How Do I Send Bitcoin from One Wallet to Another? (Step by Step, With Photos)

For a new altcoin trader, the key skill that must be mastered – besides knowing how to buy and sell altcoins – is to know how to move them from wallet to wallet. All altcoin transactions are a type of transfer, so understanding how this works is critical.

This article will cover how to receive and send altcoins and what you should keep in mind when doing so.

Send bitcoin

How you receive and send altcoins depends on the wallet you choose to use, but for the most part, the fundamentals are the same. For this example, we will be using a Coinbase wallet account that the author created for this purpose.

Receiving Bitcoin

To receive:

Step 1: Log in to your Coinbase account and go to the dashboard.

Send bitcoin

 

Step 2: Under “Your Accounts,” go to the wallet you wish to receive to and hit “Receive.”

Send bitcoin

Your wallet is set to receive automatically. All you need to do is give the sender your address or your QR code. On the window that pops up, hit “Show Address.” Give the address to the sender or print the QR code for him or her to scan.

Send bitcoin

The key to successfully receiving bitcoin or altcoins is to make sure that the sender gets your address correct when sending it. Receiving is a relatively straightforward process, but mistakes are not allowed; an incorrect address may mean that not only will you not get your coins, but your coins may also be irretrievable if they make it to a different wallet.

Sending Bitcoin

Sending altcoins to another wallet is not so different from sending a payment via PayPal.

To send altcoins directly:

Step 1 Log in to your Coinbase account and go to the dashboard.

Send bitcoin

Step 2: Under “Your Accounts,” go to the wallet you wish to send from and hit “Send.”

Send bitcoin

Step 3: Select “Wallet Address.” Enter the recipient’s wallet address in the recipient box. Select the wallet you wish to withdraw from. Select how much you wish to send in USD or in BTC and add a note if you wish. Note: Pay attention to the network fee.

Send bitcoin

Step 4: Hit “Continue.” You will see a confirmation page. Enter the verification code that was sent to you via your 2-step verification method. Hit “Confirm” if you are ready to send the altcoins.

The coins will be transferred immediately.

If you do not want to send altcoins directly to a wallet address, you have the option of sending altcoins to an email address. Here are the steps to do so:

Step 1: Log in to your Coinbase account and go to the dashboard.

Send bitcoin

Step 2: Under “Your Accounts,” go to the wallet you wish to send from and hit “Send.”

Send bitcoin

Step 3: Select “Email Address.” Enter the recipient’s email address. Select the wallet you wish to withdraw from. Select how much you wish to send in USD or in BTC and add a note if you wish.

Send bitcoin

Step 4: Hit “Continue.” You will see a confirmation page. Enter the verification code that was sent to you via your 2-step verification method. Hit “Confirm” if you are ready to send the altcoins.

Send bitcoin

The recipient will receive an invitation via email to log into the Coinbase system and enter his or her wallet address. Once the recipient enters a receiving wallet address, the coins will be transferred.

What You Should Know about Fees

You should know, first off, that transferring altcoins is not free unless it is done between wallets provided by the same provider, wallets you own, or wallets using older coins. For web-based and software-based wallets, the network fee, which is paid to miners to confirm the transaction, will be dynamically determined. This fee will be added to your transferral to be deducted automatically by the blockchain.

Determining what this fee will be is complicated. Basically, for bitcoin, it is based on how large the transaction is in bytes. This may sound simple, but it is not. To start, when you receive new bitcoin into your wallet, your wallet’s total may change, but the new stash of bitcoin remains separate from existing stashes in your wallet. So, if you want to send more bitcoin than you received in any one transaction, your wallet must send the addresses of all the previous transactions the amount of coin you wish to send attaches to. These previous transactions are known as “inputs.” Where you are sending the bitcoin is an “output.”

The equation to determine transaction size is: 148 * number of inputs + 34 * number of outputs + 10. If this number is less than 100,000 and the sum of all of the inputs’ value in bitcoin multiplied by the input’s age in blocks is more than 0.576, the transaction is free. Otherwise, there is a network fee. The default fee is 0.00001 BTC per kilobyte, but this can be raised by the user to prioritize transactions.

For web-based and software-based wallets, there may be a service fee that is charged separately by the wallet’s provider. This is not added to the transferral for sent altcoins, but typically automatically withdrawn from your wallet or from incoming transmissions.

Understanding this concept can help to make you a more efficient investor. Ultimately, the more information you have, the better situated you will be to make the most use of your altcoin.

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