How to Sell Crypto – A Step-by-Step Guide for Beginners
Are you looking to sell your crypto currency and convert it into traditional currency? Selling crypto can sometimes be a complex process, but with the right knowledge and steps, you can easily navigate through it. In this guide, we will walk you through the process of selling crypto, from setting up an exchange account to making the actual transaction.
The first step in selling crypto is to choose a reliable exchange platform. Exchanges are online platforms where you can buy and sell various types of crypto currencies. It is crucial to choose a reputable exchange that is secure and has a good reputation in the crypto community. Once you have chosen an exchange, you will need to create an account and set up a crypto wallet.
A crypto wallet is a digital wallet that allows you to securely store your crypto currency. It is important to choose a wallet that supports the type of crypto currency you want to sell. For example, if you have Bitcoin, you will need to choose a wallet that supports Bitcoin transactions. Once you have set up your wallet, you can transfer your crypto currency from your exchange account to your wallet.
After you have transferred your crypto currency to your wallet, you are ready to sell. The next step is to place a sell order on the exchange platform. This is done by specifying the amount of crypto currency you want to sell and at what price you are willing to sell it. Once your sell order is placed, it will be matched with a buy order from another user on the exchange. Once the transaction is complete, the funds will be deposited into your exchange account.
Now that you know the basics of how to sell crypto, you can start exploring the world of crypto trading. Remember to do your research and always stay informed about the latest trends and news in the crypto market. Selling crypto can be a profitable venture, but it requires careful planning and execution. Good luck!
Choose a Reliable Exchange
When it comes to selling cryptocurrency, choosing a reliable exchange is crucial. An exchange is a platform where you can buy and sell different currencies, including Bitcoin and other cryptocurrencies.
Before you sell your crypto, you need to find a trustworthy exchange that offers a secure and efficient service. Look for exchanges that have a good reputation in the crypto community and offer strong security measures to protect your assets.
One important factor to consider is the exchange’s liquidity. Higher liquidity means that there are more buyers and sellers on the platform, which can help you sell your crypto quickly and at a better price.
Furthermore, check if the exchange supports the currency you want to sell. Not all exchanges offer the same range of cryptocurrencies, so make sure the exchange supports the specific crypto you’re looking to sell.
Once you’ve chosen a reliable exchange, you’ll need to set up an account. This typically involves providing some personal information and verifying your identity.
After your account is set up, you can transfer the crypto you want to sell from your wallet to the exchange. This can usually be done by generating a unique address on the exchange and sending the crypto to that address from your wallet.
Now that your crypto is on the exchange, you can start the selling process. Each exchange has its own interface and process for selling crypto, but generally, you’ll be able to set the price at which you want to sell and choose the type of order (e.g., market or limit order).
Keep in mind that selling crypto can involve fees, so make sure to check the exchange’s fee structure before proceeding. Also, consider the tax implications of selling cryptocurrency in your jurisdiction.
Lastly, always double-check the details of your sale before finalizing the transaction. Once the sale is complete, you should see the funds in your account on the exchange, and from there, you can choose to withdraw the funds to your bank account or leave them on the exchange for future trades.
Overall, selling crypto on a reliable exchange requires some research and careful consideration. By choosing the right exchange and following the necessary steps, you can safely and efficiently sell your cryptocurrency.
Create an Account
Before you can start selling your crypto currency, such as Bitcoin, you will need to create an account with a reputable exchange or wallet provider that allows you to sell crypto. This account will serve as your online platform where you can manage your transactions and access your crypto wallet.
To create an account, you will typically need to provide some basic information, such as your name, email address, and a secure password. Some platforms may also require you to complete a verification process to ensure the security of your account.
When choosing a platform to create your account, it’s essential to consider factors such as the platform’s reputation, security measures, and transaction fees. Look for platforms that have a strong track record of protecting user funds and providing a user-friendly interface.
Once you have created your account, you will need to set up your crypto wallet within the platform. A crypto wallet is a digital wallet that allows you to securely store, send, and receive crypto currency. It is essential to choose a wallet that supports the type of crypto currency you want to sell.
During the account creation process, you may also be asked to set up additional security measures, such as two-factor authentication, to further protect your account. It’s crucial to take advantage of these security features to ensure the safety of your crypto assets.
After your account is created and your wallet is set up, you are ready to start selling your crypto. The next step is to deposit your crypto into your wallet, which will allow you to initiate a sell transaction. This transaction will involve specifying the amount of crypto you want to sell and the desired payment method.
Remember, the process of selling crypto can vary slightly depending on the platform you are using. It’s recommended to familiarize yourself with the specific steps and guidelines provided by your chosen platform to ensure a smooth selling experience.
By following these steps, you can create an account and start selling your crypto currency. Always remember to stay informed and take precautions to keep your funds secure throughout the selling process.
Verify Your Identity
When it comes to selling crypto, one of the important steps is to verify your identity. This is done to ensure the security and legitimacy of the transaction. Verification is necessary for most cryptocurrency exchanges and wallets, as they need to comply with regulatory requirements.
There are various methods to verify your identity, depending on the platform you choose to sell your crypto on. Typically, you will be required to provide personal information such as your name, address, and date of birth. Additionally, you may need to submit identification documents such as a passport or driver’s license, along with a proof of address.
Once you have provided the necessary information and documents, the exchange or wallet will review and verify your identity. This process may take some time, so it’s important to be patient. It’s also crucial to ensure that the platform you choose is reputable and has a secure verification process to protect your personal information.
By verifying your identity, you are helping to prevent fraud and illegal activities in the crypto market. It adds a layer of security and trust to the transaction process. So, be prepared to go through the verification process when selling your crypto, as it is an important step in ensuring a smooth and secure transaction.
Set Up Two-Factor Authentication
When it comes to selling your bitcoin or any other cryptocurrency, security is of utmost importance. One way to enhance the security of your transactions is by setting up two-factor authentication (2FA) for your wallet or exchange account.
Two-factor authentication is a security measure that adds an extra layer of protection to your account. It requires two independent forms of identification before granting access to your wallet or exchange account. This ensures that even if your password is compromised, a hacker would still need the second factor, such as a unique code generated by an authentication app on your phone, to gain access.
Why is Two-Factor Authentication Important?
Enabling 2FA significantly reduces the risk of unauthorized access to your wallet or exchange account. It adds an extra barrier that hackers would need to overcome, making it much more difficult for them to gain control of your funds.
Without 2FA, if someone manages to obtain or crack your password, they could easily initiate a sell transaction without your knowledge. With 2FA, however, they would need the second authentication factor, which typically changes every few seconds, to complete the transaction. This provides an added layer of security and gives you more time to react in case of a breach.
How to Set Up Two-Factor Authentication
The process of setting up 2FA varies depending on the wallet or exchange you are using. However, the general steps are as follows:
- Log in to your wallet or exchange account.
- Navigate to the security settings or account settings.
- Look for the option to enable two-factor authentication.
- Choose the type of 2FA you want to use. Common options include SMS verification, email verification, or using an authenticator app like Google Authenticator.
- Follow the instructions provided to complete the setup process.
- Once set up, you will need to enter the authentication code generated by your chosen 2FA method each time you log in or perform certain transactions.
Remember to store your backup codes securely in case you lose access to your primary 2FA device. These codes can be used to recover your account in such situations.
By setting up two-factor authentication, you significantly improve the security of your bitcoin or other crypto assets. Take the time to enable this important security feature and protect your investment.
Choose a Wallet
When it comes to selling or exchanging your crypto currency, one important step is to choose a wallet that will securely hold your bitcoins or other cryptocurrencies. A wallet is a digital tool and software that allows you to store, send, and receive your digital assets. It acts as a virtual bank account for your crypto assets, providing you with a unique address for each transaction.
Types of Wallets
There are several types of wallets available, each with its own pros and cons. It is important to choose the right wallet that suits your needs:
| Wallet Type | Description |
|---|---|
| Hot Wallet | A hot wallet is a wallet that is connected to the internet. It is convenient for frequent transactions but may be more susceptible to security threats. |
| Cold Wallet | A cold wallet, also known as a hardware wallet, is an offline wallet that is not connected to the internet. It provides a higher level of security but may require more time to access your funds. |
| Desktop Wallet | A desktop wallet is software that you download and install on your computer. It offers more security than a hot wallet, but your funds may be at risk if your computer is compromised. |
| Mobile Wallet | A mobile wallet is an app that you can download to your smartphone. It offers convenience and allows you to access your funds on the go, but it may be less secure than other wallet options. |
Factors to Consider
When choosing a wallet, there are a few factors to consider:
- Security: Look for a wallet that provides strong security measures such as two-factor authentication and encryption.
- User-Friendliness: Consider a wallet that is easy to use and navigate, especially if you are new to crypto transactions.
- Compatibility: Ensure that the wallet is compatible with the cryptocurrency you wish to sell or exchange.
- Backup and Recovery: Check if the wallet offers backup and recovery options to avoid losing access to your funds in case of lost or stolen devices.
By taking the time to choose the right wallet, you can ensure the security and ease of your crypto transactions. Compare different wallets, read reviews, and consider your personal preferences and needs to make an informed decision.
Transfer Crypto to Your Wallet
Once you have decided to sell your crypto, you need to transfer it to your wallet before initiating the transaction. A wallet is a digital storage device where you can store your crypto securely. Here is a step-by-step guide on how to transfer your crypto to your wallet:
1. Choose a Wallet
The first step to transferring your crypto to your wallet is choosing a wallet that supports the currency you want to sell. There are various types of wallets available, including hardware wallets, software wallets, and online wallets. Research and select a wallet that suits your needs and offers a high level of security.
2. Obtain Your Wallet Address
After selecting a wallet, you need to obtain your wallet address. A wallet address is a unique identifier that allows you to receive crypto into your wallet. Each wallet has its own unique address, so make sure you copy the correct one.
3. Go to the Exchange
Next, go to the exchange platform where you have your crypto. Log in to your account and navigate to the withdrawal or send section.
4. Enter Your Wallet Address
In the withdrawal or send section of the exchange platform, you will find a field where you can enter your wallet address. Paste your wallet address here.
5. Choose the Amount
Specify the amount of crypto you want to transfer to your wallet. Make sure to double-check the amount to avoid any mistakes.
6. Confirm the Transaction
Before finalizing the transaction, carefully review all the details, including the wallet address and the amount. Once you are sure everything is correct, confirm the transaction.
It may take some time for the transaction to be processed and for your crypto to appear in your wallet, so be patient. Once the transfer is complete, you can proceed with selling your crypto.
Set Selling Parameters
Before you can sell your cryptocurrency, you need to set some selling parameters. These parameters will help determine the conditions under which you want to sell your digital currency.
1. Choose a Wallet
The first step in setting your selling parameters is to choose a wallet where you will store your digital currency. There are various types of wallets available, such as hardware wallets, desktop wallets, mobile wallets, and online wallets. Each type has its own advantages and disadvantages, so make sure to choose one that best suits your needs.
2. Decide How Much to Sell
Once you have chosen a wallet, you need to decide how much of your cryptocurrency you want to sell. This will depend on various factors, such as your financial goals, the current market conditions, and your risk tolerance. It’s important to analyze the market and consider these factors before deciding on the amount.
3. Determine the Exchange
Next, you need to decide which exchange you will use to sell your cryptocurrency. There are numerous cryptocurrency exchanges available, each with its own features and fees. Research different exchanges to find one that offers a secure platform, good liquidity, and reasonable fees.
4. Choose the Currency
Once you have chosen the exchange, you need to decide which currency you want to sell your cryptocurrency for. Bitcoin is the most commonly traded cryptocurrency, but there are also options to sell for other digital currencies or fiat currencies, such as USD or EUR. Consider the liquidity and trading pairs available on the exchange when choosing the currency.
5. Set the Transaction Parameters
Finally, you need to set the transaction parameters for selling your cryptocurrency. This includes setting the price at which you want to sell, the type of order you want to place (market order or limit order), and any additional parameters specific to the exchange. Make sure to review and understand these parameters before proceeding with the transaction.
By setting these selling parameters, you can ensure that you have a clear plan in place when it comes time to sell your cryptocurrency. This will help you make informed decisions and maximize your potential returns.
Determine the Selling Price
When it comes to selling your crypto currency, determining the selling price is an important step in the process. The selling price will ultimately dictate how much money you will receive from the transaction.
Here are the steps on how to determine the selling price of your crypto:
1. Research Bitcoin exchanges
Start by researching different bitcoin exchanges where you can sell your crypto. Look for reputable and trustworthy exchanges that have a good track record in terms of security and user experience.
2. Check current market prices
Once you have identified a few potential exchanges, check the current market prices for the crypto currency you wish to sell. These prices can fluctuate rapidly, so it’s important to stay up-to-date with the latest trends.
3. Consider exchange fees
Take into account the fees charged by the exchange platform. Some exchanges charge a percentage of the transaction amount as fees, while others have flat fees. Make sure to factor in these fees when determining your selling price.
4. Set a competitive price
Set a competitive selling price that will attract potential buyers. If the price is too high, it may take longer to find a buyer. On the other hand, if the price is too low, you may end up selling your crypto at a loss. Finding the right balance is crucial.
5. Analyze market trends
Analyze the market trends to identify any potential price movements. If the market is bullish and prices are expected to rise, you might want to hold on to your crypto for a little longer. Conversely, if the market is bearish, it might be a good time to sell.
By following these steps and carefully considering all the factors mentioned above, you can determine the selling price of your crypto currency in a strategic and informed manner.
Place a Sell Order
To sell your Bitcoin or other cryptocurrencies on an exchange, you will need to have your crypto assets in a wallet that is compatible with that specific exchange. Make sure you have completed the necessary steps to transfer your crypto assets from your personal wallet to the exchange.
Once your assets are in the exchange wallet, follow these steps to place a sell order:
- Log in to your exchange account using your credentials.
- Navigate to the trading section or the page where you can place buy/sell orders.
- Choose the cryptocurrency you want to sell (Bitcoin) and the currency you want to receive for it (fiat currency).
- Enter the quantity of Bitcoin you want to sell in the designated field.
- Choose the type of order you want to place, whether it’s a market order or a limit order. A market order will be executed immediately at the current market price, while a limit order allows you to set a specific price at which you are willing to sell your Bitcoin.
- If you’re placing a limit order, enter the desired selling price in the designated field.
- Review all the details of your sell order, including the quantity and price.
- Click on the “Sell” button to confirm and place your order.
After placing your sell order, the exchange will execute the transaction according to the type of order and the current market conditions. It’s important to monitor your order and keep track of any changes in the market that could affect the execution of your order.
Monitor the Market
When it comes to selling crypto, keeping an eye on the market is essential. The value of cryptocurrencies, such as Bitcoin, can fluctuate rapidly, so it’s important to stay informed to make the most out of your transaction.
One way to monitor the market is by using a cryptocurrency exchange. These exchanges provide real-time updates on the current prices of different cryptocurrencies. You can create an account, link your crypto wallet, and track the value of your crypto holdings.
Additionally, many cryptocurrency exchanges offer features that allow you to set up alerts. These alerts can notify you when a certain price is reached, helping you to take advantage of favorable market conditions or avoid potential losses.
It’s also important to stay informed about the latest news and developments in the crypto world. This can help you understand the factors influencing the market and make informed decisions. There are many reputable cryptocurrency news websites and forums where you can find up-to-date information.
Lastly, remember that the crypto market can be volatile and unpredictable. It’s important to approach selling crypto with caution and not be swayed by short-term market fluctuations. Evaluate the long-term prospects of the currency and your own financial goals before making any decisions.
In summary, monitoring the market is a crucial step in selling crypto. By staying informed about the current prices, setting up alerts, and keeping up with the latest news, you can make informed decisions and maximize your profits.
Analyze the Market Trends
Before selling your cryptocurrency, it is important to analyze the market trends to make informed decisions. Market trends refer to the general direction in which the price of a particular cryptocurrency is moving.
Why Analyzing Market Trends is Important
Analyzing market trends is crucial because it gives you an understanding of how the market is behaving and helps you determine the best time to sell your crypto. It allows you to assess the demand and supply dynamics, identify potential risks, and make informed decisions for your wallet.
How to Analyze Market Trends
- Coin and Market Research: Start by researching the specific cryptocurrency you want to sell. Understand its underlying technology, use case, and potential competitors. Look at its historical price charts and track its performance over time. Be sure to also research and analyze the overall state of the cryptocurrency market.
- News and Announcements: Stay updated with the latest news and announcements related to cryptocurrencies. News often influences price movements, so it’s essential to be aware of any significant developments, partnerships, regulations, or industry trends that could impact the value of your cryptocurrency.
- Technical Analysis: Use technical analysis tools and indicators to study price charts and identify patterns. This can help you detect trends, support and resistance levels, and potential price reversals. Common indicators include moving averages, Bollinger Bands, and Relative Strength Index (RSI).
- Sentiment Analysis: Consider sentiment analysis by monitoring social media platforms and forums to gauge public opinion on a specific cryptocurrency. Positive or negative sentiment can influence market demand and price movements.
- Market Volume and Liquidity: Assess the trading volume and liquidity of the cryptocurrency you want to sell. Higher trading volumes and liquidity generally indicate a more active market and easier execution of your sell order.
By combining these analysis methods, you can gain a better understanding of the market trends for your chosen cryptocurrency and make well-informed decisions on how to execute your sell transaction.
Decide When to Sell
Knowing when to sell your cryptocurrency can be a crucial decision that can greatly impact your profits or losses. Here are some factors to consider when deciding when to sell:
1. Currency Performance
Keep an eye on the performance of the currency you are holding. Look for indicators such as price fluctuations, market trends, and news about the currency. If the currency has been performing well for a sustained period, it might be a good time to consider selling.
2. Market Conditions
Analyze the overall market conditions before making a decision to sell. Study the behavior of other cryptocurrencies and the general sentiment of the market. If the market is experiencing a bull run, it might be a favorable time to sell and take profits.
3. Personal Goals
Consider your personal financial goals and reasons for investing in cryptocurrency. If you have achieved your desired profit targets or if you need funds for other purposes, it might be a good time to sell. Remember to think long-term and not let short-term market fluctuations cloud your judgement.
When you have made the decision to sell, ensure that you have a reliable exchange platform to execute your transaction. Transfer your cryptocurrency from your wallet to the exchange, decide on the amount you want to sell, and place your sell order. Keep in mind the transaction fees and any tax implications of selling crypto.
It is important to stay informed and keep learning about the crypto market to make well-informed decisions on when to sell. Regularly review your investment portfolio and adjust your selling strategy accordingly.
Execute Your Sell Order
Once you have decided to sell your crypto, you need to find a suitable exchange platform. There are numerous cryptocurrency exchanges available where you can sell your digital currency. Look for a reliable and secure exchange that supports the specific cryptocurrency you want to sell.
After choosing the exchange, you will need to create an account and complete the necessary registration process. This usually involves providing your personal information and verifying your identity to comply with KYC (Know Your Customer) regulations.
Once you have created an account and logged in to the exchange platform, you will need to connect your digital currency wallet. This is where your crypto is stored and from where you will be able to initiate the transaction to sell your currency.
Before executing your sell order, it’s crucial to analyze the market conditions and determine the best time to sell. Keep an eye on the price movements and market trends to maximize your profits.
When you are ready to sell, find the option to initiate a sell order or place a sell trade on the exchange platform. Specify the amount of crypto you want to sell and the price you are willing to sell it for. Depending on the type of order you choose, your sell order can be executed instantly or at a specific price target.
Review all the details carefully before confirming the sell order. Once you are satisfied, proceed with the transaction. The exchange will execute the order and sell your crypto accordingly.
After the transaction is completed, you will receive the proceeds from the sale in your exchange wallet. You can then choose to withdraw the funds to your bank account or keep them on the exchange for future trading.
Remember to keep track of your transactions and any associated fees. Selling crypto involves transaction fees and possibly withdrawal fees, depending on the exchange you are using. Understanding these fees will help you calculate your overall profit from the sale.
That’s how you can execute your sell order on a crypto exchange. Following these steps will ensure a smooth and successful selling process. Always stay informed and be mindful of the market conditions to make the most out of your crypto selling activities.
Withdraw Your Funds
Once you have successfully executed a sale of your crypto currency on an exchange, it’s time to withdraw your funds. Here is a step-by-step guide on how to do it:
1. Access Your Wallet
In order to withdraw your funds, you first need to access your crypto wallet. This is where your digital assets are stored. Make sure you have your wallet credentials handy, as you will need them to proceed with the withdrawal.
2. Choose the Preferred Withdrawal Method
Most crypto exchanges offer multiple withdrawal methods, such as bank transfer, PayPal, or other cryptocurrencies. Choose the method that best suits your needs and select it as your withdrawal option.
3. Enter the Withdrawal Details
Specify the amount of crypto currency you want to withdraw along with the destination address or account details. Double-check the accuracy of the information before proceeding, as any errors may result in the loss of funds or delay in the transaction.
4. Confirm and Execute the Withdrawal
Once you have entered the withdrawal details, review them one last time and confirm the transaction. Some exchanges may require additional security measures such as two-factor authentication to ensure the safety of your funds.
By following these steps, you can successfully withdraw your funds from an exchange after selling your crypto currency. Remember to keep track of your transaction history and take appropriate security measures to protect your assets.
Review and Adjust Your Selling Strategy
When it comes to selling your cryptocurrency, it’s important to regularly review and adjust your selling strategy. The crypto market is highly volatile, and the value of bitcoin and other cryptocurrencies can fluctuate wildly.
Understand the Market
The first step in reviewing and adjusting your selling strategy is to understand the current state of the crypto market. Keep up with the latest news and trends, and pay attention to any significant developments that may impact the value of your crypto.
By staying informed about market conditions, you can make more informed decisions about when and how to sell your crypto. This knowledge will help you to better predict potential price movements and determine the best time to sell.
Choose the Right Exchange
Next, consider the different cryptocurrency exchanges available to you. Each exchange may have different fees, trading options, and user interfaces, so it’s important to choose one that aligns with your selling strategy.
Take the time to research and compare different exchanges to find the one that best suits your needs. Look for an exchange that offers a wide range of trading options, competitive fees, and a user-friendly interface. This will make the selling process easier and more efficient.
Additionally, consider the liquidity of the exchange. A more liquid exchange will have a higher trading volume and tighter spreads, meaning you can sell your crypto at a more favorable price.
Execute Your Transaction
Once you have reviewed your selling strategy and chosen the right exchange, it’s time to execute your transaction. Make sure you have a clear understanding of the process before proceeding.
Double-check that you are selling the correct amount of crypto and that you have entered the correct wallet address or bank account information for receiving the funds. It’s also important to be aware of any fees associated with the transaction.
When it comes to selling crypto, timing is key. Keep an eye on the market, be patient, and choose a favorable moment to execute your transaction. By reviewing and adjusting your selling strategy regularly, you can maximize your profits and minimize the risks associated with selling your cryptocurrency.
Question-Answer:
What is cryptocurrency?
Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates independently of a central bank and is decentralized.
Why should I sell my crypto?
There could be various reasons why someone might want to sell their cryptocurrency. Some common reasons include the need for cash, wanting to take profits from an investment, or exchanging it for another cryptocurrency or fiat currency.
How can I sell my cryptocurrency?
Selling cryptocurrency involves a few steps. First, you need to choose a reputable cryptocurrency exchange. Then, create an account and complete any verification processes required. Once your account is set up, you can deposit your cryptocurrency into the exchange. Finally, you can place a sell order for the desired amount of cryptocurrency at the current market price.
Are there any fees involved in selling cryptocurrency?
Yes, there are usually fees involved when selling cryptocurrency. These fees can vary depending on the exchange you use and the specific transaction. Common fees include trading fees, withdrawal fees, and network fees.
What are the risks of selling cryptocurrency?
Selling cryptocurrency carries some risks. These risks include price volatility, potential for hacking or scams on exchanges, regulatory changes impacting the value of cryptocurrency, and the possibility of making mistakes during the selling process, such as sending cryptocurrency to the wrong address.
What is the first step to sell crypto?
The first step to sell crypto is to choose a reliable and secure cryptocurrency exchange. Research and compare different exchanges to find one that suits your needs.
Can I sell crypto for fiat currency?
Yes, you can sell crypto for fiat currency. Many cryptocurrency exchanges allow you to convert your crypto holdings into fiat currency and withdraw it to your bank account.
How do I sell crypto on an exchange?
To sell crypto on an exchange, you typically need to create an account, verify your identity, and deposit your crypto into the exchange wallet. Once your crypto is in the exchange wallet, you can place a sell order and choose the amount and price you want to sell your crypto for.
What are the tax implications of selling crypto?
The tax implications of selling crypto vary depending on your country’s tax laws. In many countries, selling crypto is considered a taxable event, and you may be required to report your crypto sales and pay taxes on any capital gains. It’s important to consult with a tax professional or accountant to understand your specific tax obligations.
