Although Bitcoin is decentralised and relatively safer than traditional currencies, it is not entirely free from potential scams and frauds, especially when selling Bitcoin. This is especially prevalent in a situation where the process of converting Bitcoin to cash is complex, like in Nigeria.
With Bitcoin’s rise in popularity and adoption, let’s explore the actionable strategies you can follow to ensure that your funds are always protected and your sales of BTC to cash are seamless.
Many scammers impersonate legitimate buyers and convince unsuspecting sellers to part with their BTC but will never receive payment. Phishing scams are also rampant, where sellers are offered ridiculously high rates for their BTC to lure them to click on links to steal their information and BTC.
Ponzi schemes and fake exchanges have also become commonplace in the crypto space, and if you don’t take the necessary precautions, you risk falling prey to them.
Reputation: Take a deep look at what others are saying about the exchange before you use it to sell your BTC. Check the exchange’s reputation by reading reviews and checking forums to ensure it has a history of reliability and security.
1. Download and Install: Download the Breet app from the App Store or Google Play Store and install it on your device. Alternatively, register directly on the web app.
2. Create an Account and Verify Your Identity: Provide your email address and create a password to sign up for a Breet account. Next, quickly verify your identity by completing your KYC and submitting the required documents.
3. Sell Your Bitcoin: You can sell your Bitcoin by going to ‘Crypto-to-Cash’, selecting Bitcoin, copying your permanent wallet address, and pasting it into your sending wallet. Alternatively, you can simply scan the QR code to copy the address. Breet will detect incoming payments and give you an estimated time for transaction completion.
4. Send the crypto to your bank account!
Breet’s secure payment methods ensure that your funds are protected throughout the selling process, giving you peace of mind.
By following these security best practices, you can enhance the security of your Bitcoin holdings and minimize the risk of theft or unauthorized access.
Remember to stay vigilant and always prioritise the security of your Bitcoin wallet and private keys. By following these guidelines, you can navigate the world of selling Bitcoin safely and securely.
With Bitcoin’s rise in popularity and adoption, let’s explore the actionable strategies you can follow to ensure that your funds are always protected and your sales of BTC to cash are seamless.
Understanding the Risks Involved In Selling Bitcoin
You may successfully buy, invest, and trade BTC; however, selling Bitcoin can be the most crucial step as it exposes you to several risks, especially scams, fraud, unfavorable rates and theft.Many scammers impersonate legitimate buyers and convince unsuspecting sellers to part with their BTC but will never receive payment. Phishing scams are also rampant, where sellers are offered ridiculously high rates for their BTC to lure them to click on links to steal their information and BTC.
Ponzi schemes and fake exchanges have also become commonplace in the crypto space, and if you don’t take the necessary precautions, you risk falling prey to them.
Choosing a Reputable Exchange To Sell Your Bitcoin
At the end of the day, it’s on you to make the deciding choice on what exchange or means to sell your Bitcoin. However, here are the factors that should help make this decision a breeze: Security Features: Look for exchanges that offer robust security measures, such as two-factor authentication (2FA), biometrics authentication, and extra security steps. This serves as an obstacle to any unauthorized access.Reputation: Take a deep look at what others are saying about the exchange before you use it to sell your BTC. Check the exchange’s reputation by reading reviews and checking forums to ensure it has a history of reliability and security.
Using The Breet App: The Secure Payment Method To Sell Bitcoin
Breet is a user-friendly app that offers secure payment methods for selling Bitcoin in Nigeria and Ghana. It has a reputation for safely and speedily processing payments directly to local bank accounts. To sell Bitcoin using Breet:1. Download and Install: Download the Breet app from the App Store or Google Play Store and install it on your device. Alternatively, register directly on the web app.
2. Create an Account and Verify Your Identity: Provide your email address and create a password to sign up for a Breet account. Next, quickly verify your identity by completing your KYC and submitting the required documents.
3. Sell Your Bitcoin: You can sell your Bitcoin by going to ‘Crypto-to-Cash’, selecting Bitcoin, copying your permanent wallet address, and pasting it into your sending wallet. Alternatively, you can simply scan the QR code to copy the address. Breet will detect incoming payments and give you an estimated time for transaction completion.
4. Send the crypto to your bank account!
Breet’s secure payment methods ensure that your funds are protected throughout the selling process, giving you peace of mind.
Security Best Practices
Securing your Bitcoin wallet and private keys is crucial to protect your funds when selling Bitcoin. Follow these best practices:- Use a Hardware Wallet: To store your Bitcoin securely, consider using a hardware wallet, such as Ledger or Trezor.
- Enable Two-Factor Authentication (2FA): To add an extra layer of security, enable 2FA on your exchange accounts and wallets.
- Backup Your Wallet: Regularly backup your wallet’s private keys and store them in a secure location.
By following these security best practices, you can enhance the security of your Bitcoin holdings and minimize the risk of theft or unauthorized access.
Conclusion
Selling your Bitcoin safely is paramount to protect your funds from scams and fraud. By understanding the risks involved, using secure payment methods like Breet, and implementing security best practices, you can sell your Bitcoin with confidence.Remember to stay vigilant and always prioritise the security of your Bitcoin wallet and private keys. By following these guidelines, you can navigate the world of selling Bitcoin safely and securely.