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:
- Confirm the currency balances in you wallet or exchange account
- Select your wallet or specific currency in an exchange
- Get the receiving wallet code via QR or address copy
- Click ‘send’
- Send to the QR code or crypto address of the other party’s wallet.
- Wait for a confirmation that states the transfer has been completed.
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.
- Sign up and log in to your cryptocurrency account
- Access your wallet
- Deposit cash from your linked bank
- Purchase your coins
- Go to the ‘Send’ and ‘Receive’ options
- 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:
- Login to your exchange account on whatever platform you are using
- Verify your account if requested
- Link a bank or input credit card info if needed
- Transfer cash to the exchange for buying
- If using credit card, purchases may be instant
- If using Coinbase, you can buy via linked account
- 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.
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.
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!