Exploring Australia’s Expanding Options for Bitcoin Sellers

Ask any Bitcoiner, and they’ll tell you that you should HODL your bitcoin for as long as possible. But, let’s face it; you’ll probably have to sell some of your coins at one point. 

Read on to discover three simple and secure ways to sell bitcoin in Australia.

Sell Bitcoin for Cash at a Bitcoin ATM 

Bitcoin ATMs are an excellent option if you’d like to sell a small amount of BTC for AUD. These physical teller machines operate similarly to standard bank ATMs, except they facilitate bitcoin transactions.

To sell your bitcoin for cash, you’ll first need to find a Bitcoin ATM near you. Sites like Coin ATM Radar provide a list of all available Bitcoin ATMs, so you might want to start your search there. 

You’ll also (probably) have to verify your identity before selling your Bitcoin at an ATM, and then it will generate a QR code containing a wallet address that will receive your BTC. The machine will process your transaction and dispense your cash in a few minutes. 

Bitcoin ATMs don’t need you to sign up for an account; verification is done instantly. However, they typically charge higher fees than exchanges and have lower maximum limits. Therefore, they are only good for selling small amounts of bitcoin, especially if you want it to get your hands on cash. 

Cash Out Bitcoin and Receive Dollars in Your Bank Account

Another easy way to off-ramp your BTC is to use Bitcoin exchanges that allow you to cash out bitcoin and receive AUD into your bank account. 

Bitcoin exchanges are online platforms that offer various options for you to buy, sell, and manage your BTC. 

There are many exchange options out there, so you’ll first need to find one that suits you. Some features you should be on the lookout for include the site’s user-friendliness, security, customer support, and additional services, such as staking and lending. 

You should also consider the platform’s custodial nature. Centralized exchanges (CEXs), like CoinSpot, are quite popular as most have a similar interface to online broker platforms. On the other hand, exchanges like paybtc are excellent options for those who prefer the security of non-custodial platforms. 

Selling bitcoin on these platforms is pretty straightforward. Some platforms will need you to sign up for an account and verify your identity to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) laws. You’ll also have to connect your bank account to receive AUD directly. 

Sell Bitcoin on a P2P Marketplace Using a Range of Payment Methods

Peer-to-peer (P2P) marketplaces allow you to trade bitcoin directly with other parties on the platform. They often support a range of payment options so that you can receive cash and have the AUD amount credited to your bank or even your PayPal account, among other options. 

Some popular P2P platforms available in Australia include LocalCoinSwap and Paxful, which allow you to receive AUD payments. 

To sell your BTC on these platforms, you must register for an account on the trading platforms and transfer the BTC amount you want to sell to the in-platform wallet. You can then set up an offer or find a buyer advertisement that meets your needs. Ensure you read through the payment terms before initiating the trade. 

One of the best things about P2P platforms is that they leverage escrow services to protect traders. When selling your BTC, you will place the bitcoin in escrow, and the platform will only release it to the buyer once you confirm that you have received its equivalent AUD. 

Some drawbacks of using P2P platforms are that they are susceptible to security breaches and often have less liquidity, making it challenging to complete large trades. 

The Takeaway

There are several options for selling your bitcoin in Australia, and settling for one option depends on your needs. The most important thing is choosing a convenient and secure method to make sure your transaction goes as smoothly as possible.