10 Essential Tips for Selling Bitcoin Safely and Securely

Bitcoin being a digital currency does not exempt it from being at risk, especially when you’re trying to exchange it for cash. In fact, due to its decentralised nature and lack of regulation, people tend to get away with other people’s hard-earned investments when they’re selling Bitcoin. 

So, in this post, we’ll be exploring the 10 essential tips you should stick to religiously to sell your Bitcoin safely and securely. They are:

1. Choose a reputable exchange.
2. Keep your Bitcoin in a secure wallet.
3. Do not share your private keys.
4. Enable two-factor authentication (2FA).
5. Be careful of phishing scams.
6. Only sell to trusted buyers.
7. Use a strong password, and do not reuse it for other accounts.
8. Withdraw your funds immediately.
9. Keep your computer up to date.
10. Be aware of the risks.

I recommend sticking around until the end of this post to understand each of these tips better. Let’s begin. 

10 Essential Tips to Safely and Securely Sell Your Bitcoin

1. Choose a reputable exchange.

This tip is pretty obvious, but you may be surprised by the number of people who still get scammed of their Bitcoin due to selling on scam sites. They often get lured in by the promise of a ridiculously high exchange rate, only to find themselves in trouble afterwards. 

There are many exchanges, but they’re not created equal. So, you should make sure that you do your research on the exchange’s reputation by looking at reviews from users.

It’s equally important that your chosen exchange has effective customer service to help in case of any issues. Also, ensure you understand the exchange rates and fees before proceeding. 

2. Keep your Bitcoin in a secure wallet

Different Bitcoin wallets serve different purposes, and you should know about them to keep your BTC safe. We have two main types of wallets: hot and cold wallets. You may be more familiar with hot wallets connected to the internet and readily available on exchange apps. 

Although hot wallets score high in convenience, ease, and accessibility, they’re more prone to attacks than cold wallets. Cold wallets are offline wallets like hardware wallets and paper wallets. 

While these are not the most convenient wallets, they’re more secure as they’re not connected to the internet. 

So, which wallet is best for you? 

I’d advise keeping only small amounts of BTC at a time in your hot wallet, while larger amounts of BTC meant for long-term investments are stored in cold wallets. 

3. Do not share your private keys.

Your private keys are how you access your crypto, so anyone with them has control over your Bitcoin. Your private keys are comparable to the transaction password or ATM PIN you use in traditional banks. So, be careful of sites or exchanges that ask you for sensitive information like this. 

4. Enable two-factor authentication (2FA)

Most exchanges have this feature; if yours doesn’t, I strongly recommend dropping that exchange. 

Two-factor authentication provides an extra layer of security, as it does additional checks through other channels like text messages, email, or an authenticator app. This makes it more difficult for anyone to get into your account, as they can’t proceed without providing those required codes. 

5. Be careful of phishing scams.

Phishing scams are pretty common and one of the preferred ways scammers like to steal BTC. They usually send emails or text messages that look legitimate, with embedded links for you to click on. 

The links often lead to web pages requesting your personal information like passwords, wallet addresses, etc. And if you provide this information, they can steal your BTC. 

So, don’t respond to emails or texts asking you to provide sensitive information. Also, check the URLs of sites because phishing websites closely resemble legitimate ones. 

6. Only sell to trusted buyers.

If you’re not going to go through exchanges or off-ramp services and you’d rather use P2P services, ensure that you trust whom you’re transacting with. P2P services and merchants are popular in Nigeria due to restrictive regulations, so you have to be extra careful not to fall prey to the scammers among them.  

7. Use a strong password; do not reuse it for other accounts.

Strong passwords make it difficult for unauthorised users to access your BTC wallet, so make it as complicated as possible. A great way to start is by not using your personal information like name, birthday, or loved ones’ information. 

You should also ensure that it’s a string of alphanumeric characters at least 12 characters long. Also, resist the temptation to use this password for other apps; make it unique to your crypto apps. You can use a password manager to help you create and store your passwords and ensure you don’t repeat passwords.  

8. Withdraw your funds immediately

Once you’ve decided to take profits from your trade or investment, you must move quickly. To protect yourself from fraud and theft, promptly withdraw your money into your bank account. It may seem like a lot, especially in Nigeria, due to the regulations, but the best way to go about it is by using the Breet app.

You can turn on the Automatic Settlement feature on the app to have your BTC sent directly to your bank account — zero stress. 

9. Keep your devices up to date

Thanks to the high-tech used in our devices these days, we have more shield against attacks by updating our devices. Software updates usually come with security patches that provide an inbuilt wall against malware and block phishing attacks. 

Most devices automatically check for updates and notify you, but you can do this check yourself. Also, install these updates immediately so you’re better protected. 

10. Be aware of the risks

Selling your Bitcoin should and can be a smooth, hitch-free process. However, it can go south if you walk into it mindlessly. Knowing the risks involved will allow you to quickly identify when something is wrong and help you to navigate the space better. 

Frequently Asked Questions (FAQs) About Selling Bitcoin Safely and Securely

What is the fastest way to sell Bitcoin?

Off-ramp platforms like Breet are the fastest way to sell your Bitcoin. This is because Breet is an over-the-counter solution that offers speedy and profitable Bitcoin-to-cash transactions in a secure app. 

Because Breet is non-custodial (doesn’t store crypto), it moves your money straight to your bank account in Nigeria or Ghana at a lightning-fast speed. 

Which app is the best to sell BTC to Naira? 

In Nigeria, selling BTC has never been easier than with the Breet app. Breet is a secure exchange that offers seamless BTC to Naira trades in minutes. The Breet app also features an in-app Bitcoin rate calculator that shows precisely how much Naira you’ll be getting in exchange for your BTC.

How much can I sell 1 Bitcoin in Nigeria?

As a result of BTC being volatile, it’s impossible to say precisely how much you can get for 1 BTC. But, with the Breet crypto rate calculator, you can see the real-time value of your BTC.

What app transfers Bitcoin to a bank account?

In Nigeria and Ghana, the Breet app offers the most stress-free trading as you can quickly go from Bitcoin to cash cooling off in your bank account. The Breet app also has the “Automatic Settlement” feature that you can toggle on and have your Naira or Cedis sent directly to your bank account without doing anything. 

How long should I wait to sell Bitcoin?

Your investment goals, risk tolerance, market conditions and personal circumstances determine when you should sell your Bitcoin. 

So, are you just looking for profits or hodling? How much risks can you take? Is the market stable or volatile? Or maybe you need to liquidate your assets for some emergency. 

These are the leading questions you should ask yourself before selling your Bitcoin.