The way to send and receive cryptocurrencies

January 15, 2021

Sayan Mitra
31

In this article, we will discuss how to send and receive cryptocurrencies. For sending or receiving cryptocurrency, the first thing you need is a cryptocurrency wallet. The next requirement is the public address of the recipient, whom we have to send money to. This is mostly very simple, just like scanning a QR code. Then we have to enter the amount we need to send. After that, we have to follow any wallet specific instructions, if any and click on the send button. Once the above process is complete, the transaction needs to settle on the blockchain. Let’s understand the process in detail below.

Transferring cryptocurrencies

Cryptocurrencies like Bitcoin, Litecoins, Ethereum, etc get stored in cryptocurrency wallets. These wallets have different features and functionalities. Each coin also has its own set of wallet options. So, basically, the process depends upon the wallet and the type of cryptocurrency used. Let’s view the process in general.

  1. One has to log into his cryptocurrency wallet.
  2. After login, go to the send/receive page.
  3. Please select the option of send or receive cryptocurrency. Please note that one can send and receive like-coins. For example, one can send or receive Bitcoin to Bitcoin. One can’t send Bitcoin to an Ethereum wallet.
  4. To send: Please enter the public wallet address of the person you want to send money to. Next, enter the amount you want to send. Before hitting the send button, kindly double-check everything. It is important to note that there will some transaction fees. So, your wallet should have enough balance to pay for it. Make sure the public address you entered is correct before sending the coins. One can also write a note with the transaction. This will help the sender and the recipient to know about the transaction in the future. It is advisable to use a QR code instead of typing the public address manually.
  5. To receive: For receiving cryptocurrency, one does not have to do anything. Once the person sends the cryptocurrency, it will get credited to the account. One does not have to follow any procedure for it. To receive cryptocurrency to his wallet, one has to share the public address of his wallet. It is better to share the QR code for the public address instead of sharing the link.

Few tips and tricks

  1. While sending cryptocurrency to someone, please make a note of this point. It is better to send a very small amount to the new public address for the first time. Please don’t send a lot of cryptocurrency in the first go to a new address. If you send a test amount to a new address, it will help to know everything is right.
  2. If you are sending coins through an exchange, you have to use the withdraw or deposit button on the exchange. Please follow the directions very carefully. Some exchanges have specific directions as well. For example, one has to write a note with the transaction or one can only send the whole number of coins. One may have to use authentication codes as per requirement.
  3. To exchange one type of cryptocurrency for another, one can use a platform like Shapeshift. This is for the conversion of coins from one type to another. This is useful when one wants to send Bitcoin to an Ethereum wallet.

      4. Keep your private key safe and only with you.

Sayan Mitra
Sayan Mitra

Sayan is a writer by choice or rather by instincts. He had started as a content writer for an infrastructure development website. Over the years, he has been involved in several versatile projects, ranging from blogging to creative writing, penning down web content to site reviews. Tourism, fashion, real estate, gambling, sports, politics, business proposals, presentation work, technical writing, generalized topics – Sayan has done it all, with his words.

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