It is possible to sell Bitcoin for cryptocurrencies (altcoins) on Paxful. This article gives you an overview of selling Bitcoin using any of the supported cryptocurrencies.
Before selling Bitcoin for cryptocurrencies, make sure you have the correct wallet address and you have access to the wallet service provider. Also, make sure you have studied all specifics related to the cryptocurrency you chose and be aware of any possible transaction limitations or specialties.
Searching for an offer
The first step to selling Bitcoin with cryptocurrencies is to look for an offer that accepts that specific cryptocurrency you’re looking for. You’ll also need to enter the amount you wish to sell and the currency you prefer.
Note: You still have to choose preferred fiat currency as it will be used as a reference point to the market price of Bitcoin. However, it is advised to choose USD as Bitcoin worldwide price is set in this currency.
After you find a suitable offer, be sure to read the offer terms before opening the trade. This will show you a brief summary of what the buyer will be requiring from you in regards to payment.
Once you have started the trade, a more detailed set of instructions will appear. These are called trade instructions. What the buyer will require from you will vary depending on which specific online payment you’ll be using.
Note: It is your full responsibility to provide a buyer with a correct wallet address.
Creating an offer
To sell Bitcoin for cryptocurrencies, you can also create your own offer.
Here are a couple of tips for your offer:
- Set a margin you find profitable as no negotiations during the trade are allowed.
- Write clear offer terms and instructions.
- Make it clear who will be bearing the transaction fee if any.
After creating and publishing your personalized offer, wait for a buyer to start a trade with you. Once a trade has started, you will receive a notification. Feel free to discuss all the necessary details with your trade partner.
Completing a trade
Once the buyer has paid you, marked the trade as Paid and uploaded proof of payment, double-check if the payment has been successful on your end.
The last step for you is to release Bitcoin from the trade escrow. Click the Release button only if you are absolutely sure about receiving the payment.
After a trade
Once the trade is completed, you can leave appropriate feedback for your trade partner. Also, if you like trading with the user, you can add them to your trusted list.
Here is some more information on how to sell crypto on Paxful.