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How to Send Bitcoin from Coinbase - In-Depth Guide to Digital Money Transactions

How to Send Bitcoin from Coinbase - In-Depth Guide to Digital Money Transactions Photo 1

Coinbase is a popular crypto exchange with a huge user base that likely includes your profile. While many users of the exchange prefer only to fund their profiles, there are some who withdraw digital coins. In this case, the exchange acts as an intermediary between the bank account/card and the crypto wallet. Coinbase uses a robust financial data protection system that meets the requirements of major banks. Therefore, Chase, Bank of America, and many other reputable organizations cooperate with the exchange. The platform users can easily buy bitcoins and altcoins without any hassle. So, let's find out how to send bitcoins from Coinbase and how to execute transactions correctly.

What is Cryptocurrency?

Cryptocurrency is a fundamentally new kind of money that exists on the internet, namely in a distributed database called the blockchain. In 2009, Bitcoin (BTC) was introduced, the first crypto token that is still very popular today. Besides, crypto owners can purchase goods and order services by paying with digital coins. Due to the decentralized nature of the cryptocurrency, all transactions are anonymous and almost free (minimal fees are present). From ordering a pizza to traveling, you can pay for almost anything with Bitcoin (even gold). Many big companies including well-established names like Microsoft, PayPal, and Amazon are getting hooked on the trend of digital currencies. The high volatility of the coins has made them a great option for speculative trading (much better than gold, for example). Thanks to good media coverage, BTC and altcoins are thriving today.

Coinbase Cryptocurrency Exchange

Coinbase is an online platform that allows you to buy, sell and exchange digital tokens. Anyone with a bank account can sign-up through a web interface or a convenient mobile app. Founded in 2012, Coinbase is a large exchange supporting a wide range of crypto tokens for trading. Early on, the exchange ran into a problem with some major banks not accepting digital money. Today, the platform has secured the support of big names like Wells Fargo and Bank of America.

Opening a User Account

Anyone can easily join Coinbase by registering via a website or mobile app. There are Android and iOS versions of the app. Before creating a profile, sign up for any online email service. Here is the step-by-step guide on how to sign up to Coinbase:

  • Move to the website or launch the mobile app, start the signing-up process.
  • Enter your full name and email address and come up with a strong password.
  • Fill in the user profile with your home address and the last 4 digits of your insurance.
  • Verify using any document, such as a driving license.
  • After creating a profile, confirming your identity and making a deposit, you can buy any Coinbase-supported digital tokens.

Use a debit card, bank transfer method, or e-wallet to purchase crypto tokens. The supported payment tools depend on your location. The best way to seamlessly buy digital money is to link a bank account to your profile. The purchased coins will be available to you instantly. Now, let's see how you can use them.

How to Send Bitcoin from Coinbase

At this stage, you must have a verified account and some crypto tokens stored (make a deposit first). Besides, the exchange supports a wide range of tokens including Ethereum, Bitcoin Cash, Nano, and other popular options. Take a look at how to send Bitcoin from Coinbase:

  • Initiate the transaction and select the cryptocurrency you want to send (Ethereum, Nano or BTC in this case). Specify the amount in fiat currency (paper money like USD) that you want to send.
  • Enter the recipient's email address or mobile number (if the recipient has an active account) or e-wallet address.
  • Alternatively, use the QR code to fill in the web form automatically (it's much quicker that way).
  • Confirm to complete the transaction.

The required number of bitcoins will be credited to the specified account in a matter of minutes. This method is useful for those who want to withdraw digital money to purses of less bank-friendly services. Unfortunately, buying crypto tokens directly through a bank account is a problematic one so far.

How to Sell Bitcoin on Coinbase

If you invest in virtual tokens, you need to know not only how to buy Bitcoin, but also how to sell it. Coinbase, along with Kraken, Trezor, and Gdax, is a popular exchange that allows you to sell digital assets. Before selling, you have to transfer the bitcoins to your exchanger wallet. The updated version of the website and mobile app contains a Buy/Sell tab. Click it and go to the Sell section. Then select Bitcoin as the currency you wish to sell, and choose the amount you want. Although the sale is almost instantaneous, it will take a short time before the transaction is completed.

How to Transfer Bitcoin from Coinbase

Given the number of available currency pairs and active users, Coinbase leads the market. However, the number of supported cryptocurrencies is limited. For this reason, it may be necessary to transfer bitcoins or altcoins to another exchange. Whether you want to transfer money to Poloniex, Electrum, Trezor, Exodus, or another platform, first of all, you must have an active user profile on another exchange. Below, we will tell you how to transfer crypto money between wallets of different exchanges.

How to Transfer Bitcoins from Coinbase to Wallet of Another Exchange

Let's say you have purses at Coinbase and Bittrex. How to send Bitcoin from Coinbase to another purse? There are some simple steps you need to follow to complete the transaction:

  • Go to your Bittrex account and copy the wallet address where you want to send the crypto tokens.
  • Move to the Send/Receive section on the Coinbase and select the Send tab.
  • Specify the amount of bitcoins you want to transfer to another wallet.
  • Paste the beneficiary wallet address you copied earlier into the appropriate field.
  • Click Continue to access the transaction details window.

Check all the information carefully, especially the recipient's purse address. Here you will also see information about the fees charged by the platform, the network (distributed database), and the estimated time to complete the transaction. By clicking Send Now, you will complete the transaction. It will be executed within 30 minutes (or a little longer depending on blockchain, distributed ledger, load). And it's better than banking because they guarantee you'll receive your money within 3 days.

Precautionary Measures

Cryptocurrency transactions are irreversible. In addition, many Coinbase users fall victim to fraudsters due to their carelessness. Always use two-factor authentication to protect your personal and financial data. Try to keep the verification codes secret and not provide them upon request to any participants. Check the address of the wallet you are sending the digital money to. Do not enter the address manually. Always use the copy option and check addresses carefully to avoid erroneous transactions.

F.A.Q.

1. What does Coinbase have that makes it so popular?

Launched in 2012, it is a trusted cryptocurrency exchange. The platform uses robust user data protection mechanisms and collaborates with major banking organizations, including Bank of America.

2. What does it take to make transactions between the wallets of different exchanges?

If you have wallets on different exchanges, there is an inter-exchange money transfer mechanism that you can use. One example of a bitcoin transfer from Coinbase to Bittrex was discussed in this post.

3. Is there any fee to transfer BTC from Coinbase to another exchange wallet?

In addition to the usual network fee, you also have to pay the fee charged by the platform.

4. How do I cancel a digital token transfer transaction?

Given the nature of the distributed ledger, you will not be able to cancel a transaction that has already been confirmed.

5. Can I exchange my bitcoins for fiat (paper) cash?

You can exchange money at the current exchange rate and withdraw them to a bank account, card or purse of PayPal or another supported payment system.

6. How long do transactions take on Coinbase?

Although many transactions are completed instantly, in some cases the waiting time is around 30 minutes.

7. Where can I get the exchange's mobile app?

You can get the app by going to the App Store for Android or iOS depending on the type of device you have.

8. What are the popular platforms where I can store and exchange my crypto savings?

There are many places including Trezor, Kraken, Electrum, Gdax, Exodus, Poloniex, and several others that support digital money. Whether they are better or worse than Coinbase is up to you to decide.


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