You must be seeing people trading online using bitcoins and getting some motivation to start buying and selling bitcoins. It is a good time to jump the bandwagon because the use of cryptocurrency is increasing at a very fast pace. Even if you don’t have anyone around you with the experience of dealing with digital currency, the internet is replete with such websites that will teach you everything from A to Z in no time. We have come up with some tips that will help you be more careful while buying and selling virtual coins.
Know the person you are trading with:
If you are about to invest in bitcoin, you must be aware of the fact that there are many chances for you to get scammed. Therefore, you cannot trust every person who claims to sell bitcoins. You must check the profile of the vendor in detail so that you can know about the reputation of the vendor. Also check if the account of the vendor is verified. If the account is not verified but there are lots of positive reviews, it is not a good idea to blindly trust the vendor.
You can cancel the trade whenever you want:
No matter if you are a seller or the buyer, it is your basic right to cancel the trade whenever you want. If you are scared to take this step or you think it is too early to take this decision, you can give yourself some time to ponder over it. You can learn how to sell bitcoin in Australia.
Here you will be able to learn your rights as a seller also. If you want to know about buyer’s rights, you must read some more guides.
Always be responsive:
Many sellers often lose their buyers just because of their non-serious attitude. Buyers don’t feel secure when they have to deal with the person who does not reply to their messages or does not respond timely. So, if you are a seller and you don’t want to deal with the problem of seeing your potential buyers saying you goodbye, it is best to be responsive.
Handle the payment yourself:
Many sellers don’t want to handle the payment as they think it is an extra burden. They use a third party for completing the transaction. Buyers feel extremely insecure when they are asked to pay the third party. It is generally now allowed to use a middleman to do certain things on your behalf as it is deemed a fraud
Don’t ask the seller to release bitcoins without making payment:
In the world of cryptocurrency, it is considered a fraud to ask the seller to release bitcoins when you have not even paid the partial amount. This often leads to the banning of the person who comes up with this kind of strange demand. Learn to trust sellers because it will make many things easy for you