How to send and receive cryptocurrency in 11 easy steps
If there is one market that has seen an enormous rise in value and growth since the last decade, it is the cryptocurrency market. The cryptocurrency market has continually surprised economic experts with its growth trajectory. Even when the Covid-19 pandemic hit and the global economy around the world collapsed, the crypto market not only survived but thrived in the conditions and grew in value.
There are various cryptocurrencies to choose from nowadays, with new ones being created every month or so. These cryptocurrencies are very volatile but this is what gives them their “high reward high risk” aspect. For example, if you had invested in Bitcoin 10 years ago with only a few hundred dollars, you’d be a millionaire now in 2023.
Many people who invested in Bitcoin and other cryptocurrencies have become “crypto billionaires” now. Many investors around the world have been inspired by these investors and have followed their lead to invest in cryptocurrency as soon as they can. If you too want to invest in cryptocurrency, you can visit this site to do so.
There have been many investors who, interested in the crypto market, have opened their accounts and are now looking to make crypto transactions with other traders. The problem is, many of them don’t know how to do it. If you too are one of them, then worry not. In this article, we will specify the entire process of sending and receiving cryptocurrency so you can have seamless transactions with other people.
How to send cryptocurrency?
Sending cryptocurrency is extremely straightforward. Just go through the points listed below religiously and you will learn how to send crypto in no time.
- Ensure that you have a cryptocurrency wallet if you haven’t already done so. By default, you are required to create one when you open an account on any cryptocurrency exchange. Different crypto wallets have, naturally, different features but all of them should have the fundamental “Send” button.
- If you have opened a wallet at an exchange that allows you to be equipped with not one but multiple currencies, then you would need to pick the currency you want to transact in.
- If you are on a smartphone and the trader you are transacting with has given you a QR code, then you can simply scan it and the “recipient address” section would be automatically filled.
- In case you don’t have a QR code, you can either type or copy (the latter is most recommended) the trader’s public user address and paste it in the address section. If you are unsure whether you have pasted the proper address, recheck twice. It should be mostly a series of numbers and alphabets.
- Generally, if the trader you are transacting with has already fixed on a set amount or you are purchasing something from a store by paying with bitcoin, the QR code will already have the amount encrypted inside it. This amount will then be displayed on the “amount” field as either in dollar or cryptocurrency.
- If you are not using a QR code or it doesn’t have the amount encrypted in it, then simply put the amount you want to send in the denomination of your choice (either dollar or crypto). Recheck the amount and denomination thrice to ensure you are sending the current amount in the correct currency.
- The exchange may ask for some transaction fees for the transaction to complete. While you can enter the minimum transaction fees they need, it is recommended to go several dollars above. The more you pay transaction fees, the faster your transaction will complete.
- You are essentially done now but that doesn’t mean you hit send immediately. People have lost millions of dollars worth of cryptocurrency because of silly mistakes and you don’t want to be one of them. Check the address, check the amount. Then do it again, and then again once more. Once you are fully certain it’s the right address and the right amount, go ahead.
- Simply click send/submit and your cryptocurrency will be on the way to the recipient. It may take some time for the transaction to be completed (depending on how much transaction fees you paid) so be patient.
How to receive cryptocurrency?
Now that you know how to send cryptocurrency, it is essential that you know how to receive it as well. You would be glad to know that receiving crypto is much, much easier than sending but there are still a few steps you need to follow –
- Go in your account, then your wallet, and click on the option that says “receive”.
- You will be usually prompted to share your public address/key with the one you want to transact with. You can send it as a QR scannable code or simply copy the line of text and send it to the one you want to transact with.
- When the individual does the sending process stated above, the transaction will be complete and you will soon be the owner of some cryptocurrency!
Tips for having seamless crypto transactions
While the sending and receiving process is pretty straightforward, there are a number of optional things you can do to ensure a seamless transaction.
Ensure you are sending your crypto to the right person by sending them a very small amount first. The last thing you want is to send all your crypto to a person only to find out they are not the one who you were trying to send. Since these transactions are anonymous and irreversible, such actions can have drastic consequences.
Also, note that you can only send a specific currency to its respective address. BTC should be always transferred to a BTC address, and ETC should always be transferred to an ETC address. Failure in doing so can result in losing all the crypto you just sent. There are several exchanges where you can exchange cryptocurrency, but it doesn’t happen in normal transactions.
Also, don’t be worried if your transactions are taking too long. High traffic or low transaction fees are usually the culprit but most transactions will be delivered in 24 hours.
Sending and receiving cryptocurrency isn’t that hard and we hope this article helped you realize that. If it did, please consider following our website for regular updates as it will help us out immensely.