Sell Bitcoin basics
What using a non-custodial exchange means
You cannot deposit Bitcoin in a Bull Bitcoin account. There is no Bitcoin balance in your Bull Bitcoin account. As soon as you send Bitcoin to Bull Bitcoin, the funds are instantly converted to fiat currency.
This means that before you sell Bitcoin, you must first tell us where you want the fiat currency resulting from that Bitcoin sale to be sent.
When you sell Bitcoin to Bull Bitcoin, the ownership of the Bitcoin changes from you to Bull Bitcoin at this exact moment:
If sending Bitcoin with a regular on-chain Bitcoin transaction: when the transaction is confirmed.
If sending Bitcoin using the Lightning Network: when the Lightning payment is sucessful.
If sending Bitcoin using the Liquid Network: when the transaction is confirmed.
Exchange rate lock-in
One of the major benefits of using Bull Bitcoin is that when you sell Bitcoin, the exchange rate is guaranteed as soon as you send a Bitcoin transaction.
When we say that an exchange rate is guaranteed, it means that no matter how long it takes for your Bitcoin transaction to confirm, we will honor the exchange rate in effect at the moment where your payment is detected by Bull Bitcoin:
If sending Bitcoin with a regular on-chain Bitcoin transaction: when the unconfirmed transaction is included in the mempool of our Bitcoin Node.
If sending Bitcoin using the Lightning Network: when the Lightning payment is detected by our Lightning Network node.
If sending Bitcoin using the Liquid Network: when the unconfirmed transaction is included in the mempool of our Liquid Network Node.
Step 1: Selecting a beneficiary
Before selling Bitcoin on Bull Bitcoin, you must choose where you want to receive the funds. You have two options:
Convert funds to your account balance
Pay a bill or send money to a bank account
Step 2: Creating a sell Bitcoin order
Step 3: Send the Bitcoin
Selet network etc
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