By 2024, cryptocurrencies have reached the level of mass adoption. More and more countries are introducing digital coins into the economy and social processes. From the material, novice users will learn how to transfer bitcoins to another wallet. The procedure is not complicated, but you need to understand the mechanism of transactions and some nuances.
Features of the transfer of cryptocurrency
Digital coins are created as an alternative to traditional money. By analogy with bank accounts, cryptocurrency represents state records in the blockchain – a distributed network.
Wallets are used to access the assets. These are special programs that store secret keys.
When a cryptocurrency wallet is created, a public address is also generated. This is an identifier that can be transferred to another user to transfer funds. Usually in wallets it is specified in the form of a string of code and QR. To send cryptocurrency to a counterparty, you need to copy or scan the identifier, specify the number of coins and start the transaction.
The transaction enters the blockchain, where it is verified and processed by miners according to the established algorithm. After the execution of a certain number of network confirmations, the coins are transferred to the recipient.
Wallet address
The public identifier can be obtained from the counterparty. If it is planned to transfer coins to a personal account, it is necessary to copy or scan the details in advance. For bitcoin, it can have several formats.
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| Starts with the number 1. Created by default by many cryptocurrency wallets. | 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2 | |
| The first digit is 3. The address uses a multi-signature. To transfer BTC to another wallet, the transaction must be signed by multiple participants. | 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy | |
| Starts with the character combination – bc1. A relatively new address format with increased reliability. | bc1qar0srrrr7xfkvy5l643lydnw9re59gtzzwf5mdq |
Commissions
Miners need to pay for processing and confirming the transfer. The amount of commission is set by the network. The amount is not fixed and can change with the load on the blockchain.
For example, in July 2024, the commission on the Bitcoin network is 0.000023 BTC ($1.48). Many interfaces offer to set this amount on their own to speed up transaction processing.
How to transfer bitcoins from one wallet to another
The procedure for sending cryptocurrency is not complicated:
- The user enters the interface.
- Selects a coin from the list of supported coins.
- Clicks on the “Send” button.
- Copies the recipient’s address and inserts it into the corresponding field. The identifier can also be scanned.
- Confirms the operation.
Login to the wallet
The transaction can be processed in the cryptocurrency vault. To log in, you will need to enter a password or secret key. It is also recommended to activate two-factor authorization with Google Authenticator. An additional code will be sent to your smartphone for secure login and confirmation of operations.
BTC balance
To transfer Bitcoin from one wallet to another, you need to check the available balance. It is also necessary to take into account the commission of the network. If there are not enough coins, you should replenish the balance.
Send address
This field can be filled manually or automatically. In the first case, you will need to copy the address of the recipient and paste it into the corresponding line. To do this, you can use the built-in function in the cryptocurrency wallet.
For automatic filling it is necessary to scan a QR code with the address with the help of a smartphone camera. The data will appear in the corresponding field.
Confirmation of the transfer
For authorization, it is enough to sign the transaction with a private key. To do this, you need to click on the “Send” button. The recommended way to confirm the transfer is with 2FA. The option will protect assets in case of unauthorized access to the account.
Appearance of the transaction in the network
You can check the status of the transaction by TxID. The transaction will appear in the blockchain as soon as it is sent. Using the identifier, you can track the status of the transfer.
Frequently Asked Questions
💳 How to withdraw bitcoin to a card in rubles?
The easiest way is to use exchangers. It is necessary to create and pay for the application – the money will be transferred to the necessary requisites.
🤔 What to do if you specified the wrong address of the recipient?
Cryptocurrency transactions are irreversible. You will not be able to return the coins.
❓ What is the difference between a custodial wallet and a decentralized wallet?
The former stores private keys on the developers’ server, the latter transfers them to users.
💰 How to calculate the commission in the Bitcoin network?
You need to multiply the amount of the transaction by the fee per byte. The commission is measured in satoshis.
⭐ Which EPS support BTC?
The most popular ones are Perfect Money, PAYEER, Advcash.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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