You require a bitcoin wallet to store the coins before you can start trading of buying and selling bitcoins. While the bitcoins can be bought at the various exchanges or directly from the other people in the marketplaces. You can also get the cryptocurrency by doing bitcoin mining. In exchanges, you must place an order on the “buy order”.
1. Direct Trading:You must register with any of the online websites to do direct trading. For registration, you must produce an identity. Once done, create a post that you intend to sell and you will start getting alerts from the site when it finds an interested buyer. From then on, you deal directly with the prospective buyer via the website where you registered.
2. Exchange Trades:Yet another option for you to trade is register with an exchange. Again, the same process of verifying your identification will take place. The system differs from here onwards. Exchanges are meant for trading. So, you need not create a post that you intend to sell. You place a “Sell Order”. The transaction will be generated when someone places a similar “buy order” and are willing to buy it for the same value that you intend to sell. It is important to choose your exchange with care. If the buyer is paying you in fiat currency, you should withdraw the currency from your bank.
3. Pure Cryptocurrency Exchange:You could trade bitcoins for other cryptocurrencies. There are a few stores that do accept other currencies as payment for goods and services. However, there could be a transaction fee that you must pay.
4. Peer to Peer Marketplaces: There are a few sites that are more inclined to cut out intermediaries and encourage the consumers that want to buy goods using bitcoin and those wanting to buy bitcoins using their instruments like credit or debit cards. The marketplace will create space for consumers that match requirements i.e. merchants accepting bitcoins for their services and secondly provide goods for the others. The marketplace will be the intermediary platform for the two parties.
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