During corrections or even bear markets, many hodlers become apprehensive to the point of selling off all their holdings. This actually happened in 2019 during a slump. Bitcoin Cash is trading at $600 and many holders are optimistic, but there are those that are discouraged since this is a coin that has reached much higher prices. There is definitely no need to sell off your BCH at this time as there are indications that we may see higher values for the coin.
This article was inspired by the bear market when many holders wanted to give up, not just on BCH, but many other cryptocurrencies.
There are various categories of people in the coin market. This is because cryptocurrencies represent different things to different players, but the underlying reason most are in the market is profit. If you’re thinking of where to sell your Bitcoin Cash, I’ll give you an overview of some of the best places and exchanges where you can do that.
Although you can sell your BCH at the regular exchanges such as Bittrex and Changelly, there are more to selling your holdings and I implore you to go through the rest of the post to know what options that are available for you and how best to utilize them.
Before we delve into selling off your BCH, it is important that you gain some insight on the appropriateness of your move. I’m not in any way suggesting that you shelve your plans, but rather that you proceed in a way that your holdings will bring you more profit in the future.
An exception to this of course is if you have decided to convert all your Bitcoin Cash to other digital currencies or you’re looking at leaving all your investments in fiat due to its stability.
A Well-Known Instability
As you are aware, the reason why many are involved with cryptocurrencies such as Bitcoin and Bitcoin Cash is the prospect of making money with them is massive. This is mainly due to their volatility. Your BCH could be worth $400 today and valued $250 tomorrow.
The flip side of the coin is that you could wake up tomorrow and find your coins have lost value dropping to $100. So irrespective of the reason why you want to sell, you should keep everything in perspective to ensure that you are not losing money by selling off your coins.
Sell for Profit
It is generally advisable that you sell only when you are making profit. Buying at $250 and selling $200 means that you lost $50 to market forces and volatility.
I am aware that you may need the funds for other things, so the need to sell your Bitcoin Cash. However, there are alternatives which I’ll be suggesting which you may explore before selling your BCH.
Now what’s the big deal in selling or not selling?
Crypto Future is Still Bright
I think it boils down to the fact that cryptocurrencies have not yet gained prominence as a means of payment. Most users still see it as an investment so everyone wants to make profit. But we all can’t make profit and there is no way to know what the trend is. Neither do we know the direction the market would take in the short term.
For instance, Bitcoin Cash was trading at $4000 in January 2018 but is presently trading at $167. Now if you bought at that high price of $4000, it would be foolhardy to sell at $167 knowing that it is a massive loss that you just incurred.
I understand that there are many investors that have given up on the prospects of making real profit off the coin market since the 2018 downturn but this should not be. One alternative available to you instead of selling at a loss is borrowing coins. There are many coins that you can borrow while using your BCH as collateral. We recently listed some of the coins that you should hold before the end of 2021.
Lending Platforms Buffer Effects of Bear Market
The crypto lending industry is helping buffer the effect of the loss of value of coins since the 2018 market downturn. In other words, instead of selling your BCH at $167 losing thousands of dollars, you could use it as collateral to borrow the funds you need. The only downside to this is that you pay a small interest to the lenders who’ll keep your coins until you’ve paid off.
The advantage of this approach is that you’re keeping your coins with the hope that the value will appreciate. This is a very likely scenario considering that adoption of digital currencies is still in its early stages. With adoption comes demand and demand price surge.
Although no one is certain when the price will rise as high as $4000 again, keeping your coins is a better deal than selling them, especially if you’re selling at a loss.
Sell if You Must
Nevertheless, if you’re not selling because of pressure or selling at a loss. There are many exchanges and platforms that allow you to conveniently sell Bitcoin Cash. Personally, I’m not a hodler and routinely sell my coins mainly because I rarely hold them as a speculative instrument.
People like us routinely sell and there are a number of places where you can do this. Here are just a few platforms where you can sell your Bitcoin Cash.
Sometimes Convert First to BTC
Please note that you may not be able to sell your Bitcoin Cash directly for fiat in some exchanges. So your best bet is to exchange for bitcoin then sell bitcoin for fiat. However, there are some exchanges where you’ll have the option of selling directly to fiat such as USD.
The popular exchanges where you can do this are Bitfinex, Bittrex, Kraken, HitBtc and Changelly. Changelly is popular for its multi altcoin solution.
The exchange will allow you convert your BCH to any of the other altcoins that it supports. You can also convert to Bitcoin making it the exchange of choice for many users of less known digital currencies. Some wallets that support multiple coins such as Atomic wallet also swap one coin for another within the wallet.