Table of Contents
Get set up to selling your bitcoin in less than five(5) minutes
Download the Breet exchange app
Connect your local bank account
Tap the sell button and follow the instructions
This article focuses on the two main methods of selling cryptocurrency into local fiat currency.
TABLE OF CONTENTS
- Overview(Over the Counter system and Peer-to-peer exchange)
- Advantages and Disadvantages
- Conclusion
Overview of the two Options for Selling Bitcoin
The two main options for exchanging your bitcoin for fiat money are over-the-counter exchange and peer-to-peer trading.
- Over-the-counter (OTC) Exchange Service
A notable crypto trading platform that uses over-the-counter exchange is Breet. Breet is an automatic crypto-to-fiat mobile application that makes use of the OTC system. Over-the-counter system simply does not regulate its transactions outside the crypto exchange platform.
In practical terms, you can easily convert your BTC to cash and withdraw straight to your local bank account. As the description, “automated crypto-to-fiat” implies, the OTC system is used as a private crypto wallet address just like other crypto trading platforms. But when a cryptocurrency like Ethereum is received, the crypto coin is not received as a cryptocurrency but it is automatically converted to the fiat money equivalent of how much the received Ethereum is worth.
2. Peer-to-peer Exchange
Peer-to-peer exchange, popularly known as “p2p exchange”, is a cryptocurrency system where users can privately exchange crypto with one another without the use of an intermediary(third party) such as a bank. It simply means the private buying and selling of Bitcoin or any cryptocurrency amongst the buyer and seller in a crypto exchange. In practical terms, if you want to sell your cryptocoin, you will have to add your coin and rate to the exchange market and then an interested buyer will contact you to buy while you sell. A popular crypto exchange that makes use of peer-to-peer exchange is Binance.
[SEE ALSO: How To Sell Litecoin]
Pros and Cons
Selling Bitcoin using Over-the-counter Exchange System
Advantages
Breet has proven that the over-the-counter system is one of the best, if not the best in selling bitcoin and other cryptocurrencies. It is 100% free, easy and convenient. Breet is very simple in user interface, totally free of charge and convenient for individuals and businesses. According to remarks by businesses and testimonials by users, OTC exchanges have immensely broken the inconvenience of time in selling bitcoin. The exchange is very fast because when selling, you do not have to wait for another party, the buyer, to confirm and send payment, which usually takes too much time.
You can sell any amount of cryptocurrency with an OTC exchange. There is no limitation to how much cryptocurrency you should sell. There is guaranteed at or close to the market rate for sale. With an OTC exchange like Breet, the rates are incomparable. You exchange your crypto for very reasonable prices without worries of losing any extra.
Disadvantages
- OTC crypto exchanges are usually not available in all regions. For instance, Breet is only available in Nigeria and Ghana.
- Payments are made to the bank accounts only.
- Custodial, the exchange holds your cryptocurrency and gives you the fiat money, you don’t hold.
- There are a few cryptocurrency coin options to trade.
Selling Bitcoin using Peer-to-peer exchange
Advantages
- Any payment method is possible with a peer-to-peer exchange. This includes cash, payment apps, and even exchanges with other cryptocurrencies.
- It is available in many regions which give you options to use anywhere.
- It is the only legal method in many regions.
Disadvantages
- P2p is less convenient. You must manually create and negotiate sell orders.
- Usually, it is legal to sell in smaller amounts. There is a limitation to how much crypto you can sell.
- Fear of dealing with fraudulent crypto users.
- Time-consuming
Selling your bitcoin or other cryptocurrencies via Over-the-counter exchange or peer-to-peer exchange works fine and has been effective ever since. Most times, P2P exchange charges a fee for selling transactions or withdrawing. With Breet, it is completely free. It is best to do your personal research and weigh both exchange systems to understand which works best for you. Generally, over-the-counter crypto exchange is testified to be faster, safer, more convenient and rate satisfied than peer-to-peer exchange.
To hop into the OTC system, use Breet by downloading to your Android or iPhone devices. Learn more here.
