1

I am new to the cryptocurrency domain. I think I understand how to buy bitcoins (on CoinBase for example) and store them locally on my computer (thanks to a software such as Electrum).

I also know how to send bitcoins to someone identified by his address.

But how can I sell Bitcoins without knowing someone who is interested, so without specifying a particular address?

1 Answer 1

2

But how can I sell Bitcoins without knowing someone who is interested, so without specifying a particular address?

You can't. You first need to know who you're selling to if you're trading directly.

Perhaps you're asking about trading on an exchange, however? In that case, you'll have an account with the exchange, and deposit your BTC there (in many ways, but not all, like a bank account that holds fiat). To do so, you'll get a deposit address from the exchange, and send your coins there, and the exchange will credit your account. Then you can issue trading orders on the exchange, which will increment/decrement your BTC account value while decrementing/incrementing your fiat account value (or whatever you're trading against). The trading partners' account(s) will be decremented/incremented in the opposite way.

Note that when using such exchanges, you are trusting them to honor your balance with them. Exchanges can, and in the past have, ran off with customer funds. Don't leave your coins there longer than needed.

2
  • @Peter Wuille Thanks, that's very clear. So I have to transfer btc from my local wallet to the exchange wallet, then sell to the exchange from this wallet. Ils Coinbase or Kraken such an exchange? When selling, do I get euros / dollars / anything else?
    – Romain
    Nov 13, 2021 at 6:21
  • Yes, and it all depends on the exchange. Nov 13, 2021 at 13:54

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge you have read our privacy policy.

Not the answer you're looking for? Browse other questions tagged or ask your own question.