49. How do you transfer cryptocurrencies?
Transferring cryptocurrencies can be a little complicated, especially in the beginning. However, after a while you will get used to all the steps and transferring cryptocurrencies yourself will be very intuitive for you.
The process of transferring cryptocurrencies
Did you know that sending cryptocurrencies is often like sending an email? You can do this as often as you like. Remember that digital assets have no boundaries. Also, you don’t have to provide any personal or banking details when you send them. This makes buying and selling cryptocurrencies even safer.
The first thing you need to send cryptocurrencies is the address of the recipient’s wallet. This is a long string of characters that identifies where the digital assets should go. With these details, you open your cryptocurrency wallet, enter the address of the recipient’s wallet, choose the amount of cryptocurrencies and you are done. However, before you click send, make sure you have entered the correct recipient address and selected the correct assets. Cryptocurrency transactions are irrevocable.
Once you have made sure of these important features and approved the shipment, your transaction will be verified and confirmed. Within seconds, the funds will be transferred to the recipient’s account.
Also, remember that there is a so-called transaction fee when sending cryptocurrencies.
How do I send cryptocurrencies from an exchange to my wallet?
- Log in to your exchange account.
- Open your wallet.
- Click on the cryptocurrency you want to send. The “Send” button will then be displayed.
- Familiarize yourself with any security warnings that appear on your screen. Then proceed step by step with what is shown to you on the screen.
- Select the appropriate network over which you want to send the assets. Remember that it must be compatible on both sides. Otherwise you will lose your funds.
- Next, enter the recipient’s address and the amount of the transaction you want to send.
- Before sending the transaction, check it carefully. Again, make sure you have selected the correct cryptocurrency and network.
The above description of sending assets via the exchange route is general. Each exchange has its shipping system, which may differ slightly from the one described above.
How can I take care of security when sending cryptocurrencies?
- To avoid losing your funds, you should choose the right network. Assets from the BEP20 network will not be transferred to an ERC20 wallet address.
- An incorrectly entered recipient wallet address can result in the loss of funds. The transfer of cryptocurrencies is an irreversible transaction.
- Check carefully where you send your assets. There are many hackers or dishonest people in the cryptocurrency industry just waiting for you to stumble across them!
- Check the fees or commissions of the exchange in question before completing a transaction. This is so that you do not find that the percentage of the sale is higher than the value of your transaction.
- Check carefully where you send your assets. There are many hackers or dishonest people in the cryptocurrency industry just waiting for you to stumble upon them!
- Check the fees or commissions of the exchange in question before you complete a transaction. This is so that you do not find that the percentage of the sale is higher than the value of your transaction.
Tips and tricks for transferring cryptocurrencies
Here are a few tricks to keep in mind when doing cryptocurrency transactions.
Before sending a large amount of cryptocurrency, send a test amount to the recipient. Such a test will show you if everything is working as it should. You can also make sure that the recipient’s address is correct.
Be careful when transferring cryptocurrencies between exchanges. As a rule, you should use the deposit and withdrawal buttons next to the asset you want to transfer. So follow the instructions on the screen carefully. Depending on the exchange, you may need to follow them. Sometimes you need to use authentication codes for such a transaction.
Private key versus public key. The public key looks like this: BTC wallet: 1Bn9PjWsFwfwLLEbhagQE9ksUSBcT2jLTm. The private key looks quite different and you should not share it with third parties.
The transactions are not executed immediately! They take several minutes. Be patient and do not stress if the money is not in the recipient’s account after 3 minutes. Besides, such a transaction can take up to hours if there is a lot of traffic on the network! Your transaction will always be added to the public blockchain, so you will always see an encrypted version of it. Etherescan.io is an example of a website where you can see every public action on the Ethereum blockchain.
Is it free to transfer cryptocurrencies?
It all depends on the exchange or platform you trade on. For some, the entire process is free, while for others, there is a minimal fee.
Interestingly, in most cases, using cryptocurrencies is one of the cheapest ways to send money abroad, for example. You do not have to pay any fees or exchange rates.
Transferring cryptocurrencies is a simple and non-invasive process. Even if you find something difficult, there are many guides on the internet that tell you what to do and how to go about it.
Also, most cryptocurrency exchanges have their guides that tell you exactly how to transfer assets to the exchange. Good luck!