Bittylicious is well known as being one of the UK’s most popular bitcoin marketplaces, matching buyers with sellers and making the purchasing of bitcoins as quick and easy as possible.
Until now if you wanted to sell bitcoins with Bittylicious you needed to go through a slow sign-up process which was really targeted at businesses who have a steady supply of bitcoins for sale (i.e. retailers looking to convert bitcoin payments back into pound sterling).
Bittylicious have just announced they’ve introduced a new way to sell bitcoins, making the process as easy as possible for customers. Customers simply enter the amount of bitcoins they wish to sell. There’s no mandatory sign-up required, although if you do the amount of bitcoins you can sell will increase.
You also need to specify your desired payment method, at the moment you have the option to choose between a bank transfer or use Paym which is the UK’s mobile payment system. Bittylicious aims to add other payment methods in the future.
The price you are quoted for your bitcoins will vary depending on the payment method chosen. You can compare Bittylicious’s sell bitcoin prices with BittyBot, but bear in mind there is a premium to pay for the simplicity of a service like this compared to competitors.
If you want to be paid for your bitcoins by bank transfer you will need to specify your account name, sort code and account number. For Paym you will need to provide your mobile phone number.
The next step is to send your bitcoins from your wallet to Bittylicious. On the screen you will be provided with a bitcoin address to use, there’s also a QR code to scan if you prefer.
Bittylicious requires three confirmations to confirm receipt of your bitcoins. This takes approximately 30 minutes on average. The status of the confirmations is visible on the screen at all times while you wait for this to complete.
Once confirmed the payment will shortly be sent to your bank account, you should receive your funds within 10 minutes, although Faster Payments can sometimes take longer.
You will need to check that payment has been received for the correct amount via your online banking or through the Paym app, and confirm this with Bittylicious to complete the trade. This is so that Bittylcious knows to release your bitcoins which are held in escrow to the buyer behind the scenes – remember it’s not Bittylicious who is buying your bitcoins, they are just facilitating the marketplace.
Other options for selling bitcoins in the UK include using a bitcoin exchange which trades in GBP, but this is not a quick option since ID verification will be required and will take a number of days before you can make the sale. There are also additional fees to pay for making a withdrawal to your bank account, and payments can take a few days to complete since bitcoin exchanges normally have bank accounts which are located overseas due to the reluctancy of UK banks to support bitcoin businesses.
LocalBitcoins.com also provide a similar service to Bittylicious to match bitcoin sellers with buyers although you will have to sign up for an account first. You can also sell your bitcoins with Cryptopay but you need to provide ID verification to do so. All these bitcoin sellers can be compared on BittyBot’s sell bitcoins page.
So why not give Bittylicious a try next time you want to sell some bitcoins? You can read more information in the Bittylicious selling guide.