How do I sell bitcoin?
Selling bitcoin at bitcoinwell.com/app is quite simple. If you want to sell less than $4,500 you can sell and receive an e-Transfer immediately upon confirmation of your bitcoin transaction. This is the fastest way to sell bitcoin in Canada. But selling a larger quantity is a little different.
We actually don’t use our Bitcoin Portal to accommodate large transactions of $4,500. We use a service called “Direct Deposit” that we built in 2018. This was one of our first ventures into bitcoin transactions online. Here’s how it works:
- Go to bitcoinwell.com/sell/direct-deposit
- Enter the amount of bitcoin you want to sell, or the amount of CAD you want to receive
- Select your bank on the right and enter your bank account details
- Verify your phone number and email address
- Confirm your oder and send bitcoin
Voila! You will receive a deposit in 1-3 business days (we can thank the legacy banking system for the tardiness). This can be done from anywhere in the world, to any bank in Canada.
Do bitcoiners sell bitcoin?
First, don’t feel bad about selling. I get people say to me, with their chest puffed and head held high that they never sell their bitcoin. “Stacking only bro”. My response is simple. “You aren’t all in then.”
If your bitcoin is a savings account, and you need to use your savings, you need to use your bitcoin if you are all in. This is why our Bill Payment product is so important to me. It allows me to use bitcoin to pay off my credit cards every single month. It front-runs the adoption of every single merchant taking bitcoin, to allowing me to simply use my credit card and pay that off monthly with bitcoin.
Anyways, bitcoiners need to sell bitcoin. And you’re here to learn how.
Attention to detail matters!
It’s important that you make sure you send the proper amount of bitcoin. Especially if you are sending bitcoin from another exchange, and not from a wallet that you own and control, they might take a fee which could cause some delays in us receiving your bitcoin and sending your money. Also, please make sure you enter your full name as it appears on your bank account.
Can I do recurring sells this way?
At this time, no. You might be familiar with our Bitcoin Portal recurring systems. We use static bitcoin addresses to allow you to simply and easily pay your bills without logging in. Even buy bitcoin with e-Transfer without logging in! However, that is not the case here. Please make sure you go to bitcoinwell.com/sell/direct-deposit every time you want to sell more than $4,500 equivalent of bitcoin.
Wait? Other cryptocurrencies!?
Hold your horses, folks. At best, this is a test into the fore of allowing our customers to sell their scamcoins – I mean cryptocurrencies – but not buy them. I feel strongly that we shouldn’t punish people for their past mistakes, so why not allow them to sell their ETH, LTC or BCH? Why not other scams you ask? Simply because they are mostly illegal securities and we don’t have the required regulatory registration to sell them. In fact, I believe there is only one platform in Canada that is legally aloud to facilitate the trade of cryptocurrencies. But, we’ll leave that topic for another day…
Adam - CEO @ Bitcoin Well
