Since its launch in 2009, Bitcoin has proven to be a profitable investment for those who owned it initially. Having traded at only $10 back then, you can now earn high revenues, as its price has grown hundreds of times larger. Observing the popularity of BTC to USD exchange operations, there are immense opportunities to gain benefits from the Bitcoin trade. After the coin was launched, it cost $0.003 on April 25, 2010, at BitcoinMarket.com, which was the first cryptocurrency exchange. Starting at that time, the BTC to USD price has increased dramatically, and some of the initial owners gained earnings of over a thousand per cent.
Now, while some users may be simply attracted by the potential of growing prices, many buyers believe that the currency itself has a high level of volatility. According to some financial specialists, it is even more volatile than gold. And some individuals believe that Bitcoin has the potential to replace fiat money in the future.
This guide will explain what BTC to USD price is, a brief history of BTC to USD trading, exchanges that offer this trading pair, how to sell BTC for USD and factors to consider before trading BTC to USD.
What is BTC to USD price?
Using the 0.000160 International Currency Exchange Rate, selling I Bitcoin will get you 6366.220 USD at 31. October 2018.
A brief history of BTC to USD trading
Bitcoin’s story began in 2009, when Satoshi Nakamoto, the father of all cryptocurrencies integrated many different existing ideas to create a new digital asset. After mining the first bitcoin, the value of BTC was first set by two individuals on a Bitcoin Talk thread in 2010. During the transaction, user Laszlo paid 10000BTC for two Papa John’s pizza in Florida.at that time, 10000BTC was worth about 40 USD. Things have changed rapidly ever since then, as one single bitcoin price is currently at $6,400 at the time of writing.
USD was the first currency that users were able to convert bitcoins into. The USD dominated the bitcoin market and hit a daily trading volume of 152000BTC per day during that time, which accounted for almost 25% of the market. The total market cap of bitcoin is at $109 billion.
Exchanges that offer BTC to USD trading
The list below shows exchanges sorted by the rate of exchanging Bitcoin BTC to USD. The exchange with the best rates is at the top of the list, exchanges with worse rates are listed below it. Choose the exchange site at the rate you need.
About exchanging BTC to USD
All these exchanges provide the service of exchanging bitcoin to USD automatically. You can continue reading this guide to understand how to sell BTC for USD.
Also, keep in mind that BTC to USD price rates can be better when you go to an exchange site.
How to sell BTC for USD
There are two main options available when selling your BTC holdings:
- Selling bitcoin for fiat currency, such as USD
- Selling bitcoin for another cryptocurrency, such as Ethereum, XRP or any other number of altcoins.
For many investors, the main aim when selling bitcoin will be to cash out for USD, so you can find instructions on how to do that below.
Step 1: register on an exchange that lists the BTC/USD trading pair
As the world’s oldest and most-renowned cryptocurrency, bitcoin is listed on the vast majority of crypto exchanges, however, not all of them allow you to exchange your BTC for fiat currency.
That said, there is a growing number of exchanges that do, so compare the features of a few to find a platform that meets your needs. You can then sign up for an account by providing your email address and creating a password. To satisfy government regulations, most exchanges will also require you to provide your full name, address and proof of ID.
Once you’ve created an account, ensure you enable the 2-factor authentication for added security before moving on to step 2.
Step 2: deposit bitcoin into your account
Before selling your BTC, you’ll need to transfer it into the wallet of your chosen exchange. This means you’ll need to log in to your exchange account, find the deposit address for bitcoin and then transfer BTC from your external wallet to that address.
For instance, if you’re using Coinbase, you can do this by clicking on the “Wallet Address” tab at the top of the screen and select your bitcoin wallet. You’ll be supplied with the address to which you can transfer BTC.
Step 3: sell BTC
Once your transfer has been completed, it’s time to click through to the trading page on your chosen platform. You can then search for the currency pair you want to trade, in this case, BTC/USD, and enter all the details of your transaction.
On Coinbase, you’ll need to click the “Sell” tab and select the wallet you want to sell from. Then, select the account you want to deposit to, such as your bank account. Make sure everything on the screen looks correct and then click “Sell.” The money will be transferred to your selected account.
Factors to consider before trading bitcoin to USD on an exchange
- BTC to USD price– check the fine print to find out exactly how much your transaction will cost. Depending on the platform you choose, these could include trading fees and transaction fees as well as deposit and withdrawal charges.
- Where the exchange is based and how it is regulated– while the regulatory environment surrounding US digital currency exchanges is becoming clearer all the time, the same can’t be said for some overseas-based exchanges. Do some research to find out where an exchange is based, the regulatory requirements that apply in that country, and whether the exchange complies with those requirements. This helps you know whether the platform is reputable.
- Supported currencies– as the biggest digital currency in the world by some margin, bitcoin can be bought and sold on a huge number of exchanges. However, if you’re looking to acquire other cryptocurrencies as well as bitcoin, check to see what other coins you can buy through the platform.