Since the beginning of Bitcoin in 2008, despite some headwinds owing to the market’s volatile nature, the space has only continued to grow, and consumers are now able to complete transactions faster without third-party interference.
Digital currency is becoming a common means of commerce around the world, and fiat currencies will eventually become obsolete.
If you want to join the digital currency bandwagon but don’t know how to open, transfer, receive, withdraw, or deposit cryptos, you’ve come to the right place. Don’t worry; this article will show you how to do it in plain and simple steps.
To be on the same page, let’s go over how to create a crypto wallet and put funds into it.
How to Create a Cryptocurrency Wallet
You can open an account with a crypto self-custodian wallet like coinbase or metamask, or a crypto exchange platform like Binance, to store, receive, or trade crypto.
Here are the steps to get your crypto wallet up and running:
- Use a reputable wallet app, such as Knights. that make it easy to do all transactions including cross-chain business.
- Create your account following the instructions provided. It’s not difficult to set up, so don’t be concerned.
- When you create an account, you’ll be issued a key phrase that will serve as your private key for withdrawals. Keep it safe and don’t give it to anyone under any circumstances.
- Now that your account has been created, you can begin using it. If your account is on a crypto exchange platform like Binance you can buy any coin you want with fiat currency through a bank or p2p, or you can just tell your friend to transfer to you based on whatever agreement you guys have.
How to transfer or receive cryptocurrency
After you’ve set up your account, you’ll be able to move or receive coins from or into your wallet.
To do so, follow the steps below:
- If you haven’t already, log into your wallet.
- Go to your app’s send and receive section.
- Choose your preferred option.
- If the wallet you want to send or receive is nearby, copy the address or scan the QR code.
- Then, once the transaction is complete, wait for confirmation.
It’s worth noting that you can only send or receive the same money to a single wallet address.
If you’re transferring bitcoin to another wallet only a bitcoin address is required for the transfer.
This is because you can’t send bitcoin to an ethereum wallet, so double-check that the address you’re submitting to receive or send a coin is the correct address for that coin. Also, copy the wallet address by clicking on the copy link ion on the screen to avoid mistyping. This precaution is to help you avoid losing your coin.
Final note: Many major retailers, such as Walmart, have already begun to take cryptocurrency as a form of payment, and it is only a matter of time until others do as well.
So, if you’re familiar with cryptocurrency transactions, and you follow the above steps, you should be able to quickly set up your crypto wallet and navigate it to send and receive cryptocurrencies.
If you found this article useful, please share it with friends and family who might be interested in learning how to conduct crypto transactions.