If you ever need to sell your Bitcoin, you can either do so for fiat currency (Rands, Dollars, Pounds, Euro, etc) or into other cryptocurrencies. There are also multiple channels that you can sell your Bitcoin through, each with their own set of trade offs.
- Cryptocurrency exchanges
- Peer-to-peer markets
Register an account on a cryptocurrency exchange, either locally or abroad to sell your Bitcoin into either fiat currency or another cryptocurrency. Local exchanges include Luno and Valr.
Offshore exchanges include Bitstamp, Kraken, Bitfinex and Binance.
Peer-to-peer (P2P) markets, are websites that aggregate individual users who wish to trade directly with one another. This removes the middleman, with the platform providing an escrow account to ensure safe and secure trades take place. P2P markets typically involve meeting the other party in person and doing the trade via the escrow.
P2P markets include platforms such as Local Bitcoins, Paxful, Bisq and HodlHodl.
Bitcoin ATMs can buy or sell Bitcoin in exchange for cash. These are typically the most private method of transacting but you are reliant on going to the physical location of the ATM in order to make the trade. In South Africa, you can find Bitcoin ATMs here.