Bitcoin selling guide

From Bittylicious
Revision as of 13:09, 16 January 2020 by Cocodude (talk | contribs) (→‎Step 4 - Send us the Bitcoins)
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to navigation Jump to search

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.

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

Selling Bitcoins

Step 1 - What do you want to sell?

Step 1 - Your requirements

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

To do this, go to the main Bittylicious page and click on the Buy drop down box. When this opens, select Sell. You can also change the cryptocurrency you wish to sell by clicking on the Bitcoin drop down box and selecting an alternate cryptocurrency.

Step 2 - Choose your Bitcoin amount and payment method


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.

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. Choose the option that suits your situation and bear in mind that prices vary for each payment method.

Once you are happy with your choices, click Sell some coins.

Step 3 - Enter your account details


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:

  • Name on your bank account
  • Your sort code
  • Your account number

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

Step 4 - Send us the Bitcoins


Now it's time to send the Bitcoins to us.

You are presented with a Bitcoin address (in blue) and a QR code, both of which correspond to the same Bitcoin account.

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 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.

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.

Step 5 - Wait for your transaction to be confirmed


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


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


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: