The ideology in cryptocurrency these days is that there are two types of people. Those that love Bitcoin and others who love Ether. Much like smartphones have their Apple and Android devotees, cryptocurrency fans have created their own divide.
With that said, Ether seems to be like a younger sibling when it comes to Bitcoin – not as many people really know what to do with it. Even selling it seems to be confusing to people who are generally interested in having a bitcoin alternative.
When it comes to buying, trading, and using Ether, there needs to be a simple guide for beginners. In this article I will let you know what you need to do to be able to sell your Ether when you want to cash it out.
Use an Ether Exchange
Even as a newbie, you are surely familiar with an exchange since you’ve already bought your Ether. If you haven’t bought it yet, then you need to find an exchange that handles a variety of cryptocurrency and not just Bitcoin so that you can also trade some Ether.
Look for a trustworthy exchange so you don’t have to worry about how secure it is. Then you will connect your bank account and be able to buy your Ether. When you want to cash it out, you can either go back to the exchange where you opened your digital wallet and sell the Ether, or search Google for “Bitcoin ATM locations near me”.
Then, you can withdraw cash in place of your Ether. In some cases you may have to buy Bitcoin with your Ether to be able to use the ATM so make sure you check out what kind it is before you head there.
If you do stick with the exchange, then it’s just a matter of selling your Ether before it goes right into your linked bank account just as it would if it were Bitcoin.
Peer to Peer
One of the downsides to selling your Ether on an exchange is how long the process can take. It isn’t immediate and can even take a few days if you opt for an exchange that you don’t have linked to a bank account already. Or, if you switched bank accounts in the meantime. The problem is that in this case you will have to do some small deposits to link it which generally takes a couple of days.
A good way around this is to sign up for a peer to peer program. This program will link you to other people who are looking to buy Ether. Then you choose who you want to sell it to and the transaction happens quickly.
What’s great about Ether is that it is on the Ethereum blockchain that allows smart contracts. This means that the escrow account used for the transaction is also decentralized and immutable. It is a very safe, secure and fast process.
*This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.