Having highlighted the important considerations in advance we can now simply focus on the steps for selling cryptocurrency for fiat and withdrawing the balance. We’re going to use selling bitcoin for euro as our example i.e BTC/EUR and assume that you want to sell at the current price – aka a Market Order. We explore… Continue reading Selling Cryptocurrency for fiat & withdrawing
Tax Implications
It may come as something of a shock, but in most countries the profit you make from buying and selling crypto is a taxable event. In the early days of crypto it was possible to fly below the tax radar, as authorities hadn’t quite worked out how to treat the nascent industry. Not so now. … Continue reading Tax Implications
One-Way On Ramps
The fastest crypto on-ramp is using a credit/debit card because it combines the payment and purchase aspects into one familiar process. The problem is that the fastest route in, isn’t necessarily the fastest route out. Most Exchanges impose restrictions around withdrawing funds back to cards.. This shouldn’t necessarily stop you from choosing that route to… Continue reading One-Way On Ramps
Selling & Converting Crypto
What you’ll learn The key things to consider about selling On & Off Ramps Choosing where to sell Selling step-by-step At this stage in our series of articles explaining how to use cryptocurrency you should understand the options for safely storing your crypto in a wallet; how to send/receive as well as the function of… Continue reading Selling & Converting Crypto
Where does the purchased crypto go?
As part of the process of creating an account with an Exchange you automatically get a web wallet (jump to this article for more information). This is like an online bank account or App where you can check the value your balance in fiat (Euro/Dollar etc) which hopefully increases over time. Your newly purchased cryptocurrency… Continue reading Where does the purchased crypto go?
Mobile Number & Proof of Identity
When buying cryptocurrency for the first time you’ll need to prove your identity and verify a mobile number. Often simply abbreviated to passing KYC (Know Your Customer). This ensures that the exchange isn’t breaking any rules around where it can accept customers from and guarantees customers are of the correct age. During peak periods –… Continue reading Mobile Number & Proof of Identity
Sign Up/Security & Verification
You’ll need to sign up for an account to buy cryptocurrency from a centralised exchange. You’ll have been through a similar sign up process countless times, though you’ll find that social sign-up – Google, Facebook or Twitter – isn’t generally available. The decision of what email address to use for Sign Up is an important… Continue reading Sign Up/Security & Verification
How to buy crypto
What you’ll learn What does buying crypto from an exchange mean? The process & what you’ll need Setting up a payment method What happens to the crypto once you buy it? This is the fourth article in our how to use cryptocurrency section. So far we’ve explained how to safely store cryptocurrency, introducing the crypto… Continue reading How to buy crypto
Person-to-Person Exchange (P2P)
The standard CEX model takes most of the hard work out of buying crypto as you never actually have any idea of who you are buying from. There is, however, an alternative type of exchange where you can interact directly with a seller (or buyer) of cryptocurrency – called P2P (peer-to-peer). This approach is a… Continue reading Person-to-Person Exchange (P2P)
Centralised vs Decentralised
As mentioned above, the most common model is a Centralised Exchange (CEX). The main reason for this is that in order for an Exchange to sell cryptocurrency, customers need to deposit regular (fiat) money from a bank, credit card or e-wallet – all centralised and regulated financial services. For this reason, the majority of exchanges are… Continue reading Centralised vs Decentralised