Author: Reginald Chan

There are so many things that must be understood when it comes to cryptocurrencies, especially if you’re relatively new to this. If you’ve decided to invest in cryptocurrencies, then you should get your facts straight regarding the purchase of Bitcoin.

Besides that, you should also gather as much information as you can when it comes to selling it. So if you’ve recently purchased a certain amount of bitcoin, and you’re not sure how you can sell it, don’t worry, there are a plethora of options out there.

Nowadays, there are lots of people who are interested in cashing-out their bitcoin, which is why this article is here, to show you all your options related to this topic. Let’s see and uncover the best ways to sell it.

1. Create An Exchange Account

One of the easiest ways to turn Bitcoin into money is to make use of the exchange platform. Namely, they act as a mediator for the decentralized cryptocurrency by selling Bitcoin for you.

There are lots of reliable and reputable platforms on the market, however, possibly the best one is Coinbase. If it doesn’t seem like the best option for you, then you can always select another line, like Bitfinex or Bitstamp.

As far as Coinbase is concerned, it’s really easy to set up an account, however, there are some hurdles along the way that you will have to jump through. Depending on the country you’re coming from, you will have to obey certain rules.

For instance, the website will ask you to send some ID forms. Now, this isn’t anything that’s too complicated, however, it does take a couple of days to process. If you sign up for this website, you will have better control over the sale.

2. Determine A Currency You Want To Cash Out In

What are your options in this case? If you’ve decided to leverage crypto, then you should opt for the currency you utilized to purchase the crypto. For instance, if you bought Bitcoin with EURO, then you should sell it for EURO as well. 

On the other hand, if you want to cash out by using a different currency, such as USD, then you should look for a cryptocurrency exchange that trades USD and go there to trade.

3. Transfer The Coins To The Platform

If you’ve successfully created an account on a certain platform, now is the time to transfer the coins. You can either transfer your coins from the exchange wallet into any digital platform wallet on the crypto marketplace. 

Now, before you do so, just make sure that you are utilizing someone who is reputable and reliable (this refers to the vendor), meaning, that it’s somebody who doesn’t have any problems with the safety or security of funds in their possession. 

This is of huge importance and something you should always keep in mind, because if something negative occurs once you transfer the coins, you will not have enough resources for recovery.

4. Place A Sell Order

If you’ve decided to use Coinbase for this purpose, then you will quickly realize that it’s not difficult at all to make a sale. All you have to do is click on Buy/Sell from the menu and then go straight to the Sell section.

Then you should click on Bitcoin since this is the currency you’ll be choosing, and then just make sure the proper destination is chosen for the funds in the Deposit To department. If your bank account is linked to your account, then you will be able to choose it there for a direct transfer.

Furthermore, now you should check the connected wallet to see the amount of Bitcoin you have and then pick the amount you wish to sell.

5. Direct Trades

If you want to be more involved in the trades that you are currently part of, then you should opt for this alternative. What’s great about it is the fact that it provides you with more control during this whole process and allows you to choose how much to sell.

First, you will have to set up an account and then register as a seller and then once again deal with that whole identity verification process that is similar to the one that you’ve experienced on an exchange platform.

Once you’re done with it, you will have to accentuate that you want to sell some Bitcoins, and then at some point, potential buyers will contact you if they are interested. During this process, you will only be communicating with the buyer, there will be no third parties.

6. Face-To-Face Transactions

Another simple way of selling your Bitcoin is precisely through face-to-face transactions. There are lots of people nowadays who simply want to meet up in person and then sell their own Bitcoins.

Now, if you’re considering this option, then it would be recommendable if you understood how to send your Bitcoin and deal with the platform or crypto wallet. Bear in mind that the value of Bitcoin constantly changes, hence, it would be smart to get yourself familiar with the price (at the time you’re selling it) before you meet up with anybody.

A majority of traders employ rates from reputable exchanges. Moreover, you can always rely on services like Cointelegraph’s Bitcoin Price Index to reveal the newest price of the crypto asset. In various countries, you can go to shops to perform this exchange.

7. What About ATMs?

Another great way to sell your Bitcoins is via Bitcoin ATMs that can be found in a lot of different places in the world. Now, before you choose this option, make sure to see if it’s available in the area you live in.

Moreover, this service lets people deposit their money into a machine and then get the same amount of bitcoin in return. Remember that some machines have daily withdrawal limits, while there are those that demand verification from a team member of the ATM’s owner.  

If you’re a newbie who isn’t too familiar with this whole crypto scene, then things may seem a bit confusing at the beginning. That’s precisely why you should carefully go through this article to get all your facts straight.

Communication is one of the most crucial aspects of our life; it allows us to plan, talk, and disagree with one another. Communication is essential in business; without it, the workflow would be disrupted, and misunderstandings would be common. We’ll attempt to show you some techniques to increase general communication and, as a result, the pleasant mood in your company.

Utilize Group Chats

If you want to boost communication, create this group chat a location where individuals can discuss their workplace issues as well as schedule some events. You may also post information about active activities there. They may also talk about what has happened in the past, potentially an amusing incident, which will allow them to get to know each other better.

A group chat reduces the necessity for face-to-face meetings as well. Physical meetings that aren’t essential detract from your company’s efficiency. Many decision points that would have needed a meeting can now be decided via group chat. Email and teleconferencing are examples of traditional techniques of business communication that may restrict the natural back and forth of a fruitful dialogue. Using text to communicate enables a collaborative and participative approach to information exchange, which can increase the data quality. If you operate in a fast-changing business, you may need to convey crucial information in real-time. Your team will be able to share information and coordinate responses more quickly via group chat.

Team Building Exercises

One of the most important segments for your employees is to be a team. When they sense that they are a team, every assignment will be much easier. Once people feel that they belong to a certain group, they start to relax and get to know other workers better, and thus communication and understanding are reached. There are many businesses that work on the principle that you should not talk with one another, except if it matters for the job. This notion can be very problematic, people are never able to truly express themselves, rather they just do what they are told to, without much joy which over time can lead to depression, and anxiety. Team building exercises bring cohesion to the table, people start to know other staff members if the employees enjoy the company of other staff members, and when they think that you are part of the team also, it will make them more eager to discuss with their colleague what he or she should do, and that conversation will be more thorough because of them getting to know each other better. Also, these types of exercises train the people how to work together which will make for a more efficient unit.

Organizing Events

For some employers, this may seem like a time-wasting and money-losing option, but it is not in most cases. Employees love to get out of the everyday routine of coming to work, doing it, and then going. Because of this type of monotonous life, many cannot continue to work at a certain place or they do not do their job appropriately, with a sense of responsibility. Now, if you would throw a 2-hour event every month or two, your employees would be a lot happier, especially if they have something to eat there. These events should be loose, everybody just takes something from the buffet and walks around to talk with other people. Them getting to know each other will make a better connection between them and thus communication will be achieved easier. You as the leader need also to socialize with them, let them know that you are open to advice and help. Some people will perform a better job if they get to know their boss better and realize that you care about them. They may also give you ideas on what needs to be changed.

Talk with Them about What Is Happening

This suggestion is aimed squarely at managers. Because successful communication necessitates everyone being in the loop, one of the finest things you can do is keep your staff informed about what’s going on at work. Once they are familiar with some aspects of the firm’s dealings, they will be able to tolerate some decisions, especially if they agree about what needs to be done. Talking with them will also lead them to pitch in, and be involved more in the business dealings, giving advice, also they will talk about the business more between themselves which will result in better understanding what needs to be done. If your company includes its employees it will result in a cohesive unit that knows what their goals and task are. 

Recognition

It’s no secret that an employee’s level of engagement is strongly influenced by their amount of recognition (or lack thereof). In fact, one of the underlying reasons why employees quit their firms is a sense of being unappreciated and devalued. Give your staff what they desire, and communicate with them to keep them engaged. Recognize employee worth through techniques such as praise from top management, more autonomy, or meaningful awards. If you give the most hard-working of them a raise or promotion, the others will see that if they work hard they, can move up the chain. It is very important in this segment to be fair and just, you don’t want someone to think that a certain employee was not deserving that post because it would lead to the opposite mindset from the one you are seeking. Because the employees see how they would get rewards if deserving, then they would want to talk with others so that they can do their tasks quickly and well. 

Positivity

Nobody would like to work in a hostile environment, and when that is the case, the last thing you want to do is to talk with others or the boss about how to get something done. You as the head of the business should be talkative, ask your employees about their problems, do they need some help, what can you do for them. 

Without proper communication, company’s are destined to fail. So keep in mind that you need a proper environment to establish good communication which is brought up over time.

Note: Thinking of getting a business car? Read this guide.

Retail arbitrage is when you buy goods at a discounted price and then resell them at a higher price to make a profit. For instance, you can buy a product at a discounted rate of $2 from a store or brand and resell the same for $6 and gain from the difference.  

Amazon retail arbitrage is just the same as any other retail arbitrage, the only difference is that the selling platform is Amazon. Here, you find a deal on a product and resell it on Amazon. 

Retail arbitrage shouldn’t be confused with other business models like wholesaling, private labeling, and dropshipping. Here, a customer orders from the seller, who in turn forwards the order to a supplier. It then becomes the responsibility of the supplier to get the product to the customer.  

The Pros Of Amazon Retail Arbitrage

• It’s a simple business model and won’t cost you much, unlike wholesaling and private labelling. If your sales are relatively low (less than 40 a month), Amazon won’t charge you a subscription fee. However, if you make more, you’ll be upgraded from Individual Seller Account to Professional Seller Account.
• Some of the products aren’t available on the Amazon platform. When you sell such products on Amazon, it widens their product range, therefore, earning revenue for Amazon and yourself. This will make you a valuable asset to Amazon and they’ll work hard to keep your business.
• It offers buyers convenience as they can order goods remotely by clicking ‘add to cart’ instead of physically going to a brick-and-mortar store.
• You won’t be tasked with thinking of new product ideas to make a product sale; Amazon already takes care of that. You also have the freedom to choose from a variety of products to resell.
• You won’t have to put much effort into marketing the goods, as brands are already advertising them.

The Cons

• Profit margins may be limited since you don’t have ownership of the products. For instance, a popular product has buying limitations. You may end up asking others to buy stock on your behalf which will come with other expenses. You may also be forced to purchase from different outlets to satisfy the demand.
• You may face the hurdle of ‘brand gating’ (barriers set up by brands on their products). You might purchase products only to realize that they’re brand-gated. The hassle of getting a brand’s permission to resell a product involves a lot and may not be worth it after all. You may eventually be forced to look for other markets to sell that product.
• Under the ‘Brand Registry Protection’ on Amazon, private labels and brands have larger control over their listings. Brands can gate their products or report sellers reselling their products. This can negatively impact your business as a seller and be branded as someone who sells counterfeit goods. Your account on Amazon can be flagged and taken down and become a victim of social media trolls.
• Being a reseller means everyone before and after you gets a cut. Your Return on Investment can therefore be quite low especially if you’re selling a few products.
• Some products may be on sale because they’re defective or may have recall issues that you may not know at the time of purchase. Stores may also be offering clearance sales to make room for newer versions of their products. If you purchase such products, you may end up suffering huge losses.

If done properly, Amazon retail arbitrage can scale your business.

• After signing up on the Amazon Seller account, consider signing up for  FBA Program. This program will take the burden off your shoulders of dealing with orders yourself. You’ll be left to deal with other tasks like shopping for products, listing them on Amazon, and taking the products for storage in Amazon’s warehouse.
• Amazon BSR is the tool Amazon uses to measure the popularity of a product compared to other products in the same category. Don’t use BSR entirely to make your stocking decisions. This is because a product may rank well on BSR but has no popularity and end up with dead stock.
• Stock variety of products instead of going all-in on one product just because you got a good deal. This way you minimize the possibility of losing your capital if things don’t work out.
• The possibility of making quick money on a deal shouldn’t lure you into making rash decisions. Be patient or you’ll end up with bad stock which either sells at a loss or will accumulate your storage fees.
• After listing your products, take the next step of monitoring your sales and listings so you won’t end up stranded in inventory.
• Use a seller app that will help you know the sales rank of a product and how fast it can be sold on Amazon and its resale worth. The app will enable you to scan a product’s bar code and give you information about it.

Conclusion

Simple as it may sound, don’t be deceived. Just like any other business, Amazon retail arbitrage is a business that needs hard work. Unlike other businesses, where systems and processes put in place enable the businesses to run even while the owner is away, retail arbitrage is different. You have to be hands-on and continually searching, buying, and flipping. Because when you stop, your income stops.