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Selling Your First Cryptocurrency

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Difficulty
Intermediate
Duration
22m
Students
59
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Description

This course delves into the subject of cryptocurrency wallets and covers what they are, how to choose the right one for you, and how to buy and sell cryptocurrency.

Transcript

Following them from the previous lecture now, where we highlighted how to buy your first cryptocurrencies. In this lecture, I want to cover how to sell your first piece of cryptocurrencies. For continuity, we are going to continue using the Binance Exchange. So, selling. This essentially works in reverse to the process we highlighted in the previous lecture. Let's go ahead and use the same Ethereum and Bitcoin trading pair, selling at market right again. You would simply enter the amount of Ether you want to sell and confirm the order. Binance is perhaps one of the most user-friendly exchanges I've personally used. And then, from there all transactions are detailed under Funds, then Transaction history. A quick word of warning care on a security aspect. I highly recommend you enable two-factor authentication. Now, before we end, let me explain what Binance coin is. It's something you may have spotted. Certainly, an interesting approach for an exchange to take publishing their own token. Binance coin does in fact have a purpose, well, a few. One, it's an alternative way to pay trading fees. Two, it's an alternative way to pay listing fees. Three, it's an alternative way to pay withdrawal fees. On top of that, Binance incentivizes the use of their coin. They offer discounts on fees from 50% to 6.25%, decreasing over a four-year period. You can use the BNB tokens to get involved with ICOs via Binance, and Binance is planning to use 20% of its profits to buy back tokens from the market. However, remember how we touched upon cold wallets being the safest way to store large amounts of cryptocurrencies earlier on? Well, keep that in mind. But that is how you buy and sell cryptocurrencies using Binance, a simple process now. There is also a resource attached to the following lecture, should you wish to see how the process of buying and selling cryptocurrencies works with other sites as well.

 

About the Author
Students
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Ravinder is an expert instructor in the field of cryptocurrencies and blockchain, having helped thousands of people learn about the subject. He's also the founder of B21 Block, an online cryptocurrency and blockchain school.