Everyone wishes to do Cryptocurrency trading in the modern era as it provides a higher return in both the short and long term. For buying and selling cryptocurrencies, traders and users need a reliable crypto exchange and wallet. This is where Coinbase comes in. Apart from purchasing and selling different cryptos like bitcoin, Coinbase helps convert one crypto to another and even send and receive crypto to and from other people. Here, you will get to know how to send Bitcoin from Coinbase.
Things To Know About How To Send Bitcoin From Coinbase Wallet
The popularity of bitcoin has been increasing a lot in recent times. Compared to other cryptocurrencies, bitcoin provides an excellent return for traders. In addition, the value of bitcoin is continually rising even though witnessing ups and downs often. One of the leading and reliable destination traders and users wish to engage with to buy bitcoin is Coinbase.
As soon as you purchase an adequate amount of bitcoins, people wish to move their coins to their blockchain wallet to keep them safe longer. Even though different types of wallets are accessible, people wish to engage with this secure wallet. Here is how to send bitcoin from Coinbase wallet are –
- Firstly, you should generate the received bitcoin address from the blockchain wallet.
- As soon as the address is copied, you should paste the bitcoin address into the send field accessible in Coinbase.
- Now, it is time to enter the amount of bitcoin you want to transfer. Do not forget to enter the short description to remind you of the purpose of moving bitcoin from Coinbase to Blockchain.
Processes Involved To Send Bitcoin To Another Wallet On Coinbase
Are you tired of looking for a detailed guide to send Bitcoin from Coinbase? Take a glance at the below section. It gives you an in-depth understanding of the ways to send bitcoin from Coinbase to the blockchain.
Send the Bitcoin
Have you purchased some bitcoin? Well, it is now available in your wallet in the Coinbase account. The following step is straightforward, but it has certain variations according to which Coinbase platform you engage with currently. Currently, traders use Coinbase and Coinbase Pro for performing trading activities. Go through the below section to have an idea about how to start the transfer process.
Transfer from Coinbase
Coinbase is the cryptocurrency exchange accessed by the traders who are in the beginning stage. Once you enter into the Coinbase account, you should click on the “accounts” button accessible at the top of the page. On the list of all your wallets, you should choose the bitcoin wallet and tap the send button. Doing so will open up an extensive menu that lets you provide further details about the transfer. Then, you can continue with step 2.
Transfer from Coinbase Pro
Coinbase Pro has a slightly different interface, and thus the directions look quite different. To make the transfer, you should tap on “withdraw” available on the left side of the screen. Now, you will see a small menu with the currency type. Use the drop-down option to choose bitcoin. It lets the menu expand further, and thus, you can quickly enter your transaction details once you have entered the details. it is time to proceed further.
Find the Recipient address
Another essential thing to note down where is the recipient address. As soon as the transfer starts, you will find the recipient or destination box in which you have to input the wallet address correctly. It is nothing but the wallet address to which you send bitcoin from Coinbase.
Before beginning the process, you should double-check things such as not copying the wallet address and missing some characters. It causes the bitcoin to send the wallet, which does not exist. When you check these things beforehand, it avoids potential mistakes that lead to the complete loss of your bitcoin. Remember that all the transactions made in the crypto world are irreversible. So, you should be extra cautious when sending and receiving the coins.
Steps To Transfer Bitcoin From Coinbase To Blockchain Wallet
Here are the steps to follow to make the transfer quickly and easily.
- Visit the dashboard of your blockchain wallet. Then, research and find the “request” button. It is usually accessible at the top of the page, and click on it. It reveals your Bitcoin wallet address.
- Now, you should tap on the copy button next to the bitcoin wallet address. Make sure you do this step correctly. Or else, it will lead to many unwanted troubles.
- After that, return to your Coinbase account. In the recipient bar, you should paste the bitcoin recipient address.
- Finally, enter the amount of bitcoin you wish to transfer. Click on the continue button to confirm the transaction.
- As said earlier, you should follow up on these steps consecutively to avoid big troubles and hassles.
Follow up with your Bitcoin transfer. Now, you will send your bitcoin to the blockchain wallet successfully. However, you should keep an eye on your transaction.
Are you thinking about how to watch the bitcoin transaction?
The most straightforward way to see your bitcoin transaction is by checking the transaction history on Coinbase. Here are the steps you should follow.
- Tap on the most recent transaction on the list of your transactions on the Coinbase dashboard. If you do so, you will get to know more details regarding the bitcoin transfer.
- Tap on the link that indicates view transaction. It takes you to the blockchain explorer, where you will discover all the information about the transaction, such as the status and number of confirmation that takes place.
Time takes to transfer Bitcoin from Coinbase
The transfer is a two-minute process, and it is hugely easier to conduct. But, you can expect to see your funds in the wallet within a few minutes or hours after your transfer. The average confirmation time for the bitcoin payment in the bitcoin network is 10 minutes.
Transaction times may differ based on the factors such as transaction fees, total network activity, and speed of the network. On the other hand, Bitcoin transactions go through many confirmations on the blockchain before they are completely cleared. Due to this, there is a considerable risk of unconfirmed transactions being reversed or spending cryptocurrencies twice.
What Are The Mistakes To Avoid When Buying And Transfering Bitcoins?
There are plenty of bitcoin mistakes that newcomers make unknowingly. It has a significant impact on them and their investments. Whether you purchase, hold or transfer your bitcoins, you should avoid making these mistakes are-
Not doing enough research about bitcoin
Not doing enough research is one of the top bitcoin mistakes, which many newbies do. Never trust the words of strangers or friends. Since you are going to invest your money in bitcoin, try to understand the technology behind bitcoin. Listen to the people’s words in this space for a long time but make the final decision as per your knowledge.
Not checking the sending address
When sending or transferring the bitcoin, ensure you insert the right address. Regardless of the destination you wish to send, the address should be appropriate. Take time and double-check it is the right address before preceding the transaction. When you Send The Bitcoin by inserting the wrong address, it will send to a different person. You are unable to reverse the transaction once the bitcoin is set. You will lose the bitcoin forever. So, be careful and enter the correct address.
Check whether the entered address is correct
Do not worry! Tons of ways are there to check the address. Firstly, you have to check the first and last three digits of the address to check whether they match. Different crypto wallets have the option of copying and pasting the address. So, you should pay enough attention and make sure not to paste the wrong address.
If you receive the bitcoin, look for the confirmation because you will receive 6 confirmations. On the flip side, if you are sending to someone, check whether the wallet you use has the option to scan the QR code. It will minimize the great chance of entering the wrong address. Thus, you will not lose any bitcoin from your account.
After reading this article, you will understand the reliable method to send the bitcoin from Coinbase to the blockchain. Follow the mentioned steps carefully to make the transaction trouble-free and faster. In addition, keep the mistakes to avoid when buying and sending bitcoin in mind. It saves your investment and stressful situations.