It may appear that sending bitcoin from one wallet to another is a difficult task, but surprisingly it isn’t! In fact, it’s comparable to the ease of purchasing and selling, albeit with a few minor differences. Be it Ledger Nano S hardware wallet, Trezor or any other wallet, depending on which service/wallet you use, sending and receiving digital currency may appear a little different, but the methods are generally the same.
Using two different examples, we’ll show you how to send bitcoin between addresses.
Let’s get started.
What You Need to Know Before Using Ledger Crypto Wallet
A Bitcoin wallet is a piece of software or hardware that connects to the Bitcoin network. The Bitcoin counterpart of a bank account is called a “wallet”. It holds public and private keys and communicates with many blockchains to allow users to transfer and receive cryptocurrencies while also keeping track of their balance.
To transfer or receive Bitcoins, all that is required is the sender’s or receiver’s knowledge of the Bitcoin Wallet’s public address. You are both the sender and the recipient in your scenario.
There are different types of wallets: desktop, paper, mobile, hardware, and web. Ledger Nano S hardware wallet, Trezor or CoolWallet are some of the safest bitcoin wallets.
How to Securely Send Bitcoin
Sending bitcoin is as simple as picking how much to send and where it should go.
The specific steps will vary depending on the type of Bitcoin wallet you’re using, but the most important thing to know is the recipient’s ‘address’. A Bitcoin address is a series of alphanumeric characters.
Simply copy the recipient’s address to your clipboard, then paste it into the send field of the Ledger Nano S hardware wallet or other bitcoin wallets you’re using to send bitcoin. QR codes can also be used to display bitcoin addresses if you’re using a mobile wallet to transmit bitcoin.
When it comes to the amount to send, most wallets offer you to choose between presenting the send amount in bitcoin (BTC) or in your local currency. Choose whatever suits you and you are done within a flash!
Now, Let’s See How to Send Bitcoin on Coinbase
If you have Bitcoin at Coinbase, sending it to another ‘wallet’ or a place where bitcoin can live on the blockchain takes simply a few simple steps. The miners on the blockchain are confirming that cryptocurrency is being transferred between wallets.
Their computers are attempting to solve extremely difficult code issues in order to verify that what the other dozen computers are claiming is correct and that the Ledger Nano S hardware wallet to wallet transfer is completely legal.
Step 1: Go to Account -> BTC Wallet -> Receive in the Receiving Account.
Step 2: Make sure you’re only sending BTC to the address.
Step 3: Copy your BTC address.
Step 4: Go to Account -> BTC Wallet -> Send in the Sending Account.
Step 5: Copy and paste the BTC address.
Step 6: Choose the amount to transfer (in USD or BTC)
Step 7: Click the “Continue” button.
Step 8: SMS Confirmation by Text Message
Step 9: Pay exorbitant fees and wait interminably.
Step 10: Instead of BTC, try doing the same thing for LTC.
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