Bitcoin selling guide: Difference between revisions

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='''Before you start with Bittylicious'''=
='''Before you start with Bittylicious'''=


This assumes that you have some Bitcoins or other cryptocurrencies in your possession and wish to convert them into fiat, e.g. British pounds or Euros. It also assumes that you have the ability to immediately send these cryptocurrencies to us.
This guide assumes that you have some bitcoins or other cryptocurrencies in your possession and wish to convert them into fiat, e.g. British pounds or Euros. It also assumes that you have the ability to immediately send these cryptocurrencies to us.


Note that we will refer to any sort of cryptocurrency offered as ''Bitcoin'' just to keep things easier.
Note that we will refer to any sort of cryptocurrency offered as ''bitcoin'' just to keep things easier.


=='''Selling Bitcoins'''==
{| class="wikitable" style="margin-left: 10px; max-width: 1100px;"
 
{| class="wikitable"  
|- style="font-weight:bold;"
|- style="font-weight:bold;"
! colspan="2" style="font-size:24px; background-color:#6665cd; color:#ffffff; text-align:left" | Step 1 - What do you want to sell?
! colspan="2" style="font-size:24px; background-color:#6665cd; color:#ffffff; text-align:left" | Step 1 - What do you want to sell?
|-
| rowspan="2" | [[File:Sell 1.png|500px|thumb|left|Step 1 - Your requirements]]
| style="font-size:16px; font-family:Arial, Helvetica, sans-serif !important;" | The first step is to turn Bittylicious into '''Sell''' mode, and also to select what cryptocurrency you want to buy.
|-
|-
| style="font-size:16px; font-family:Arial, Helvetica, sans-serif !important;" | To do this, go to the [https://bittylicious.com/ main Bittylicious page] and click on the '''Buy''' drop down box. <br /><br />When this opens, select '''Sell'''.<br /><br />You can also change the cryptocurrency you wish to sell by clicking on the Bitcoin drop down box and selecting an alternate cryptocurrency.<br /><br />
| rowspan="1" | [[File:Sell 1.png|550px|center|]]
<br /><br />
| style="font-family:Arial, Helvetica, sans-serif !important; text-align:left; vertical-align:top; " | '''1.''' The first step is to turn Bittylicious into '''Sell''' mode, and also to select what cryptocurrency you want to buy. <br /><br /> Once you are in '''Sell''' mode the ''bitcoin address'' section will disappear.
|-
|-
! colspan="2" style="font-size:24px; background-color:#6665cd; color:#ffffff; text-align:left" | Step 2 - Choose your Bitcoin amount and payment method
! colspan="2" style="font-size:24px; background-color:#ffffff; color:#ffffff; text-align:left max-height: 400px; border: 1px solid white;" | <br /><br />
|-
| rowspan="2" | [[File:Step 2.png|500px|thumb|left|Step ]]
| style="font-size:16px; font-family:Arial, Helvetica, sans-serif !important; text-align:top" | In the middle-top box, you should '''enter the amount of Bitcoins''' you wish to sell to us. This will automatically calculate a price which is displayed at the bottom of the page.
|-
|-
| style="font-size:16px; font-family:Arial, Helvetica, sans-serif !important;" | You also need to decide how you wish to be paid. In this example, there is only one option, '''Bank transfer'''. You may see multiple options, including being paid by mobile phone or even cash. <br /><br />Choose the option that suits your situation and bear in mind that prices vary for each payment method.<br /><br />Once you are happy with your choices, click '''Sell some coins'''.<br /><br />
|}
|}


{| class="wikitable" style="margin-left: 10px; max-width: 1100px;"
|- style="font-weight:bold;"
! colspan="2" style="font-size:24px; background-color:#6665cd; color:#ffffff; text-align:left" | Step 2 - Choose your bitcoin amount and payment method
|-
| rowspan="1" | [[File:Sell 1b.png|550px|center|]]
| style="font-family:Arial, Helvetica, sans-serif !important; text-align:left; vertical-align:top;" | '''1.''' You can enter the amount of bitcoin you wish to sell in the middle-top box, as highlighted the in example shown. <br /><br /> '''2.''' The price seen is calculated automatically based on the amount entered as shown. <br /><br /> Once you are happy with the amount of coins you wish to sell and the calculated amount you will be paid, Click '''Sell Some Coins'''
|-
! colspan="2" style="font-size:24px; background-color:#ffffff; color:#ffffff; text-align:left max-height: 400px; border: 1px solid white;" | <br /><br />
|-
|}


==='''Step 3 - Enter your account details'''===
{| class="wikitable" style="margin-left: 10px; max-width: 1100px;"
|- style="font-weight:bold;"
! colspan="2" style="font-size:24px; background-color:#6665cd; color:#ffffff; text-align:left" | Step 3 - Enter your account details
|-
| rowspan="6" | [[File:Sell 2.png|550px|center|]]
| style="font-family:Arial, Helvetica, sans-serif !important; text-align:left;" | Once you clicked on ‘Get Some Coins’ the following screen will appear:
|-
| '''1. Important:''' This is your Trade Reference number for this trade. (Which will be used as a reference when making a payment to you).
|-
| '''2.''' This is the amount of '''time allowed''' to complete the necessary trade before it times out.
|-
| '''3.''' This section is '''confirming''' the trade information; amount of coins you are selling and the calculated currency amount.
|-
| '''4.''' Your bank account information details to be entered here. (Please ensure that this information is correct).
|-
| style="font-style:italic;" | Please verify all the information on this page before proceeding to '''Validate payment information'''
|-
! colspan="2" style="font-size:24px; background-color:#ffffff; color:#ffffff; text-align:left max-height: 400px; border: 1px solid white;" | <br /><br />
|-
|}


[[File:Sell 2.png|500px|thumb|left|Step ]]
{| class="wikitable" style="margin-left: 10px; max-width: 1100px;"
<br clear=all>
|- style="font-weight:bold;"
! colspan="2" style="font-size:24px; background-color:#6665cd; color:#ffffff; text-align:left" | Step 4 - Send us the bitcoins
|-
| rowspan="4" | [[File:Sell 3.png|550px|center|]]
| style="font-family:Arial, Helvetica, sans-serif !important; text-align:left; " | Once you have validated payment information, it is time to send us the coins.
|-
| style="vertical-align:top;" | '''1.''' You are presented with a bitcoin address in '''blue''' and a QR Code both of which correspond to the same account. <br /><br /> Navigate to where the coins are currently stored (phone, web service or other). The process for sending bitcoin varies from service to service. <br /><br /> Please make sure to send the correct amount of bitcoin as per the trade page. <br /><br /> For more information on current recommended transaction fees visit: https://mempool.space/
|-
| '''2.''' Confirmation of the bank account details you entered in the previous step. (‘Received’ and ‘Unconfirmed’ sections will update once you have sent the bitcoin to the wallet address in section 1 above.
|-
| style="font-style:italic;" | '''Note:''' Please ensure that the correct amount is received (refer to Step 5) We only refund if the currency equivalent is £5 and over, and reserve the right to deduct transaction fees and administration fees where appropriate.
|-
! colspan="2" style="font-size:24px; background-color:#ffffff; color:#ffffff; text-align:left max-height: 400px; border: 1px solid white;" | <br /><br />
|-
|}


Here, you need to enter all the details so that the buyer of your Bitcoins can pay you. In this example, we are assuming that you wish to be paid via bank transfers so you will need to enter the following details in each box:
{| class="wikitable" style="margin-left: 10px; max-width: 1100px;"
|- style="font-weight:bold;"
! colspan="2" style="font-size:24px; background-color:#6665cd; color:#ffffff; text-align:left" | Step 5 - Wait for your transaction to be confirmed
|-
| rowspan="2" | [[File:Sell 4.png|550px|center|]]
| style="font-style:italic; vertical-align:top;" | Due to the nature of cryptocurrencies, transfers are only likely to be irreversible after a number of confirmations have occurred. Bittylicious requires 3 confirmations for bitcoins. This usually takes an average of 30 minutes. <br /><br /> For other cryptocurrencies, the average remains at 30 minutes,  but may require more or fewer confirmations.
|-
| style="vertical-align:top;" | '''1.''' This is the estimated time for completion for your trade. At this stage there is nothing else for you to do, and note that this is only estimate of the time remaining until your coins have enough confirmations. <br /><br /> The estimated time could take longer or even shorter, depending on how busy the network is and the amount of transactions waiting for confirmations.
|-
! colspan="2" style="font-size:24px; background-color:#ffffff; color:#ffffff; text-align:left max-height: 400px; border: 1px solid white;" | <br /><br />
|-
|}


* Name on your bank account
{| class="wikitable" style="margin-left: 10px; max-width: 1100px;"
* Your sort code
|- style="font-weight:bold;"
* Your account number
! colspan="2" style="font-size:24px; background-color:#6665cd; color:#ffffff; text-align:left" | Step 6 - Wait for the fiat to be transferred
|-
| rowspan="1" | [[File:Sell_5.png|550px|center|]]
| style="font-family:Arial, Helvetica, sans-serif !important; text-align:left; vertical-align:top;" | '''1.''' Once your bitcoins have enough confirmations, we will make payment for the amount shown on your trade page. This is usually initiated within a few minutes.
|-
! colspan="2" style="font-size:24px; background-color:#ffffff; color:#ffffff; text-align:left max-height: 400px; border: 1px solid white;" | <br /><br />
|-
|}


Once all three pieces of information have been entered, click ''Validate payment information''.


==='''Step 4 - Send us the Bitcoins'''===


[[File:Sell 3.png|500px|thumb|left|Step ]]
{| class="wikitable" style="margin-left: 10px; max-width: 1100px;"
<br clear=all>
! colspan="2" style="font-size:24px; background-color:#6665cd; color:#ffffff; text-align:left" | Step 7 - Confirm receipt of the fiat
|-
| rowspan="1" | [[File:Sell 6.png|550px|center|]]
| style="font-family:Arial, Helvetica, sans-serif !important; text-align:left; vertical-align:top;" | '''1.''' Once we have send funds, you will need to check your account and check if you have received the payment for the correct amount. <br /><br /> If the amount is correct please click '''I have received payment. Please finish this trade.''' <br /><br /> The coins will then be released to us and the trade will complete. <br /><br /> If you have not received payment, please do not click the above mentioned button, and rather send us a support message using the support system on this trade page.
|-
! colspan="2" style="font-size:24px; background-color:#ffffff; color:#ffffff; text-align:left max-height: 400px; border: 1px solid white;" | <br /><br />
|-
|}


Now it's time to send the Bitcoins to us.
{| class="wikitable" style="margin-left: 10px; max-width: 1100px;"
 
! colspan="2" style="font-size:24px; background-color:#6665cd; color:#ffffff; text-align:left" | Hooray! Your trade is successfully completed!
You are presented with a Bitcoin address (in blue) and a QR code, both of which correspond to the same Bitcoin account.
|-
 
| rowspan="2" | [[File:Sell 7.png|550px|center|]]
You should go to wherever your Bitcoins are currently stored, whether on a phone, web service or otherwise, and make sure that you send the correct amount of Bitcoins to this address. The process of sending Bitcoins varies depending on which service you are sending from.  It would be worth checking https://bitcoinfees.21.co/ to see what the current recommended transaction fee is, sometimes wallets can underestimate the required fee and this can lead to delays or in the case of large market fluctuations having to organise a refund.
| style="font-family:Arial, Helvetica, sans-serif !important; text-align:left; vertical-align:top;" | Once you have received payment and clicked the '''I have received payment. Please finish this trade.''' button, you will see this page.
 
|-
You must send ensure that the correct amount is received. If you overpay, we only refund if over 5 GBP (and other currency equivalents) is overpaid, and reserve the right to take off transaction fees and administration fees if appropriate.
| style="font-family:Arial, Helvetica, sans-serif !important; text-align:left; vertical-align:top;" | '''1.''' Your trade is now complete and all the information relating to this trade will appear for your reference. <br /><br />
 
* Amount
==='''Step 5 - Wait for your transaction to be confirmed'''===
* BTC Amount
 
* Time Started
[[File:Sell 4.png|500px|thumb|left|Step ]]
* Time Completed
<br clear=all>
* Your Details
 
|}
Because of the nature of cryptocurrencies, transfers are only likely to be irreversible after a number of confirmations have happened. Bittylicious requires 3 confirmations for Bitcoins, which takes an average of 30 minutes. For other cryptocurrencies, the average remains at 30 minutes, but may be more or fewer confirmations.
 
At this stage, you need not do anything, and we provide an estimate of how long remaining until your coins are confirmed enough.
 
Note that although the estimated time is 30 minutes, it can take a lot longer and a lot shorter. There are instances where it takes just a few minutes, and instances where it takes a couple of hours.
 
==='''Step 6 - Wait for the fiat to be transferred'''===
 
[[File:Sell 5.png|500px|thumb|left|Step ]]
<br clear=all>
 
Once your Bitcoins have been confirmed to a suitable degree, we instruct the buyer of your coins to make a payment to your account. This is usually initiated within a few minutes.
 
==='''Step 7 - Confirm receipt of the fiat'''===
 
[[File:Sell 6.png|500px|thumb|left|Step ]]
<br clear=all>
 
You now need to check your account and see whether you have received the payment and it is for the correct amount. If it is, please click ''I have received payment. Please complete this trade.'' which will release the escrow we hold on your Bitcoins to the buyer.
 
If you have not received payment yet, please ensure you do not click this button.
 
You are required to check for this payment as soon as you can. Because we hold the Bitcoins in escrow, the buyer does not have access to them until you click this button. If you do not click this button, and you do not submit a support message using the support system on this trade page, we will release the funds to the buyer after 24 hours and your account will be disabled.
 
Once you click the button, the trade is complete and you will see a screen like the one below:
 
[[File:Sell 7.png|500px|thumb|left|Step ]]

Latest revision as of 08:49, 11 September 2023

Before you start with Bittylicious

This guide assumes that you have some bitcoins or other cryptocurrencies in your possession and wish to convert them into fiat, e.g. British pounds or Euros. It also assumes that you have the ability to immediately send these cryptocurrencies to us.

Note that we will refer to any sort of cryptocurrency offered as bitcoin just to keep things easier.

Step 1 - What do you want to sell?



1. The first step is to turn Bittylicious into Sell mode, and also to select what cryptocurrency you want to buy.

Once you are in Sell mode the bitcoin address section will disappear.


Step 2 - Choose your bitcoin amount and payment method
1. You can enter the amount of bitcoin you wish to sell in the middle-top box, as highlighted the in example shown.

2. The price seen is calculated automatically based on the amount entered as shown.

Once you are happy with the amount of coins you wish to sell and the calculated amount you will be paid, Click Sell Some Coins


Step 3 - Enter your account details
Once you clicked on ‘Get Some Coins’ the following screen will appear:
1. Important: This is your Trade Reference number for this trade. (Which will be used as a reference when making a payment to you).
2. This is the amount of time allowed to complete the necessary trade before it times out.
3. This section is confirming the trade information; amount of coins you are selling and the calculated currency amount.
4. Your bank account information details to be entered here. (Please ensure that this information is correct).
Please verify all the information on this page before proceeding to Validate payment information


Step 4 - Send us the bitcoins
Once you have validated payment information, it is time to send us the coins.
1. You are presented with a bitcoin address in blue and a QR Code both of which correspond to the same account.

Navigate to where the coins are currently stored (phone, web service or other). The process for sending bitcoin varies from service to service.

Please make sure to send the correct amount of bitcoin as per the trade page.

For more information on current recommended transaction fees visit: https://mempool.space/
2. Confirmation of the bank account details you entered in the previous step. (‘Received’ and ‘Unconfirmed’ sections will update once you have sent the bitcoin to the wallet address in section 1 above.
Note: Please ensure that the correct amount is received (refer to Step 5) We only refund if the currency equivalent is £5 and over, and reserve the right to deduct transaction fees and administration fees where appropriate.


Step 5 - Wait for your transaction to be confirmed
Due to the nature of cryptocurrencies, transfers are only likely to be irreversible after a number of confirmations have occurred. Bittylicious requires 3 confirmations for bitcoins. This usually takes an average of 30 minutes.

For other cryptocurrencies, the average remains at 30 minutes, but may require more or fewer confirmations.
1. This is the estimated time for completion for your trade. At this stage there is nothing else for you to do, and note that this is only estimate of the time remaining until your coins have enough confirmations.

The estimated time could take longer or even shorter, depending on how busy the network is and the amount of transactions waiting for confirmations.


Step 6 - Wait for the fiat to be transferred
1. Once your bitcoins have enough confirmations, we will make payment for the amount shown on your trade page. This is usually initiated within a few minutes.



Step 7 - Confirm receipt of the fiat
1. Once we have send funds, you will need to check your account and check if you have received the payment for the correct amount.

If the amount is correct please click I have received payment. Please finish this trade.

The coins will then be released to us and the trade will complete.

If you have not received payment, please do not click the above mentioned button, and rather send us a support message using the support system on this trade page.


Hooray! Your trade is successfully completed!
Once you have received payment and clicked the I have received payment. Please finish this trade. button, you will see this page.
1. Your trade is now complete and all the information relating to this trade will appear for your reference.

  • Amount
  • BTC Amount
  • Time Started
  • Time Completed
  • Your Details