If your brand has started accepting Bitcoin payments, you’ll probably be looking at selling or spending your Bitcoin next. Of course, some people choose to hold it in the hopes that it increases in value, but that comes with significant risk due to cryptocurrency’s ability to fluctuate wildly in value for the time being. And others exchange for different types of cryptocurrency, but that’s another topic entirely, and you need to be well-versed in cryptocurrency and constantly attuned to the markets to be successful investing this way.
Fortunately, it’s easy to sell your Bitcoin for cash. And it’s becoming easier every day to spend it, as more and more companies—from small local businesses to the largest global corporations—continue to start accepting Bitcoin payments for their goods and services.
Here’s some basic information about selling or spending your Bitcoin cryptocurrency once you begin taking payments in this cryptocurrency from your customers or clients.
Selling Your Bitcoin
Some platforms for selling Bitcoin are aimed at the large-scale investor and active trader. But there are plenty of options for small holders to sell their cryptocurrency. Some sites require you to verify your identity, though not all do if your quantities are below a certain threshold. But the verification process isn’t complicated, and it’s a step most of us are accustomed to these days. As a side note, remember to declare profits made on Bitoin sales at tax time.
A few exchanges where you can sell your Bitcoin include:
You can also set your price for your Bitcoin offers for direct sales, and be contacted by interested buyers (who typically pay by direct deposits or wires to your bank account) on sites like:
These are by no means the only places to sell Bitcoin. Just be sure to research any site or app you consider using for selling (or buying or trading) cryptocurrency.
Spending Your Bitcoin
Options for spending Bitcoin are now increasing by the day. Start by looking into whether any of your suppliers, vendors, or service providers accept Bitcoin payments. And, if you pay yourself in Bitcoin, you can spend it with businesses you buy from personally.
If you’re still under the impression that few companies accept Bitcoin payments, you haven’t been paying close enough attention. For just a few examples:
- An HSB survey in early 2020 found that more than 1/3 of US small and mid-size businesses now accept cryptocurrency payments
- AT&T became the first major mobile carrier to accept cryptocurrency payments in 2019
- Pay for flights or hotels with Bitcoin on sites like Expedia and CheapAir
- Microsoft takes Bitcoin payments in its app stores
- Buy home or office furnishings, décor items, and more with your Bitcoin at Overstock.com
- Newegg, which sells computer systems, electronics, and more, accepts Bitcoin payments
- You can even give Bitcoin to charity through sites like BitGive, BitHope, and Fidelity Charitable