Cryptocurrencies are gaining a lot of attention from investors all over the globe. The primary reason behind it is that they are highly profitable. But it also depends on the market conditions. The cryptocurrency market is known for its volatility. So, the value of cryptocurrency can never remain stable. It increases or decreases according to various factors prevailing in the market. This unpredictability makes digital currencies unique.
One thing that often confuses people is the process of transferring bitcoins from one wallet to another. Many beginners think that it is a complicated process. However, in reality, it is a simple thing to understand. If you are in the same situation, you are in the right place. In this article, we will explain the same in detail. Trading in cryptocurrency has become more convenient due to advancements in technology. Also, you won’t have to struggle a lot to find a suitable trading platform.
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You might be curious to know the process of sending cryptocurrency. You must learn about it if you want to continue it in the long run. So, without wasting any more time, let’s dive deeper into it.
What are the reasons to send cryptocurrency to someone?
Some of the most common reasons why people send them are as follows-
- Transferring to other digital wallets: Some investors have more than two crypto wallets. They need to maintain each one of them. Also, keeping a large number of digital coins is not recommended as it involves many risks. In such a case, they transfer it to their other wallets.
- Shopping purposes: You might already know that you can use digital currency to shop. Some people prefer using bitcoins for shopping purposes. So, they have to transfer them as a payment for the item they have purchased.
- Sending them as a gift: Some investors like to give virtual coins to their fellow investors.
What is the process of sending digital coins to another person?
Sending Bitcoins to someone is not a complicated task. A beginner can also do it by learning some steps. Every investor wants to use their cryptocurrencies at some point in time. So, you should know how to receive or send digital coins to others, especially if you are a beginner. You can consider the following steps to get yourself ready for it-
- Choose a digital wallet: The first thing every investor needs to do is selecting a reliable wallet. The transfer of coins will not be possible without it. You have to research well before deciding on a particular platform. Otherwise, you might become a victim of a scam. You can read reviews, articles, and all the reliable information about the wallet you are probably choosing. Only after knowing these things should you proceed to create an account.
- Open your account: After creating your account, you need to open it and find the option of sending cryptocurrency. The option won’t be in the exact location on every crypto wallet. So, you need to take care of this thing. Also, note that you must have some cryptocurrencies to send to another person. You cannot proceed with the sending process when your wallet is empty.
- Click on the send option: As we mentioned earlier, there will be a sending option on the dashboard. You will also receive one that you can use while receiving cryptos from others.
- Select the cryptocurrency: You might have different cryptos in your digital wallet. So, you have to select the one which you want to transfer to another trader’s account. The application will ask you for the same before starting the process of transfer.
- Enter the public key address: Public key is the most crucial thing used in the transfer method. The receiver has to send it to you. In this way, you can enter it during the process. Also, keep in mind that both sender and receiver must be dealing with the same cryptocurrency. For instance, you can’t transfer Bitcoins to an Ethereum address.
- Use QR code: QR codes might also help protect your transactions. Some crypto wallets offer it, while others don’t. This code will make your sending process more straightforward and secure. Some people often make mistakes in the transfer method. But now, they can quickly scan the QR code to begin the smooth transfer of coins.
- Type the amount you want to send: The next step is to type the amount you wish to transfer to someone. You have to be extra careful while doing it as beginners often enter the wrong amount. It is because of a lack of knowledge regarding the value. The value you are supposed to enter will be in dollars. As a result, you might get confused between dollars and cryptocurrencies. It is better to gain some knowledge regarding the same before going through this process.
- Double-check the details you have entered: Sometimes people enter incorrect details due to which they have to face some problems. If you don’t want to put yourself in the same situation, double-checking might be beneficial. Once you have sent your bitcoins, there’s no way you can stop them. Also, you will not feel anxious after confirming the transaction.
- Confirm the transaction: After checking the details, you can confirm the transaction. Then, you have to wait for the notification that your digital coins have reached the person. You should also check your account to know how many bitcoins you have now.
Other things to remember
- You have to pay a small amount of commission fee while sending any cryptocurrency.
- The transaction might be slower in case the load on the network is more.
- It is essential to keep extra money for fees because sometimes you have to pay higher than usual.
The Bottom Line
In the end, we would like to say that the process of sending seems complicated. But you can do it by taking some practical steps. We hope this article was informative enough to cover all the necessary information regarding the sending process.