LocalBitcoins is another place to sell Bitcoin but is different from the exchanges covered up to this point. Unlike other exchanges, which act as market makers or trade matching platforms, LocalBitcoins is a peer-to-peer (p2p) exchange. LocalBitcoins merely acts as a middleman between buyers and sellers of Bitcoin and provides an escrow service to help prevent fraud.
LocalBitcoins users can sell their Bitcoin for different currencies and other types of value. In the United States, users can sell Bitcoin for dollars via bank transfers, Paypal, Moneygram, and Western Union. If users want some sort of payment other than cash, they can even sell Bitcoin for things like gift cards on Amazon and Ebay.
Tracking Bitcoin Sales – Cointracking
For those selling Bitcoin frequently, it can be frustrating trying to log all of your trades for accounting and tax purposes. Instead of using an Excel sheet, many sellers of Bitcoin opt for more convenient options, such as CoinTracking.info, which takes your Bitcoin sales from different exchanges and platforms then generates reports on coin value, profit and loss, realized and unrealized gains, estimated taxes, and more.
Trading Charts – TradingView and Coinigy
If you’re looking for advanced charting and technical analysis options to take a deeper look at the Bitcoin market, TradingView and Coinigy are two of the most well known options amongst buyers and sellers of Bitcoin. Both have free and paid user accounts.
Of the two, TradingView is more popular amongst Bitcoin traders. The site’s free plan gives you three indicators per chart as well as one indicator template. On top of the free plan, other factors that draw users to TradingView is that the paid option is slightly cheaper than Coinigy’s, but still offers real-time data options, faster data flow (compared to TradingView’s free option), and no ads. Users can try the paid plan with TradingView’s free 30-day trial.
Another thing that people like about TradingView is its social aspect – users can view other users’ analyses, make comments (and potentially friends), and even post analyses of their own and get feedback. As such, TradingView is a great place for those who want to learn more about charting and technical analysis.
Coinigy is also a solid option to consider. It offers a free option but paid subscribers can take advantage of data from 45 exchanges, use Coinigy’s mobile app, receive email and SMS price alerts, and experiment with over six dozen technical indicators.
On top of its vast exchange support, Coinigy has support for more altcoins (cryptos other than Bitcoin) than TradingView and API support. As such, Coinigy might be a better charting and technical analysis option for serious traders.
If you got this far, congratulations!
Selling Bitcoin isn’t always easy the first time around. Regardless, after reading this guide, you should know everything you need to get started selling your first Bitcoin, keeping track of trades, and potentially analyzing the market.