How does selling Bitcoin Cash with Coinhouse work?
Coinhouse’s secure platform lets you sell Bitcoin Cash quickly
What is Bitcoin Cash?
Bitcoin Cash (BCH) is a clone of an older version of Bitcoin. BCH developers have modified certain features, such as block size. The idea is to be able to process more transactions on the blockchain without having to resort to off-chain solutions like the Lightning Network that has been rolled out on Bitcoin.
How to sell your Bitcoin Cash?
So, you invested in Bitcoin Cash but you think now is the time to exit your position. You are more than likely wondering how you can sell your Bitcoin Cash under the best conditions but still do it simply and securely. With Coinhouse, it is extremely easy to convert Bitcoin Cash into euro thanks to the option of a quick bank transfer.
Converting Bitcoin Cash into euro: what are the tax implications?
When you sell your Bitcoin Cash – whether all or part of your holdings – you might realise a capital gain, that is you sold your Bitcoin Cash for more than what you had paid for it in the beginning. This type of transaction is taxable in France and any gains from the sale of a cryptocurrency is liable to tax.
How is it taxed? The conversion of Bitcoin Cash into euros (into fiat money) makes any gain liable to tax, but only if the accumulated gains during the financial year are over €305. For example, if you decide to sell your BCH and you make a gain of €200 over the year, this amount is exempt from tax. Once that €305 threshold is passed, all gains are taxed at a flat rate of 30%.
There is a separate rule for individuals who regularly trade digital currencies – they are considered professionals by the tax authorities and are taxed under the industrial and commercial profits regime.
Are there alternatives when selling BCH?
Capital gains on the disposal of cryptocurrencies are taxed only if you convert such currencies into a fiat currency, like euros. But remember, you are not obliged to convert Bitcoin Cash into euros!
The situation is different if you swap BCH for another cryptocurrency: these operations are not taxed. You can trade in and out of Bitcoin Cash in exchange for other assets like Bitcoin, Ether, Litecoin and others. This is a useful alternative if you want to continue getting the most value out of your holdings, since it will allow you to sell your Bitcoin Cash later when the price may have increased greatly.
Lastly, you can also use your digital currency to pay for products or services, so some of your purchases can be done with Bitcoin Cash.
Selling Bitcoin Cash: how Coinhouse’s fast bank transfer can help
To convert Bitcoin Cash into euros, you need to choose an exchange site. This might be an online broker, like Coinhouse, or a peer-to-peer platform on which you deal with other individuals but through a secure intermediary. The procedure on Coinhouse is very simple. You just need to open an account, verify your identity – for security reasons – and then you are ready to sell your Bitcoin Cash.
Coinhouse distinguishes itself through its ability to quickly sell cryptocurrencies by bank transfer. In a matter of minutes, you can sell BCH provided that you have first linked a bank account to your Coinhouse account. Once the transfer order is placed, you only need to wait for the sale proceeds to enter your bank account.
The execution speed of the transaction is Coinhouse’s trump card. Speed can be extremely important for getting the most out of your decision to convert Bitcoin Cash into euros. The sell order must be executed without delay, before the price changes unfavourably against you. The bank transfer offers you a quick sale so your transaction can be concluded within the shortest time possible.
When and why sell your Bitcoin Cash?
Some people use cryptocurrencies as an investment. Their goal is to obtain a profit over the long term. Others buy digital coins with the hope of making money fast due to the wild volatility of these assets. Whichever box you fall into, circumstances may conspire at any time to make you sell your Bitcoin Cash. Yet, it is still important to choose the right moment to do it when possible.
Why sell your BCH?
The reasons for selling Bitcoin Cash depend greatly on why you originally invested in it. We can distinguish between three types of people:
- The person who wants to use a portion of their BCH holding to fund a project. The best option would be to convert the Bitcoin Cash into euros.
- The person who has reached a certain amount of gains and would now like to sell assets to take profits. This gain was marked in advance as the point to take money off the table. They could sell their Bitcoin Cash for euros or exchange it for another cryptocurrency (or even keep a portion in BCH to continue their investment).
- The person who has seen the price of BCH decrease or no longer has confidence in the asset (because it seems unstable) and wants to dispose of this asset before any sharp drop. They might even think there are other cryptocurrencies with a more favourable trend. In this case, they would be better off investing in other cryptocurrencies: Bitcoin, Litecoin, Ether, etc.
When is the right time to sell your Bitcoin Cash?
Figuring out when you should sell your Bitcoin Cash is an important issue. All depends on the reasons behind your urge or desire to sell. Those reasons are essentially the same as mentioned above.
- If you need cash, you perhaps do not have the luxury of waiting around long. In this case, you are going to sell Bitcoin Cash at the moment you need the money, whether you are in the green or the red.
- If you have set a particular target of gains, you should then wait for that moment to sell your Bitcoin Cash. With such a (long-term) perspective, you ought to keep an eye on what the price of BCH does and be patient!
- If you are considering swapping your BCH for other cryptocurrencies to take advantage of some opportunities, following the prices is not enough. You need to analyse the movements of those coins you have an interest in and anticipate future trends. In this way, you will have a better chance of selling at the right time and investing in more promising currencies. The advice of a specialist crypto trader will be invaluable to you at such a time.
Opportunity is what you make of it!
How to buy Bitcoin Cash with Coinhouse
- Open an account: you can open an account on our platform in seconds.
- Identity check: we verify your identity as a safeguard against possible scams and phishing.
- Sell Bitcoin Cash: you can sell your Bitcoin Cash coins and the sale price in euros will be in your bank account shortly afterwards.
Why use Coinhouse to sell your Bitcoin Cash?
Reliable and European
Coinhouse was the first platform to be registered with the French Financial Markets Regulator as a Digital Assets Service Provider. Our team is on hand to talk to you and advise you on a strategy that suits your needs.
Quick and easy
Sell your cryptocurrencies in less than 10 minutes on Coinhouse. We guide you through each step of the registration process. When you buy or sell, you will have all the information on a single transaction note.
Store your cryptocurrencies securely in a wallet integrated into our platform. You can also send your cryptocurrencies directly to your personal wallet at no extra cost.
Several payment methods available
We accept the following payment methods: credit card and bank transfer. With a card, you can buy instantly at the moment you feel is right.