This guide is for you if you have a pile of bitcoins you want to sell and convert into dollars. It’ll walk you through the entire process so that your cryptocurrency can be converted into local currency and deposited in your bank account in a matter of days (or even hours).
Choose a bitcoin exchange.
Here are some aspects you should consider when you sell bitcoin in Australia:
- Regulation. Look for an Australian exchange regulated by the Australian Securities and Investment Commission (ASIC) or, even better, by the Australian Prudential Regulation Authority (APRA). If you’re not sure how to find this information, ask someone who does know or uses Google. You can also directly contact if you have any questions about regulations in Australia.
- Reputation. Choose an exchange with a good reputation—especially if you plan on trading frequently or exchanging large amounts of money at once. Pay attention to user reviews and ratings from other people who have used the bitcoin exchanges before so that you know what to expect from them when using them yourself!
Decide how much you want to sell.
Next, you’ll want to consider how much bitcoin you want to sell. The bitcoin price fluctuates quite a bit, so you must set your asking price accordingly. So, if the current spot price of one bitcoin is USD 10,000 and the exchange charges 0% on sales, but 2% on purchases, then the most reasonable thing for them would be to ask for half of what they paid for their bitcoins back when they bought them (assuming that those who sold those bitcoins did so at around this same time). If you had purchased your bitcoins in 2016 when the price was $400 per coin and now it’s worth over $10K each, then selling at half of what you paid for them could still net you about 25% profit! However, if things have changed since then, and now all coins are priced much higher than before because everyone has been investing in cryptocurrencies lately, then perhaps it would make sense to lower expectations somewhat so as not to be disappointed by unrealistically high offers from buyers who are hoping they can get some cheap Bitcoins without too much effort on their part.
You can sell bitcoin easily in Australia.
When you sell bitcoin in Australia it is easy and convenient. Many exchanges support selling cryptocurrency, so you should have no trouble finding one that suits your needs. If you’re looking for a quick way to sell some bitcoin, there are several options available:
- You can sell bitcoin for cash at an ATM or via a cash deposit at any bank branch. This might be one of the fastest ways to get rid of your coins if you don’t mind taking a hit on value.
- You can sell bitcoin for a bank transfer from one exchange account to another, which takes around 10 minutes, depending on how busy each site is. This option is great if you want all the money from your sale immediately available in your bank account rather than waiting until it clears through Bitcoin’s blockchain (which could take days).
- You can sell bitcoin using credit cards by paying off your balance with crypto funds rather than fiat currency (government-backed currency). This isn’t recommended because credit card companies charge high fees when dealing with cryptocurrencies—but if speed matters more than financial security, then it might be worth considering!
Conclusion
Bitcoin is a popular cryptocurrency used to purchase goods and services. It has a unique appeal, as any government or central bank does not back it. Instead, the value of bitcoin comes from its ability to be exchanged with other currencies and its supply on the market.
While this may seem intimidating initially, selling bitcoin in Australia is quite easy! You just need an account with an exchange where you can buy or sell your bitcoins easily.
