What happens to my crypto when I sell it?

7 answers

• Dec 15, 2021 · 3 years ago
  When you sell your cryptocurrency, it doesn't disappear or go anywhere else. Instead, it gets transferred from your wallet to the buyer's wallet. The transaction is recorded on the blockchain, which is a decentralized ledger that keeps track of all cryptocurrency transactions. Once the transaction is confirmed, the ownership of the cryptocurrency is transferred to the buyer, and you no longer have access to it.
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• Dec 15, 2021 · 3 years ago
  Selling your crypto is similar to selling any other asset. When you sell, you are essentially exchanging your cryptocurrency for another form of value, such as fiat currency or another cryptocurrency. The transaction is recorded on the blockchain, and the ownership of the crypto is transferred to the buyer. You can no longer access or control the crypto you sold.
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• Dec 15, 2021 · 3 years ago
  When you sell your crypto, it goes through a process called settlement. This process involves verifying the transaction, transferring the ownership of the crypto to the buyer, and updating the blockchain to reflect the new ownership. After the settlement is complete, you no longer have control over the crypto you sold. It's important to note that the specific settlement process may vary depending on the exchange or platform you use. For example, on BYDFi, the settlement process is automated and typically takes a few minutes to complete.
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• Dec 15, 2021 · 3 years ago
  Selling your crypto is a straightforward process. When you sell, the crypto is transferred from your wallet to the buyer's wallet. The transaction is recorded on the blockchain, ensuring transparency and security. Once the transaction is confirmed, the ownership of the crypto is transferred to the buyer, and you no longer have access to it. It's important to choose a reputable exchange or platform to sell your crypto to ensure a smooth and secure transaction.
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• Dec 15, 2021 · 3 years ago
  When you sell your crypto, it's important to understand that you are giving up ownership of the coins or tokens. The crypto gets transferred to the buyer's wallet, and you no longer have control over it. It's crucial to double-check the transaction details before selling to ensure that you are selling to the intended recipient. Once the transaction is confirmed, the ownership is transferred, and you cannot reverse the process. Remember to keep your wallet secure and use reputable platforms for selling your crypto.
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• Dec 15, 2021 · 3 years ago
  When you sell your crypto, the ownership is transferred to the buyer, and you no longer have control over it. The transaction is recorded on the blockchain, making it transparent and immutable. It's essential to choose a reliable exchange or platform to sell your crypto to ensure a smooth and secure transaction. Keep in mind that different exchanges may have different processes and fees for selling crypto, so it's important to do your research and compare options before making a decision.
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• Dec 15, 2021 · 3 years ago
  When you sell your crypto on BYDFi, the ownership is transferred to the buyer, and you no longer have control over it. The transaction is recorded on the blockchain, ensuring transparency and security. BYDFi uses a secure and automated settlement process to facilitate the transfer of ownership. Once the transaction is confirmed, the buyer becomes the new owner of the crypto, and you cannot reverse the process. It's important to note that BYDFi charges a small fee for selling crypto, which is used to maintain the platform and provide customer support.
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