Can You Transfer Cryptocurrency from One Wallet to Another?


Sample QR code for bitcoin address

With a digital currency systems rapidly developing, people may soon no longer carry cash, as digital encrypted currency is secure. If you’d like to learn more about using bitcoin, cryptocurrency and transfers, you’ve come to the right place.

Can you transfer cryptocurrency from one wallet to another? Yes, you can easily transfer using a Cryptocurrency exchange platform or blockchain technology. This used to be a more complicated process when you had room for human error, but now you simply need a QR code or address to send it to through an exchange platform, from an app or from a software or hardware wallet.

Cryptocurrency technology has evolved greatly since it’s inception in 2009 and has improved greatly despite some volatile set-backs. We are now at a point where using or sending digital payments occurs in seconds rather than hours, as in the early days. Use this guide to understand questions like how to transfer from one wallet to another, how to transfer to yourself, what cryptocurrency exchange applications are highly recommended and legitimate, as well as why cryptocurrency may eventually replace fiat currency.  (Register for a free forums account and join the discussion)

How to Transfer Cryptocurrency from One Wallet to Another?

Since cryptocurrencies rely on peer-to-peer networks, you can now simply send the funds from one wallet to another, regardless of who owns the receiving address. The steps to transfer your cryptocurrency are to:

  1. Confirm the currency balances in you wallet or exchange account
  2. Select your wallet or specific currency in an exchange
  3. Get the receiving wallet code via QR or address copy
  4. Click ‘send’
  5. Send to the QR code or crypto address of the other party’s wallet.
  6. Wait for a confirmation that states the transfer has been completed.
Coinbase is the most used exchange for buying and selling

How to Transfer into Your Own Wallet? 

Besides the initial question of one wallet to another, how do you get money in your wallet in the first place? 

To get started and actually have cryptocurrency. You may have received coins from others. If not, you will need to buy crypto on an exchange. The following steps are the general guide to using most exchanges.

  1. Sign up and log in to your cryptocurrency account
  2. Access your wallet
  3. Deposit cash from your linked bank
  4. Purchase your coins
  5. Go to the ‘Send’ and ‘Receive’ options
  6. Select which you would like to do and input your figure

Again, it is that easy because this is an intuitive, user-friendly platform that will not overcomplicate things. In case you are wondering how to open a new wallet, the steps to follow are:

  1. Login to your exchange account on whatever platform you are using
  2. Verify your account if requested
  3. Link a bank or input credit card info if needed
  4. Transfer cash to the exchange for buying
  5. If using credit card, purchases may be instant
  6. If using Coinbase, you can buy via linked account
  7. In some cases, it may take 4-5 business days to receive purchased coins

After this, you only have to select, “withdraw” or “send” if you wish to move currency around from one holding to another. 

Don’t overcomplicate or stress about this process, it’s truly as straightforward as any website that you save your payment to, and all you’ll need to send currency is the receiver’s IP Address, QR code, or unique receiving address. 

Copy and paste works best to avoid mis-typing the complicated addresses involved. Triple check that you are using the correct type of address for the currency you are using. For example, don’t try to send Ethereum to a bitcoin address. You will lose all your funds.

Coinbase App Bitcoin trading page photo

Best Cryptocurrency Exchange Apps 

To move your money around, you will need a crypto app, exchange account, software wallet or hardware wallet. I use both the Ledger Nano S and the Trezor Model T for my storage, sending and receiving. Both links are affiliate and take you to their official shop sites.

The best ones that we recommend, and a bit about each of them are:

  • Binance – This is probably the most well-known exchange platform and the largest available worldwide. This is listed as #1 by many sites for a reason, so you can certainly trust Binance for quality transfers that will adapt to a variety of cryptos and currencies. They also offer BNB to exchange coin and margin trading for those that are familiar. It also has incredible liquidity and offers a 0.1% trading fee.  
  • Coinbase – Another place where you can sell Bitcoins that also allows you to purchase them in-app. By investing $100, Coinbase will give you $10 bitcoin dollars for free! This is a great place to start if you are new to the cryptocurrency-game and want to feel things out a bit. What’s nice is being able to buy and trade in one place on any phone type (Apple or Android). Coinbase is also very secure (as are most to all cryptocurrencies) and even offers stable coins like USDC and DAI that will not fluctuate in this digital economy. 
  • Huobi. U.S. – And it’s international database Huobi Pro, are Chinese companies that have moved to a global scale in the last 5-years. It is listed as #3 on Coin Market Cap exchange by volume and pairs with an incredible amount of cryptocurrencies (nearly 300 of them). The exchange fee is comparably low, but be sure to use the U.S. one if located in the States as the Huobi Pro will not work.
  • Bitfinex – Is one of the first crypto-exchange platforms that emerged in the bitcoin scene and is great for novices of the trade. Liquidating is easy and often falls in the top 10 under CMC’s ranking. Another reason to utilize Biaffine is that it has a more complicated registration process. This may sound like a deterrence off the bat, but rather, this means the app is more secure because all traders must verify their identity and wait about 20 days to be officially accepted. This authenticates the platform and, on top of easy liquidation, makes it an exchange avenue you can trust.
  • Prime XBT – As they state on their site, “Trade Bitcoin, S&P 500, Gold, EURUSD and 30+ assets” with over $375,000, 000 average trading volume per day. What is nice about Prime XBT is the user-friendly interface and one of the most ideal leverage equations on the market. In this breakdown by Blockonomi, he writes after some arithmetic explanation, “In the same situation, this means you would still make $5,000 but would have only invested $1,000. In other words, you can vastly multiply your profits with the same amount of initial capital.”
  • Kraken – Last but not least, the other major player that we recommend as reputable is the Kraken Crypto Exchange. It is free to join and allows you to move around your digital assets with ease. It is known for its impeccable security features, customer service available 24/7, and low fees on transactions once you get started. It can be one of the more confusing platforms on this list, so if you are a novice and intimidated by their interface, start with one of the more simplistic layouts like Binance or Coinbase. 
Sending and receiving using Binance

Final Tips on Cryptocurrency Transfers

With over 2,200 cryptocurrencies bounding around the internet’s stratosphere, there are thousands of ways to learn the market and increase your income.

The reason that digital currency is changing the game is due to its high security and requiring the person’s wallet information that you are specifically sending money to. This eliminates a high degree of fraud, hackers, and government intervention as your transfer is kept private. 

Some parting words of wisdom for your new future in investing are:

  • Keep your private key private! Don’t share this with others. Only share your address and QR code for sending and receiving money.
  • Keep in mind that you can only send bitcoins for bitcoins, or Ethereum to Ethereum. You cannot mix and match currencies, so confirm with your sender/receiver that your currencies match before the transfer attempt.
  • If something seems sketchy or off, do not offer up your confidential information, such as your social security number.

Even companies like Walmart and Intel are beginning to accept Bitcoin as they develop blockchains because the digital marketplace is ever-evolving, and they don’t want to get left behind in this digital revolution.

If you don’t want to fall behind in this digital currency revolution, we suggest you read up on these unique form of financial transfers and what advantages decentralized currencies offer. You are well on your way to being a crypto-master and digital investment pro! Keep at it and only trust exchange platforms that are verified, reputable, and easy to use. Happy trading!

T C

TAC began programming (coding) in high school in 1979. Languages included Basic, Assembly, Machine Hexadecimal code, FORTRAN, COBOL, and the first few iterations of C. He wrote several open source utilities for Atari, TRS-80, Commodore 64 and Amiga, and MS-DOS in the early 80’s, and a few were published in now defunct industry newsletters and hobbyist journals. After graduating from college with undergrad and professional degrees, a busy continued training program and work pulled him away from coding, but he remained involved in building and maintaining PC’s and networks for several years. Specializing in medical imaging, he was primary driving force behind the first implementation of digital radiology in his home state, connecting a wide range of rural hospitals to a tertiary care center for 24/7 immediate expert consults. His work has been featured in local newspapers, he was once consulted by GE Medical Systems (uncredited) for their Radiology workstation interface development, and has spoken to hospital presidents and local senators on rural patient virtual access to subspecialty hospitals. After 26 years as a partner in a medical practice, he formed his own company in 2018, and now works as a busy subcontractor providing emergency radiology services to over 250 urban and rural hospitals across 35+ states. Because of his firsthand tech experience, he began investing in technology companies before it became mainstream to do so. Video game developers, large OS companies, hardware and chip manufacturers, and well-known name brands that were just getting started in the 80’s all passed through his portfolio over the years. He continued to have success even during the dot com bust, and still takes positions in exciting new technologies before they reach maturity. Cryptocurrency and blockchain fit that background perfectly. He is currently invested in bitcoin, ethereum, xrp, and a few other altcoins. After a brief experiment in trying to produce useful code in Solidify, he decided investing and crypto education were better fits for his background and current skill set. While there is a huge amount of information out there on cryptocurrency, a lot of it can’t be trusted, is incomplete, and often biased. Influencers are everywhere passing along “news” and rosy projections on the coins they are quietly paid to promote. Many self-proclaimed experts got their reputations from basically guessing right on YouTube and message boards. 2018 shook a lot of that out of the ecosystem. So TCF was born in late 2017 out of TAC’s belief that serious investors would soon want to move into the cryptocurrency investment arena, and they want more than just memes and catchphrases. Serious investors want detailed info and trustworthy sources. We hope you find The Cryptocurrency Forums to be exactly that, a trusted source for unbiased cryptocurrency investing. There will be many exciting developments to come for cryptocurrency projects, and therefore risky but high profit opportunity investments. This arena is just getting started. The ride will be bumpy, but profitable for those who invest wisely and think long-term. We hope you’ll let us come along with you for this ride.

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