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It is therefore probably wise to not import your private keys in such software right away; instead, wait to see if there are any reports of problems. It is therefore not recommended to install a Bitcoin Cash full node wallet on the same computer. It is on this computer that you can import your wallet backup and have access to your BCH. If you are not exactly a beginner, there is one alternative option. Update, August Coinomi published a blog post explaining how to access your BCH using their wallet.
This includes instructions for full node wallets. Our second recommendation was to use a paper wallet. This advice was given in the context of storing your coins long-term in particular. But if you want to access your BCH, of course you can do this right away. Unfortunately, however, not many wallets actually support directly importing your private key s — and less so for BCH.
One wallet that does allow for this option in Bitcoin is Electrum. However, Electrum itself has issued an official warning concerning Electron Cash. Electron Cash is not properly vetted and therefore not guaranteed to work as advertised. This is a big risk, and we recommend against using it for now. This may change in the future.
That said, if you do choose to opt for this solution at your own risk! First, run the software on a different computer as the computer you run Electrum on, if you run Electrum. Additionally, first move the BTC from your paper wallet to a new Bitcoin address like a new paper wallet before you do anything with BCH! Make sure not to send BTC to this same paper wallet later on either, though. This includes instructions for paper wallets.
Our third recommendation was to use a hardware wallet, as listed on bitcoin. Two of these hardware wallets in particular, Trezor and Ledger , have gone through the effort of offering you access to your BCH. Ledger has published a blog post explaining how to access your BCH, which you can find here. Trezor has also published a blog post on how to claim your BCH, which you can find here.
Don't worry, your funds are secure. Update: This issue is now fixed. However, note that this wallet recommends using Electron Cash, which is not guaranteed to be secure. See the above section on paper wallets for more details. The last hardware wallet, KeepKey , has also published a blog post on Bitcoin Cash.
But actually being able to claim them may differ a bit from wallet to wallet. Most wallets use a recovery seed. However, at this point in time there are no BCH wallets available yet that allow this and which we can confidently recommend using. If BCH becomes somewhat of a success over time, this will probably change. If it ever becomes the case.
See this Reddit post post for a series of links. Update, August 7: Coinomi has integrated BCH into their wallet, and uses a private key seed compatible with several of the wallets listed on bitcoin. And if you were using the BTC. If you did not follow our advice, and instead stored your BTC in any other wallet, or on an exchange, or anywhere else, you may or may not still be able to claim your BCH.
Once you have claimed your BCH, you can use it however you please. Just like any other alt coin, you could for example sell it for BTC, or perhaps spend it somewhere, or move it to another wallet, etcetera. There is no guarantee you will actually receive BTC after you've sold your BCH on these platforms, and possibly little repercussion if you don't.
It's probably best to wait until a more established exchange enables BCH deposits, and use this instead. While they look and technically are the same, the two networks are fundamentally incompatible. The first factor is privacy. This can in turn reveal a lot about your current holdings as well as your past and future transactions, and can by extension even reveal such data about people or entities you transact with.
A lot of above websites, let you receive money via bank transfer, PayPal, Payoneer , and other methods. In the further section of this guide, I have discussed different ways by which you or anyone cal start selling their Bitcoin portfolio. Once you have found the website above that supports your country, setup an account. This process could take anywhere between 5 minute to 2 days. It all depends on your country or residence, and website that you are dealing with.
For example, lets pick CEX. If you want to sell a small amount of Bitcoin, you should be able to sell Instantly. However, for large volume, you may need to get upper tier verification, that could take days. More on this, in the next step. A lot of them would ask you to setup 2 factor authentication. This process is useful to secure your account, as you would be adding Bitcoin to their wallet. Now, under the wallet section of the website, you will find your unique Bitcoin deposit address.
You can transfer your Bitcoin to the wallet, and usually this could take minutes for the transfer to be done. If you are doing something like this for the first time, you should transfer just a fraction of Bitcoin.
Ex: 0. Once you received the Bitcoin in the wallet, simply place a sell order. You could sell the Bitcoin at the current price. Once you are done selling Bitcoin, you will have the fiat currency in your wallet. Now, you can withdraw the funds directly to your bank account, or other accounts such as PayPal, and others. This process could be done immediately or could take days, depending upon your country, and website policy.
Over all, selling Bitcoin constitute of only these 5 steps. These steps will be more or less similar across, and medium that you use. You could sell it offline in your network or via P2P method. You can check the current Bitcoin price in your country, and sell at the same price to interested buyer. You can also use platforms like Localbitcoins or Paxful to sell your Bitcoin offline. These are P2P platform, which connects Bitcoin sellers with buyers.
However, when dealing with cash and selling it offline, comes with its own risk. So, you need to be careful. If you are not in hurry, and looking to cash out a huge amount of Bitcoin, you should use a Bitcoin OTC broker. These is a service offered by exchanges for whales like you to sell large amount of Bitcoin without impacting the market, and help you get the best possible price. CoinBase is a popular website used by millions to sell Bitcoin.
Now, lets look at some of the questions which are asked by CoinSutra community members via email. In case if it is not, feel free to ask it via comment section below. Yes, you can sell Bitcoin within seconds, and some listed websites let you receive the money in a few seconds.
When using P2P method like Localbitcoins , Paxful , you could receive money instantly. You could definitely sell Bitcoins for cash, however, if you are doing large volume of selling for cash, you need to check with your country law. Certain countries does not allow huge cash transactions. There is no upper or lower limit when it comes to selling Bitcoin. The only cost associated with selling Bitcoin is the exchange fees or the broker fees. For example, Binance charges only 0.
These days, it is apparently very easy to sell Bitcoin. Unlike old days, now you could also sell Bitcoin instantly and securely. Also, a lot of countries has put the proper law and legislation for selling Bitcoin.
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The people who have some Bitcoins and are new in the sphere may still inquire what the best way is to sell BTC. There is no single correct answer to this. To place a sell order, simply enter the amount of Bitcoin you'd like to cash out and choose a payout method. You will then be provided with a wallet address. Set up your ad. Choose your preferred payment method, currency and the amount of bitcoin you are planning to sell. · Place an order. After reviewing all the ads.