What are the ways to sell BitDAO coins?

To sell BIT coins, users can utilize centralized exchanges (CEXs) such as Binance or decentralized exchanges (DEXs) such as Uniswap, depending on their preferences for custodial versus non-custodial trading and the level of control they desire over their assets.

Nov 13, 2024 at 02:04 pm

Ways to Sell BitDAO Coins

BitDAO, a decentralized autonomous organization (DAO) focused on promoting the growth of decentralized finance (DeFi), has launched its native token, BIT. As the project continues to gain traction, understanding the various options available for selling BIT becomes increasingly important. This article delves into the different channels and procedures involved in selling BitDAO coins, providing a comprehensive guide for users seeking to liquidate their BIT holdings.

1. Centralized Exchanges (CEXs)

Centralized exchanges serve as platforms that facilitate the trading of cryptocurrencies, including BIT, within a centralized environment regulated by a governing body. Users can buy, sell, and trade cryptocurrencies with other individuals or entities through these exchanges, which act as intermediaries and provide custodial services for the assets. To sell BIT on a CEX:

• Create an Account: Register for an account on a reputable and reliable CEX. Undergo the required verification processes and provide relevant personal information to comply with regulatory requirements.
• Fund Your Account (Optional): If you have not previously deposited assets into your CEX account, you may need to fund it with a supported fiat currency or cryptocurrency to cover the trading fees and any potential spread.
• Navigate to the Trading Interface: Locate the trading interface within the CEX's platform, which allows you to place orders for buying or selling cryptocurrencies. Search for the BIT/USDT or BIT/BTC trading pair, depending on the exchange's supported pairs.
• Place a Sell Order: Determine the desired selling price and quantity of BIT you wish to sell. Select the appropriate order type (e.g., market order, limit order, stop-loss order) and enter the necessary parameters.
• Confirm and Execute the Order: Review the order details thoroughly to ensure accuracy. Confirm the transaction and execute the sell order, initiating the process of matching your sell order with a buyer's bid order.
• Receive Funds: Once the sell order is executed, the corresponding amount of funds will be credited to your exchange account. You can withdraw these funds to your preferred external wallet or use them for further trading activities.

2. Decentralized Exchanges (DEXs)

Decentralized exchanges, unlike CEXs, operate on a peer-to-peer (P2P) basis, eliminating the need for intermediaries or custodial services. Users interact directly with each other through smart contracts on a blockchain network, ensuring transparency and non-custodial trading. To sell BIT on a DEX:

• Connect a Wallet: Connect your self-custodial cryptocurrency wallet to the DEX you intend to use. DEXs typically support popular wallet options such as MetaMask, Coinbase Wallet, and Ledger Live.
• Fund Your Wallet (Optional): Similar to selling on a CEX, you may need to fund your wallet with the necessary amount of ETH or other supported cryptocurrencies to cover gas fees and any potential price slippage.
• Navigate to the Trading Interface: Similar to CEXs, locate the trading interface within the DEX platform, which allows you to swap cryptocurrencies directly with other participants. Search for the BIT/ETH or BIT/USDT trading pair, depending on the DEX's supported pairs.
• Initiate a Swap: Specify the amount of BIT you wish to sell and the desired receiving asset (e.g., ETH, USDT). Review the transaction details, including the estimated swap rate and gas fee.
• Confirm and Execute the Swap: After carefully verifying the transaction information, confirm and execute the swap. The smart contract will execute the transaction, swapping your BIT for the receiving asset.
• Receive Funds: Once the swap is complete, the corresponding amount of funds will be credited to your connected wallet. You can withdraw these funds directly to your preferred external wallet or retain them within the DEX for further trading or liquidity provision.