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Learn How to Send Cryptocurrency to Another Wallet

sending cryptos to another wallet

March 22, 2021 | 

1724 Views | 

JOHN K MWANIKI | 

Get Into Cryptocurrency Trading Today

The cryptocurrency market is among the most complicated you can come across. There is so much to understand, from why cryptocurrencies are valuable, how it works to how traders send cryptocurrency. When you think about it, it can be overwhelming. 

However, if you dedicate some time to learning and understanding how it works, you find it not too complicated. Crypto wallets are critical keywords in the cryptocurrency market. It does not take physical form, but it is essentially the private keys that traders use to access their addresses and trading signatures. 

The key is what makes transactions possible and also keeps the investments secure. There are several types of cryptocurrency wallets ranging from software, hardware to paper wallets. The software wallets are located in the cloud and can be accessed by the user from anywhere. On the other hand, the hardware wallet is offline storage for the wallet's keys that resembles a flash drive. It is a safe option as it is hard to hack. A paper wallet is also offline, which has keys printed as QR codes. 

Set up a wallet to send cryptocurrency

For you to execute transactions in the cryptocurrency market, you must have a wallet. Before anything else, set up the wallet. Choose among the three wallet options based on their utility and safety. 

Once the wallet has been set up, you have to collect money to have adequate for a transaction. The only way to get bitcoins in your wallet is by mining them, getting them from a previous transaction, or buying them. One way you can get bitcoins or altcoins is by selling something to users and using it as a form of exchange. 

You can buy a cryptocurrency for cash. You can get them from an exchange or even ATMs. Once you have cryptocurrency in your wallet from other transactions, you can send it to another wallet.

How to send cryptocurrency with a software wallet

It is worth noting that sending cryptocurrency may vary with different platforms. However, there is a standard process for that. To send cryptocurrency to a software wallet, follows the following steps.

  1. Open your software crypto wallet and under the wallet's menu, click the "send" option.

  2. You will be prompted to provide the address of the recipient. Once you have to input it, proceed to get a label. This is important as it will help you track your transaction. 

  3. Provide the amount you want to transfer. Whether it is bitcoin or altcoin, choose the amount you wish to transfer to another wallet. 

  4. Review the details. Before you send cryptocurrency, always ensure that you have the correct details. That is from the recipient's address to the value of the cryptocurrency you are looking to transfer. Why this step is critical is that the transactions are not reversible. You, therefore, don't want to send it to the wrong wallet.

  5. Complete the transaction. If you are confident you have to input the correct details, click "send."

On completing the transfer, both you and the recipient will be able to see that it has been completed. However, it might take the cryptocurrency network an hour to complete the approval process. 

How to transfer cryptocurrency using a paper wallet

The paper wallet is yet another method to send cryptocurrency. Note that to send cryptocurrency using a paper wallet, you must transfer it to your software wallet first. Once you have done the transfer, then you can proceed with the software wallet steps.

  1. There are two ways to start. You can either type in the serial numbers on the paper wallet on your software wallet or scan the QR on the wallet.

  2. You will gain access to the paper wallet. Check whether you have sufficient balance to meet the value of the transfer you want to make. If everything looks okay, you can import your private key to the software wallet. 

  3. Importing involves the transfer of cryptocurrencies from the paper wallet to the software wallet. It is vital to be careful when importing cryptocurrencies from the paper wallet to the software wallet. Note that the two work like a checkbook and a debit card, and therefore your bitcoins can be accessible.The other alternative to the method is sweeping, and it is much safer. The coins do not remain in the paper wallet during the process, making them inaccessible and secure. 

  4. Once you have completed the importation, use the software wallet steps to send cryptocurrency to another wallet. 

How to transfer cryptocurrency through a hardware wallet

A hardware wallet may be in the form of a flash drive or a card. 

  1. Plug the wallet into your computer, then use your pin to unlock it. 

  2. Create a transaction once you can access the interface, then confirm it. There is a wide range of hardware wallets ranging from Trezor to Secalot, and while they may look different, the transaction concept is similar. You might be required to use two-factor authentication to confirm a transaction.

Once complete, the recipient can see that it is complete, but you will have to wait for some time, usually, an hour for the transfer to be approved. 

Essential tips to send cryptocurrency

Always have a backup of your wallet in case of loss. Also, depending on the type of wallet, keep it safe to prevent damage or even theft to protect your investment. If it is a hardware wallet, you can use the 3-2-1 technique for storage. Have it in three copies. You can have the two copies in different media and have them stored onsite. Have an additional copy and keep it offline to prevent a single point of failure, be it fires or theft. 

If it is a software wallet, encrypt it and use two-factor authentication for protection. Unauthorized users will not be able to send cryptocurrency. Remember that bitcoin passwords cannot be reset, therefore protect them. If you lose your password, you will lose your cryptocurrencies. The guide above will help you execute transfers from any wallet type.

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