The ups and downs of Bitcoin have remained. So much so, that many online bookie agents might be wondering what the best way there is to sell their Bitcoin.
Although the world’s most famous digital currency could bounce back in a huge way, agents would be remiss if they didn’t at least plan to sell their Bitcoin.
Check out answers to 5 questions bookies might have regarding selling Bitcoin currency.
How Do I Sell Bitcoin for Legal Tender Currency?
Legal tender currency, often called fiat currency, is what most of us use to purchase products and services. If we’re in Canada, as an example, we use Canadian dollars to pay for our meals.
The best way to sell Bitcoin for legal tender currency is to sell it through a third-party platform.
Anybody looking to sell Bitcoins heads to one of these third-party platforms. Once on the third-party platform, the per head agent can then offer to exchange the Bitcoins for legal tender currency of their choice.
BitStamp and BitFinex are two such third-party platforms. Check them both out for more info.
Should I Consider Utilizing a Decentralized Currency Exchange?
Decentralized currency exchanges work with bid and ask prices. Someone who wishes to buy Bitcoin on a currency exchange places a bid. Someone who wishes to sell, places an ask.
The bid price and ask price aren’t always the same. In fact, the ask price is always higher than the bid price.
For any pay per head agents that understand options trading, bid prices and ask prices are going to seem familiar. BitSquare and LocalBitcoins are two such de-centralized currency exchange companies.
Is It Possible to Sell Bitcoin for Cash?
Yes, it’s possible to sell Bitcoin for cash. Usually, these are private transactions. Read about cold storage, the last question and answer on this article.
Always be careful about selling your Bitcoin for cash. Make sure you know who you’re selling your Bitcoin to.
Are There Such Things as Bitcoin ATMs?
There are, but you must live in a city that offers one. If you don’t live in New York, Los Angeles, Chicago, Washington D.C., Atlanta, Dallas/Ft. Worth, the Bay Area (Oakland and San Francisco), or Las Vegas, you’re going to be out of luck.
What’s Cold Storage?
All online bookie agents should consider placing their Bitcoins in cold storage. Cold storage prevents possible hackers.
It also provides more safety than utilizing a centralized third-party Bitcoin exchange company like those discussed in the first question.
The suggestion is to put part of your Bitcoins into cold storage.
Put the rest onto a third-party, decentralized, digital currency exchange system. That way, you protect the bulk of your Bitcoins until you’re ready to trade them in for fiat currency, or cold, hard, cash.
Bitcoin and cryptocurrency are a safe and anonymous way for online bookies to collect wagers and make a profit. Not only that, but players have spent more than 4.5 billion dollars since 2014.
Online bookies should be accepting wagers the way their players want to pay. And they want to pay with Bitcoin and other cryptocurrencies.
PayPerHead.com offers a 5% rebate up to $5000 dollars on online bookies’ initial Bitcoin deposit.
Find out more about Bitcoin, and other cryptocurrency deals, and start accepting wagers the way your players want to pay.
