How to send cryptocurrencies - Coins2Learn

How to send cryptocurrencies

Coins2Learn Jul 24, 2019 [rt_reading_time] min

Cryptocurrency works a little bit differently than the money most of us are used to. This is because crypto is a peer-to-peer (P2P) system, which means that you send cryptocurrencies between people directly — instead of going through middlemen as you would using a bank or PayPal, for example. 

We know that it might seem complicated and confusing at first, but in reality learning how to send cryptocurrencies safely is pretty easy. In this guide, we’ll show you how to do it and explain what’s going on beneath the surface so that you can be confident to start using your cryptocurrency wallet.

A step-by-step guide to sending cryptocurrency

Assuming you already have a cryptocurrency wallet with some funds inside, here are the general steps you’ll take to send a transaction to another wallet. Notice we didn’t say “another person” — that’s because you can just as well send cryptocurrency to yourself on a different wallet rather than send it to somebody else.

If you don’t have a wallet, we recommend you to create one now: leaving assets in cryptocurrency exchanges is not safe. 

Step 1: Open your wallet application and click ‘Send’ for whichever cryptocurrency you plan to use

Instructions to send Ethereum from one wallet to another.

In this example, we’ll be sending Ethereum (ETH) from a MetaMask wallet (an Ethereum wallet extension inside a web browser) to a Coinbase wallet

There are many other crypto wallets with different interfaces, but overall they work the same way as you’ll learn here. MyEtherWallet, for example, is a famous Ethereum wallet, while has a very popular Bitcoin wallet for web. 

So step one is to log in to MetaMask, go to our ETH wallet, and click ‘Send’.

Steps 2 & 3: Copy and paste the recipient wallet address. Then, type in the amount you’re sending

Instructions to send Ethereum from one wallet to another.

Next, copy the recipient’s address and paste it into the ‘To’ / ‘Recipient’ box. Choose the amount you wish to send and the size of your fee. Note: You get to set the transaction fee based on how urgent the transaction is. Paying a higher fee means your transaction will be processed sooner, but it’s not necessary for most transactions.

You’ll often be able to skip Steps 2 & 3 and instead simply scan a QR code with a wallet app on your phone. The QR code automatically sets the correct amount and recipient, so you can move straight to Step 4.

Step 4: Confirm the transaction

Instructions to send Ethereum from one wallet to another.

Double check that everything is correct: the transaction fee isn’t too high, the amount you’re sending is right, and the address of the recipient is the same as the one you copied. You should also make sure that the wallet you are sending the coins to is meant for the coin you’re sending. If you send Bitcoin to an Ethereum wallet, for example, it will be lost permanently.

Step 5: Check the blockchain (if you want to)

Instructions to send Ethereum from one wallet to another.

Once you click confirm, the transaction is broadcasted to the blockchain network and processed by validators. This process can take a few seconds, a few minutes, or a few hours depending on which cryptocurrency you’re using and how high you set the transaction fee.

When you use cryptocurrencies for retail transactions — for instance, buying a coffee — the transaction can be accepted within a couple of seconds even though it won’t be on the blockchain yet. This is because transactions cannot be taken back or canceled once they’ve been broadcasted, so there’s practically no risk to a merchant if they accept your transaction as final even while it’s technically still pending.

For larger transactions involving thousands of dollars, it’s more typical for a recipient to wait until the transaction is confirmed on the blockchain before handing over whatever product or service they are exchanging.

Pro tip: use a small amount for your first transaction

Sending cryptocurrency to somebody doesn’t need to be stressful. If you want to get some practice in and see how it works for yourself before transferring a large amount, go ahead and do a test transaction with a few cents. Once you see that it works, you’ll feel confident that you know how to send cryptocurrencies without making any mistakes.

Coins2Learn is more than a cryptocurrency trading simulator

We are a place for both beginners and advanced traders to learn how to invest in Bitcoin or how to day trade cryptocurrency, as well as start trading altcoins, practice skills, test strategies, or even become Bitcoin traders for a living. Every user starts with $10k in play money to buy and sell Bitcoin and 90+ other altcoins in a currency exchange simulator that imports data from the market in real time. On top of that, among all the other Bitcoin trading sites, we are the only one who allows you to make passive income by selling trading signals or automatically copying the signals of successful traders in real exchanges to make the same profits. You can also earn real money in our Bitcoin simulator by inviting friends and championing leagues that offer prizes. All of this is wrapped in a fun gamification system with rankings, levels, achievements, and XP, making Coins2Learn the most engaging virtual coin market game in the world. Register here to get started.

Articles you may like

What to do in Coins2Learn, step-by-step ...

Possibilities are limitless in our simulated cryptocurrency trading platform. If you don’t know where to start ...

Coins2Learn Jun 12, 2019 | 2 mins read

How to reach level 5 on our cryptocurrency ...

You are probably asking, “why do I need to reach level 5 to sell trading signals ...

Coins2Learn Mar 31, 2020 | 2 mins read

Copy My Mentor allows you to make money ...

Profit like a pro, even if you aren’t one.You don’t need to know how to trade ...

Coins2Learn Sep 4, 2019 | 2 mins read

Top crypto Twitter accounts about the crypto market ...

There’s a little niche of Twitter where information, constructive discussion, and funny memes can all be ...

Coins2Learn Jul 24, 2019 | 2 mins read

Get where you want one trade at a time.

Success is one click away: register now to start practicing your skills and making passive income.