{"id":9468,"date":"2023-08-10T13:15:19","date_gmt":"2023-08-10T13:15:19","guid":{"rendered":"https:\/\/blog.prestmit.io\/?p=9468"},"modified":"2025-08-08T05:01:39","modified_gmt":"2025-08-08T05:01:39","slug":"8-common-mistakes-to-avoid-when-selling-bitcoin","status":"publish","type":"post","link":"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin","title":{"rendered":"8 Common Mistakes to Avoid When Selling Bitcoin Online"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69dcb37416b41\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69dcb37416b41\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#Why_Sell_Your_Bitcoin\" >Why Sell Your Bitcoin?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#8_Mistakes_to_Avoid_When_Selling_Bitcoin\" >8 Mistakes to Avoid When Selling Bitcoin<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#1_Lack_of_Research\" >1. Lack of Research<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#2_Selling_Due_to_Fear_or_FOMO\" >2. Selling Due to Fear or FOMO<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#3_Choosing_the_Wrong_Platform\" >3. Choosing the Wrong Platform<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#4_Lack_of_financial_Advice\" >4. Lack of financial Advice<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#5_Loss_of_Passwords\" >5. Loss of Passwords<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#6_Ignoring_Transaction_Costs\" >6. Ignoring Transaction Costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#7_Selling_During_a_Bear_Run\" >7. Selling During a Bear Run<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#8_Not_Considering_the_Future\" >8. Not Considering the Future<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#Best_Place_To_Sell_Bitcoin_%E2%80%94_Prestmit\" >Best Place To Sell Bitcoin \u2014 Prestmit<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#How_to_Sell_Bitcoin_on_Prestmit\" >How to Sell Bitcoin on Prestmit<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#Frequently_Asked_Questions_FAQs_About_Mistakes_To_Avoid_When_Selling_Bitcoin\" >Frequently Asked Questions (FAQs) About Mistakes To Avoid When Selling Bitcoin<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#_Is_it_safe_to_sell_Bitcoin_peer-to-peer_P2P\" >\u00a0Is it safe to sell Bitcoin peer-to-peer (P2P)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#What_are_Bitcoins_Average_Selling_Fees\" >What are Bitcoin\u2019s Average Selling Fees?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#What_affects_the_price_of_Bitcoin_when_selling\" >What affects the price of Bitcoin when selling?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#_How_do_I_protect_myself_from_Bitcoin_scam_buyers\" >\u00a0How do I protect myself from Bitcoin scam buyers?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/prestmit.io\/blog\/8-common-mistakes-to-avoid-when-selling-bitcoin\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>When you decide that it&#8217;s time to sell your <a href=\"https:\/\/prestmit.io\/blog\/bitcoin-101\">Bitcoin<\/a>, there are things you need to keep in mind to ensure your first attempt is hitch-free or that you&#8217;re making the right decisions when selling. You may have tried once, but it didn&#8217;t go as anticipated, so you&#8217;re trying to tie up loose ends by discovering the common mistakes to avoid when selling Bitcoin. In that case, you&#8217;re on the right path, and we&#8217;re sure your next transaction will be smooth.<\/p>\n<p>You must be mindful of different factors depending on what you want to receive in exchange for your Bitcoin. So, in today&#8217;s article, you&#8217;ll know 8 common mistakes you should avoid when selling your Bitcoin.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Sell_Your_Bitcoin\"><\/span><strong>Why Sell Your Bitcoin?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\"alignnone wp-image-8174 size-full lazyload\" data-src=\"https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/05\/MotleyFool-TMOT-feccc6d4-bitcoin-logo.jpg\" alt=\"Mistakes to avoid when selling Bitcoin \" width=\"1320\" height=\"880\" data-srcset=\"https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/05\/MotleyFool-TMOT-feccc6d4-bitcoin-logo.jpg 1320w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/05\/MotleyFool-TMOT-feccc6d4-bitcoin-logo-1024x683.jpg 1024w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/05\/MotleyFool-TMOT-feccc6d4-bitcoin-logo-150x100.jpg 150w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/05\/MotleyFool-TMOT-feccc6d4-bitcoin-logo-768x512.jpg 768w\" data-sizes=\"(max-width: 1320px) 100vw, 1320px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1320px; --smush-placeholder-aspect-ratio: 1320\/880;\" \/><\/p>\n<p><span style=\"font-weight: 400;\">But let\u2019s call a spade a spade, Bitcoin is notoriously volatile. It\u2019s a market marked with high risk, and only the brave survive the long ride. It has been confirmed historically that the Bitcoin business rewards patience. The people most benefit from the bitcoin market are patient, long-term investors!\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Bitcoin market can rise or fall anytime, <\/span><span style=\"font-weight: 400;\">meaning you can make or lose money anytime.<\/span><span style=\"font-weight: 400;\"> Market fluctuation happens for a reason<\/span><span style=\"font-weight: 400;\">\u2014<\/span><span style=\"font-weight: 400;\">primarily to test the determination of investors. <\/span><span style=\"font-weight: 400;\">But, we can\u2019t deny that the bitcoin business is highly lucrative; this should motivate you to <a href=\"https:\/\/prestmit.io\/bitcoins\" target=\"_blank\" rel=\"noopener\">sell Bitcoin<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While you arm up to embrace the business, also ensure you have enough risk tolerance to help you withstand every storm that may come along in the journey.<\/span><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"8_Mistakes_to_Avoid_When_Selling_Bitcoin\"><\/span><strong>8 Mistakes to Avoid When Selling Bitcoin<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Lack_of_Research\"><\/span><strong>1. Lack of Research<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>It goes without saying that plunging into anything without proper research is a recipe for disaster. Whether you&#8217;re buying or selling crypto, research is necessary. Do not make the mistake of selling your Bitcoin without researching everything, including the best assets to exchange, the best platforms to use, exchange fees, market predictions, your short and long-term goals, etc.<\/p>\n<p>Ask yourself the difficult questions and ensure you have answers to them. Why are you selling your Bitcoin? What are you getting in exchange for it? Is this the right time to sell? Which platform is best in terms of fees, ease, and reliability? All these are part of the research you should do before selling your Bitcoin.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Selling_Due_to_Fear_or_FOMO\"><\/span><strong>2. Selling Due to Fear or FOMO<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/prestmit.io\/blog\/what-is-fomo-in-cryptocurrency\">FOMO<\/a> is about emotional selling, which can result to losing funds durng trade. During serious dips, many investors sell due to pressure or get caught up in the hype. A friend of mine, David, sold all his Bitcoin at $20,000 because he was scared it would crash further, and in a few weeks, it bounced back to $30,000. Trade with logic, not fear, and make decisions based on solid financial analysis, not social media buzz. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can use tools like RSI (Relative Strength Index) or MACD (Moving Average Convergence Divergence) to identify and leverage legitimate trends. With RSI, you can determine whether an asset is overbought or oversold; that way, you can tell where there are potential price reversals. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, MACD enables you to figure out momentum shifts and notifies you of prevalent market opportunities, so you know when to buy or sell.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Choosing_the_Wrong_Platform\"><\/span><strong>3. Choosing the Wrong Platform<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Before you sell your Bitcoin, you should have done some research on the different platforms that support such transactions. Different platforms, from exchanges to p2p platforms, allow users to sell their crypto, including Bitcoin.<\/p>\n<p>Before researching the best platforms, decide whether to sell Bitcoin for cash, other crypto, or gift cards. Knowing this will provide some direction on which platform to pick. For example, not all exchanges offer off-ramping services. You might need a platform like Prestmit.<\/p>\n<p>If you want to sell Bitcoin for other crypto, an exchange or a <a href=\"https:\/\/prestmit.io\/blog\/how-sell-bitcoin-peer-to-peer-p2p-exchanges-a-comprehensive-guide\">peer-to-peer (P2P) platform<\/a> will do. And even with this specificity, you&#8217;ll need to research the exchanges and p2p trading platforms that support the assets you want. Remember also to check the differences in transaction fees.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Lack_of_financial_Advice\"><\/span><strong>4. Lack of financial Advice<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Do you have an investment broker or advisor? If you&#8217;re trading by yourself, seeking advice from a crypto investment advisor about the market and the best times to sell or to HODL is in your best interest.<\/p>\n<p>Plunging into a sale without knowing all your options could lead to losses.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Loss_of_Passwords\"><\/span><strong>5. Loss of Passwords<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>One of the most common mistakes to avoid when selling Bitcoin or any other digital asset is forgetting or losing your passwords. Without your passwords, you cannot access your crypto, so you cannot proceed with any transaction you intend to do.<\/p>\n<p>It&#8217;s imperative that you do not lose your keys if you use a <a href=\"https:\/\/prestmit.io\/blog\/15-best-decentralised-cryptocurrency-wallets-2023\/\">decentralised wallet<\/a>. Without your keys, you cannot prove ownership of a wallet and its contents. So, ensure you keep your passwords and keys safe. Write them somewhere if necessary.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Ignoring_Transaction_Costs\"><\/span><strong>6. Ignoring Transaction Costs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Bitcoin transaction fees vary across platforms and payment methods. For example, on a $10,000 sale, the exchange charge is 0.1%, which is around $10. The network fee (variable) is around ~$2\u2013$5. Payment processor fee for users patronizing PayPal is 2%, which is $200. Totalling ~$215 or 2.15% of the transaction.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Understanding these costs in advance helps you price your sale appropriately. Compare platform fees and use tools like Blockchair to check current network fee trends.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_Selling_During_a_Bear_Run\"><\/span><strong>7. Selling During a Bear Run<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img decoding=\"async\" class=\"wp-image-9476 size-full lazyload\" data-src=\"https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/08\/bitcoin-bear.jpg\" alt=\"common mistakes to avoid when selling bitcoin \" width=\"1600\" height=\"900\" data-srcset=\"https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/08\/bitcoin-bear.jpg 1600w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/08\/bitcoin-bear-1024x576.jpg 1024w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/08\/bitcoin-bear-150x84.jpg 150w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/08\/bitcoin-bear-768x432.jpg 768w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/08\/bitcoin-bear-1536x864.jpg 1536w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/08\/bitcoin-bear-1320x743.jpg 1320w\" data-sizes=\"(max-width: 1600px) 100vw, 1600px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1600px; --smush-placeholder-aspect-ratio: 1600\/900;\" \/><\/p>\n<p>A <a href=\"https:\/\/prestmit.io\/blog\/bull-vs-bear-crypto-market-the-difference-and-how-to-handle-both\/\">bear market<\/a> is one in which there is at least a 20% decrease in the market value of crypto like Bitcoin for a long time. This period is characterised by declining confidence in the market and pulling out of many investors.<\/p>\n<p>Long-term investors will always advise people to &#8220;buy the dip&#8221; but never to sell in the dip. If the Bitcoin market is going through a bear run, you might be making a mistake trying to sell in the first place. Talk to your investment advisor if you&#8217;re still a beginner, as you may not know the market situation when you decide to sell.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_Not_Considering_the_Future\"><\/span><strong>8. Not Considering the Future<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As iterated earlier, there are many reasons why people decide to sell their crypto or other digital assets. You may be making a mistake if your reason is not tied to an immediate need. Long-term investments generally yield more profits. So when you want to sell your Bitcoin, ask yourself if it can wait.<\/p>\n<p>Although the price of Bitcoin is volatile, it appreciates over time. So, it&#8217;s wise to consider the future when deciding to sell. Even if you decide to trade based on an urgent need, you may want to HODL some and sell some.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Place_To_Sell_Bitcoin_%E2%80%94_Prestmit\"><\/span>Best Place To Sell Bitcoin \u2014 Prestmit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\"alignnone wp-image-10441 size-full lazyload\" data-src=\"https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/10\/prestmit.jpg\" alt=\"Common mistakes to avoid when selling Bitcoin \" width=\"1500\" height=\"787\" data-srcset=\"https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/10\/prestmit.jpg 1500w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/10\/prestmit-1024x537.jpg 1024w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/10\/prestmit-150x79.jpg 150w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/10\/prestmit-768x403.jpg 768w, https:\/\/blog.prestmit.io\/wp-content\/uploads\/2023\/10\/prestmit-1320x693.jpg 1320w\" data-sizes=\"(max-width: 1500px) 100vw, 1500px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1500px; --smush-placeholder-aspect-ratio: 1500\/787;\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Prestmit stands tall among others in the Nigerian crypto industry, especially when wanting to sell Bitcoin speedily, securely, and profitably. Prestmit gives special preferences to its users, whether you are a starter or an experienced trader. <\/span><span style=\"font-weight: 400;\">The platform operates a 24\/7 user support, and offers support for cash payments, bank transfers, gift cards, or even other crypto assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of Prestmit\u2019s compelling features is its <a href=\"https:\/\/prestmit.io\/bitcoin-price-naira\" target=\"_blank\" rel=\"noopener\">Bitcoin Rate Calculator<\/a>. This tool helps users calculate the amount they will receive from the sale they want to make. Prestmit wants to ensure you don&#8217;t get any surprises, but rather you are in control of your game.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_to_Sell_Bitcoin_on_Prestmit\"><\/span><b>How to Sell Bitcoin on Prestmit<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/prestmit.io\/\"><span style=\"font-weight: 400;\">Visit Prestmit\u2019s official website<\/span><\/a><span style=\"font-weight: 400;\"> or go to the <\/span><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.prestmit\" target=\"_blank\"><span style=\"font-weight: 400;\">Google Play Store<\/span><\/a><span style=\"font-weight: 400;\"> or <\/span><a href=\"https:\/\/apps.apple.com\/ng\/app\/prestmit-gift-cards-coins\/id1581960714\" target=\"_blank\"><span style=\"font-weight: 400;\">Apple Store<\/span><\/a><span style=\"font-weight: 400;\"> to download the Prestmit app.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Register a new account on the Prestmit app or log in.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Hit the\u00a0 \u201cBuy &amp; Sell Cryptocurrency\u201d button, then select \u201cSell Cryptocurrency.\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Amongst the crypto asset options, select \u201cSell Bitcoin.\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Generate your BTC wallet address and follow the procedure to sell your Bitcoin.<\/span><\/li>\n<li aria-level=\"1\">Follow the prompts to complete the transaction.<\/li>\n<li aria-level=\"1\">You will receive payment immediately after the transaction is confirmed.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_FAQs_About_Mistakes_To_Avoid_When_Selling_Bitcoin\"><\/span>Frequently Asked Questions (FAQs) About Mistakes To Avoid When Selling Bitcoin<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"_Is_it_safe_to_sell_Bitcoin_peer-to-peer_P2P\"><\/span><b>\u00a0Is it safe to sell Bitcoin peer-to-peer (P2P)?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Yes, you just need to ensure you follow a stringent safety process. Also, ensure you conduct the peer-to-peer Bitcoin selling using a trusted platform with an escrow protection set up (like Paxful or Binance P2P). You\u2019d want to verify the buyer\u2019s profile, and do not make the mistake of releasing your Bitcoin when you haven&#8217;t received the payment.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_Bitcoins_Average_Selling_Fees\"><\/span><b>What are Bitcoin\u2019s Average Selling Fees?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Fees differ based on the platform you are using and your chosen payment method. Global exchange platforms like Binance or Coinbase charge users an average of 0.1% to 2% per transaction. <\/span><span style=\"font-weight: 400;\">Getting a lower fee from P2P platforms is possible, but there could be other hidden costs in payment method premiums.<\/span><span style=\"font-weight: 400;\"> Just throw the fees guide before carrying out any transaction.\u00a0\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_affects_the_price_of_Bitcoin_when_selling\"><\/span><b>What affects the price of Bitcoin when selling?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Bitcoin\u2019s rates are generally controlled by market sentiment, supply-demand dynamics, global economic situations, and government policies. <\/span><span style=\"font-weight: 400;\">However, on\u00a0 <a href=\"https:\/\/prestmit.io\/blog\/top-5-p2p-trading-platforms-in-nigeria\">P2P platforms<\/a>, bitcoin rates can change based on location, payment option, and buyer competition. For instance, trying to sell BTC via PayPal can attract price hype; on the other hand, you can deal at near-market rates when you use direct bank transfers. To get a favorable value, always track real-time prices across platforms.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"_How_do_I_protect_myself_from_Bitcoin_scam_buyers\"><\/span><b>\u00a0How do I protect myself from Bitcoin scam buyers?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The best way to protect yourself against Bitcoin scam buyers is by using highly trusted platforms with escrow setups for your transactions. Also, stay clear of hasty buyers who are demanding off-platform payments. Also, avoid buyers who offer you unusually high rates. Ensure your wallet is 2FA enabled and always confirm all transaction details before sending any funds. You should check the buyer ratings and reviews before selling.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Whenever you choose to sell Bitcoin as a beginner or old-timer, avoid making any of the common mistakes listed above. Analyse your reasons and seek out a financial advisor. Consider the future and hold on to your Bitcoin if the market is in a bear run.<\/p>\n<p>Should you decide to proceed with selling, you can sell Bitcoin on Prestmit for cash or gift cards. If you want other cryptos, try other exchanges or p2p trading platforms.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you decide that it&#8217;s time to sell your Bitcoin, there are things you need to keep in mind to ensure your first attempt is hitch-free or that you&#8217;re making the right decisions when selling. You may have tried once, but it didn&#8217;t go as anticipated, so you&#8217;re trying to tie up loose ends by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9469,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1788],"tags":[41,1898,1899],"class_list":["post-9468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-how-to-sell-bitcoin","tag-sell-bitcoin-for-cash","tag-sell-bitcoin-for-gift-card"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.5 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>8 Common Mistakes to Avoid When Selling Bitcoin Online<\/title>\n<meta name=\"description\" content=\"Thinking of selling your Bitcoin? 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