look for red signals before meeting unfamiliar people, such as examining the user’s internet reputation. Because there is no middleman involved, P2P is typically regarded as quicker, cheaper, and more secure than a crypto exchange.
Other ways to sell Bitcoin Cash (BCH)
1. In-house BCH offerings
The Bitcoin Cash ecosystem, like most cryptocurrencies, is a privately held entity. And, with the support of well-known entrepreneurs such as Roger Ver, the BCH community may take benefit of a slew of BCH-friendly in-house solutions such as a crypto exchange, peer-to-peer service, and crypto wallet.
2. Paying for products and services with BCH
Although BCH has not yet gained widespread acceptance, it may be exchanged for goods and services. Depending on the jurisdiction, there are a number of small businesses that take Bitcoin Cash as payment. Furthermore, BCH may be used to make online purchases such as e-commerce, subscriptions, and frontline services such as food delivery.
Conclusion
Because of its rising value, BCH has become one of the most lucrative assets in the crypto world. Because of the cryptocurrency’s high value, it attracts undesirable actors, often known as hackers. Regardless of the method of transfer you choose to sell your Bitcoin Cash BCH holdings, crypto investors should make a habit of double-checking each facet of the deal (e.g., risk, return, order size, etc.).
Historically, crypto investments were mainly focused on life-changing long-term gains, but investors are increasingly more interested in learning about real-world applications of their investments.