Bitcoin is the easiest way to transact at a very low cost.
You can process payments and invoices by yourself or you can use merchant services and deposit money in your local currency or bitcoins. Most point of sales businesses use a tablet or a mobile phone to let customers pay with their mobile phones. In this case user is instructed to deposit cash (deducting own part) at local bitcoin ATM, and send funds to the scammer address (QR code provided). As a remuneration user is rewarded with% from amount (usually 5-10%). After bitcoins are sent, second transaction becomes irreversible. How to Send Bitcoin from Coinbase to Binance Let your mouse hover over the tab that resembles a person’s head and shoulders. A drop-down menu will appear. Click on the “estimated value” button and you will be brought to a page that will list all of the coins you can exchange on the platform as well as your balance for each. Cryptocurrencies such as Bitcoin are a great way to send and receive money without using a centralized third party. As a result, the system allows users to remain anonymous. I think people should have the right to send, receive and store their wealth without having to reveal their identity – in the same way, we do when we spend physical cash. If you bought Bitcoin through Binance, this is where your Bitcoin would be sent. If you also bought Bitcoin on another exchange – let’s say Coinbase – and wanted to send it to Binance so you could purchase another cryptocurrency with it, this is the address you would copy and paste to do so. But there is a problem with this.
Mobile payments made easy
Bitcoin when used on a mobile device allows you to pay with a simple two-step scan-and-pay. There's no need to sign up, swipe your card, type a PIN, or sign anything. All you need to receive Bitcoin payments is to display the QR code in your Bitcoin wallet app and let the other party scan your mobile, or touch the two phones together (using NFC radio technology).
Security and control over your money
Bitcoin transactions are secured by mathematics and energy. Cryptographic signatures prevent other people from spending your money. Energy spent by proof of work (PoW) prevents other people from undoing, rearranging or losing your transactions. So long as you take the required steps to protect your wallet, Bitcoin can give you control over your money and a strong level of protection against many types of fraud.
Works everywhere, anytime
Similarly to email, you don't need to ask recipients you're sending bitcoin to, to use the same software, wallets or service providers. You just need their bitcoin address and then you can transact with them anytime. The Bitcoin network is always running and never sleeps, even on weekends and holidays.
Fast international payments
Sending bitcoins across borders is as easy as sending them across the street. There are no banks to make you wait three business days, no extra fees for making an international transfer, and no special limitations on the minimum or maximum amount you can send.
Choose your own fees
There is no fee to receive bitcoins, and many wallets let you control how large a fee to pay when spending. Most wallets have reasonable default fees, and higher fees can encourage faster confirmation of your transactions. Fees are unrelated to the amount transferred, so it's possible to send 100,000 bitcoins for the same fee it costs to send 1 bitcoin.
Protect your identity
With Bitcoin, there's no credit card number that malicious actors can collect in order to steal from you. In fact, it's even possible in some cases to send a payment without revealing your identity, almost like with physical money. You should, however, take note that some effort can be required to protect your privacy.
A lot of people have gone through our training on how to make their first purchase of Bitcoin, and then how to use that Bitcoin to buy other specific altcoins.
But there is one last piece to this puzzle missing.
And that is how to add Bitcoin to your offline or hardware wallet.
This step is extremely important.
When you first buy any sort of cryptocurrency, you most likely are using an exchange to do so.
There are other ways to purchase Bitcoin, like using a Bitcoin ATM machine, but 99% of people will be using an exchange to get their hands on this digital gold.
But there is a risk to this.
The Risk Of Leaving Your Bitcoin On An Exchange
The risk is that you are leaving your Bitcoin open to attacks from hackers and thieves.
What you must understand is that when you sign up to an exchange, your account is associated with cryptocurrency public addresses.
This means that you have your own destination that you can share with others to send and receive Bitcoin and other cryptocurrencies.
How to find your public address is pretty much the same for every exchange, so if you know how to find it on one, you’ll easily be able to find it on any other one.
So, as an example, here is how you find your Bitcoin public address on Binance:
You go to the top right corner and hover over “Funds.”
Then click “Balances”.
This then brings you to a page of all of the cryptocurrencies available for purchase on the exchange.
Assuming we want to know our Bitcoin public address, type in “Bitcoin” in the search bar.
Then click “deposit”.
Here is where your Bitcoin public address is.
If you bought Bitcoin through Binance, this is where your Bitcoin would be sent.
If you also bought Bitcoin on another exchange – let’s say Coinbase – and wanted to send it to Binance so you could purchase another cryptocurrency with it, this is the address you would copy and paste to do so.
But there is a problem with this.
The problem is that you only have access to this address: your PUBLIC address.
But you DO NOT have access to your PRIVATE address.
This is why you NEVER want to leave your cryptocurrencies on ANY exchange.
Think of your private address as the password to your bank account – if someone knows what it is, they can simply login in and drain your account.
I’m not saying that anyone at Binance has access to your private key, but what I AM saying is that your private key is stored online.
And YOU don’t even have access to it.
And this is a huge problem.
You should never store your Bitcoin, altcoins, or any other cryptocurrency in a wallet that stores its private key online.
Especially not an exchange wallet.
So what you have to do is deposit your Bitcoins into an offline (hardware) wallet.
The first step in doing so is to actually get yourself a hardware wallet.
Bitcoin Hardware Wallets That Are Safe To Deposit Your Funds
The 3 most popular, highly-praised hardware wallets in terms of safety in adding Bitcoin to are:
These wallets are top of the line and are the highest-security hardware wallets money can buy.
What Information Do I Need To Add Bitcoin To My Hardware Wallet?
Okay, so now you bought a hardware wallet.
Great!
The next step to secure your Bitcoin is to add it to your hardware wallet public address.
The wallet that I personally use is the Ledger Nano S.
So I will use this as an example.
Now, before we get into how to actually do this, let’s understand one thing:
Sending and receiving Bitcoin between wallet addresses is universally the same process.
What I mean by this is that depositing your Bitcoin from your Kucoin exchange wallet to your Trezor wallet is the same process as depositing Bitcoin from your Cex.io wallet to your KeepKey wallet, which is the same process as depositing your Bitcoin from your Coinbase wallet to your Ledger Nano S wallet.
This is because, in every instance, all you need are the same two pieces of information:
- Your login credentials
- The public address of the destination wallet
If you have both of these things, you can successfully add Bitcoin from your online wallet to your offline wallet.
Funding Your Bitcoin Account And Adding It To Your Wallet – The Entire Process
Now it’s time to figure this whole process out.
How do I go from having my money in hand, to buying Bitcoin with it, and then adding that Bitcoin to my wallet?
This is how you do it.
For this example, I’m going to use one of the most popular exchanges and one of the most popular hardware wallets.
We will be taking our Bitcoin from our online Coinbase wallet, and depositing it into our offline Ledger Nano S wallet.
1. Buy Bitcoin On Coinbase.
So, obviously, the first thing you have to do is actually buy the Bitcoin.
There are many places you can buy Bitcoin from, but for the purposes of this example, let’s say we use Coinbase.
We actually have a full, step-by-step walkthrough of exactly how to buy Bitcoin on Coinbase.
We will continue on, assuming you have gone and read this article.
2. Locate Your Ledger Nano S Public Address.
Now that we have actually made our Bitcoin purchase, it is now time to take it off of the exchange and place it in our safe, offline wallet.
To do this, we must find the public address of our hardware wallet.
For the Ledger Nano S, this how you find it:
Go to the Ledger Wallet website and download the Ledger Wallet Bitcoin & Altcoins.
Then, plug in your Ledger Nano S.
When you plug the Ledger Nano S into your computer, this screen will show up:
Here, it will ask you if your Bitcoin address is Segwit or Legacy.
For fear of going too far down the rabbit hole here, simply select “I don’t know” for now.
We will explain the difference between Segwit and Legacy addresses in a future article.
Next you will see this screen.
Click “receive.”
Here, it will display your public Bitcoin address.
This is the wallet address that you will be adding your Bitcoin to.
3. Fund Your Wallet By Depositing The Bitcoin To This Public Address
Now that you have the public address of your destination offline wallet, you have to go to Coinbase and send the Bitcoin to it.
Note that I have bought $100 worth of Bitcoin in order to show you how this transaction works (a little less because of the transaction fees and volatility).
On your Coinbase dashboard, go to “Accounts”.
You’ll see the total amount of Bitcoin in your Coinbase wallet on the left.
We want to send the Bitcoin from this wallet to our Ledger Nano S wallet.
Click “send”.
Here is where you copy and paste your Ledger Nano S public address.
Keep in mind that, as I said, this process is the same for all exchanges.
You simply find the specific cryptocurrency you are trying to fund your offline wallet with, and then click either “send” or “withdraw”.
Most exchanges actually saw “withdraw”.
But the option is the same.
Two areas typically pop up when you do this:
- The destination public address
- The amount you are sending
That’s all the information your have to put it.
You just need to know the public address of the wallet you are funding, and the amount you wish to send.
In this case, I’m just going to send the entire amount.
Click “continue”.
4. Confirm This Transaction Via Email
Depending on the exchange, there may be a verification email sent to you in order to confirm this transaction.
This is simply an added security feature in order to make sure it is actually you that is sending the money.
Once you find this email and click “confirm”, the transaction is final.
Now all you have to do is wait for the funds to be added to your wallet!
This can take anywhere from a couple minutes up to an hour.
So don’t freak out or stress if you don’t see your wallet funded right away!
The funds are on their way and will be deposited shortly.
If you prefer video, here is a great video detailing the steps of transferring bitcoin between wallets:
Adding Bitcoin To Your Wallet: Closing Remarks
And that’s it!
You have officially sent, received, and successfully funded your Bitcoin wallet!
That wasn’t so hard, was it?
Admittedly, I was on the edge of my seat the first time I did it, too.
How To Send Money Using Bitcoin Email
With this whole world being so new to me at the time, it took a while for me to actually summon the courage to actively send my Bitcoin from one place to another.
But after the first few times, I got used to it.
And you will, too!
Just be sure to take your time and follow this guide step-by-step.
Send Money Using Bitcoin
Before you know it, you will have safely added your Bitcoin to your offline wallet!
How Do I Send Money Using Bitcoin
Good luck!