Ways to Sell Bitcoin in Australia: A Step-by-Step Guide in 2022

According to data, Australians are more interested in investing in cryptocurrency. As a financial asset, cryptocurrencies are becoming more popular. 

The increase in Bitcoin values in 2021, the acceptance of novel goods like NFTs (Non-fungible tokens), and widespread curiosity in the Metaverse are the major reasons why the sector has sprung into a sharper spotlight.

So, if you’re one of those Australians having ownership of the country’s most popular crypto – Bitcoin, and want to sell bitcoin in Australia, you’ve come to the right place. 

As of December 2021, 28.8% of Aussies held possession of cryptocurrencies, based on research by The IRCI (Independent Reserve Cryptocurrency Index). The prevalence of cryptocurrencies increased by 56% between 2020 and 2021. Today, Australia’s most popular cryptocurrency is Bitcoin. The majority of Australians, according to data revealed from the Finder study, owned Bitcoin. 

Here, you’ll learn the steps to sell bitcoin easily and quickly. So, let’s start. 

Easy Steps to Sell Bitcoin in Australia 

To sell bitcoin via an exchange, follow these steps: 

Step 1: Create an Exchange Account

You’ll use an account to begin selling cryptocurrencies on an exchange. If there are no identification authentication criteria, the account is generally untrustworthy, and you must go elsewhere.

Step 2: Move Your Bitcoin

You must transfer bitcoins from the bitcoin wallet to the exchange account after creating your account. Each platform may differ periodically, but you can usually find the “transfer” button on your main screen and proceed as instructed. Most importantly, transfers from the wallet to the market are free.

Step 3: Set Up a “Sell Order”

Although each exchange’s UI may display this differently, the fundamental idea is the same. You’ll decide on a cost and watch for a potential buyer. 

The money will be deposited into your account after being sold. You must make a transfer to a savings account to receive these funds. Remember that such transfers may be susceptible to withdrawal fees depending on the exchange.

If you were selling for a different currency rather than fiat money, you would move the freshly gained currency to your cryptocurrency wallet rather than your bank.

Selling Bitcoin for Fiat via a Crypto ATM

Consider using a cryptocurrency ATM to sell your cryptocurrency. These have a similar appearance to conventional ATMs but perform differently. Most of these machines are designed to buy cryptocurrency, but some, like the Genesis and General Bytes ATMs, also allow you to sell cryptocurrency through them.

At the ATM, you must complete identity verification by presenting a legitimate photo ID. The vendor subsequently awaits clearance once the ATM gives them a wallet address to send their cryptocurrency. 

Since this takes time, most ATMs offer a redemption code that can be entered to obtain cash when the transaction has been completed. In Australia, cryptocurrency ATMs are generally uncommon and typically charge higher costs than exchanges; however, when they are there, they can be helpful.

Selling Bitcoins via Peer-to-Peer Trading 

Direct bitcoin exchanges between wallets are peer-to-peer trading, as the name implies. The buyer will supply the seller with the address from their wallet, and usually, the buyer will pay in cash or through a bank transfer.

Conclusion: What is the Ideal Way to Sell Bitcoin? 

The ideal way to sell bitcoin in Australia is via an exchange for convenience and affordability. However, it all depends on what you prefer and want to do. If you decide to use an exchange, be sure to research any related fees and, if unsure, consult a specialist.