Trying to figure out how to send Bitcoin from your Coinbase account? Many Coinbase users are continuously active when it comes to managing or trading crypto assets. This is because there are a lot of transactions you can do with Bitcoin or other cryptocurrencies. And as a result of these transactions, it’s quite frequent for investors to send their digital coins to other platforms as well as other wallets.
Although Coinbase is a fairly easy cryptocurrency exchange to enter into and purchasing crypto on the platform is straightforward, it can be a little hard for some users to know their way around the platform especially when it comes to receiving and sending crypto.
So, if you’re a little bit lost on how you can send your digital currencies from Coinbase, just make sure to read through our step-by-step guide for sending cryptocurrency from Coinbase down below!
What Is Bitcoin?
Bitcoin, which is also known as the first widely adopted cryptocurrency in the world, was intended to be an alternative cash system for people. However, in contrast to other currencies, Bitcoin is free from central control. Instead, the digital coin relies heavily on peer-to-peer software and cryptography. These features enable the security as well as the credibility of Bitcoin wallet. In comparison to traditional currencies, Bitcoin is decentralized in nature and, as a result, transacting with other parties using Bitcoin is faster and more convenient.
Although it took a few years for Bitcoin to gain more traction among investors and different institutions, the digital currency is now considered by many to be a valuable asset. And as a form of investment, the coin has also paved the way for other digital currencies to develop over the years. Still, there are risks involved in Bitcoin since digital currencies are known to be more volatile than other forms of investment.
What Is Coinbase?
Since Bitcoin or cryptocurrency in general has skyrocketed in terms of popularity over recent years, many companies have begun to build up their own trading platforms as well as financial services for digital currencies. Coinbase, in particular, is easily one of the most popular platforms you can try out if you’re interested in trading or holding cryptocurrency.
Moreover, Coinbase has already established itself as a well-known and respectable cryptocurrency exchange. In fact, the company has over 73 million users and approximately $255 billion worth of assets on its platform.
Even though Coinbase is a centralized exchange, the security of their trading platform is still impressive. Coinbase offers a two-step verification process, insurance against theft, and a bug bounty program that helps keep any potential security vulnerabilities in check.
New crypto investors will most likely prefer the original platform of Coinbase, especially if they’re only interested in trying out cryptocurrency. But for those that want to fully experience the features of Coinbase, the Pro version is also available for all users. As of 2022, the company’s platform supports the trading of over 100 cryptocurrencies, and they regularly add more coins to their platform.
Apart from their trading platform, Coinbase also has a hot wallet which you can use to safely store and purchase different crypto assets, including non-fungible tokens.
Creating Your Coinbase Account
Before you’re able to send Bitcoin from your Coinbase wallet, make sure that you’ve already created your Coinbase account and Coinbase wallet. Creating your account and wallet with Coinbase is practically easy, and you can choose to do it on your phone or computer.
To create your account, you’ll need to provide your name, an email address, and a password. Next, you’ll need to verify your email and provide other details regarding your identity. In order to be fully verified, you’ll need to submit an approved ID such as a driver’s license, your home address, and other necessary information.
Once you’ve set up your Coinbase account and verified your identity, you’ll need to add a payment method to your account. To fund your account, you can use your bank account, debit card, or wire transfer. Adding your bank account for deposits is usually the recommendation here, since it’s the fastest way to get things done on your end as a user.
All that’s left for you to do is to purchase the amount of Bitcoin or other cryptocurrency you want. Of course, you also have the option to link your Coinbase account to your Coinbase wallet and send your cryptocurrencies over to your wallet.
How To Send Bitcoin To Other Wallets From Coinbase
Step 1: After you open the Coinbase wallet app, you can press the send button to enter your desired cryptocurrency (in this case, Bitcoin) and enter the amount you want to send.
Alternatively, if you’re using the Coinbase App or browsing through the platform on your computer, you can also easily find the send button and do the same approach.
Step 2: The next thing you’d need to do is to enter the recipient of the transaction. If the other person or party you’re sending the coins to has a Coinbase account, you can simply send the coins to their wallets by using their mobile phone or email address.
However, if the receiving party has a different type of wallet, you’ll need to enter their wallet address to complete the transaction. As an available option, you can also use a QR code for the recipient.
Other Things To Remember When Using Coinbase
Knowing how to send Bitcoin or cryptocurrency from your wallet to another address is a step in the right direction. However, there are also other things that you need to remember when it comes to using Coinbase. Here are some of them.
Always Double Check Your Recipient’s Address
We’d recommend that you always double check your recipient’s address. This is because if you somehow made a mistake in entering the address of your recipient, there’s absolutely no way to get your money back once it’s gone to a different or non-existing address.
Don’t Forget To Test Out Your Seed Or 12-word Phrase
Apart from your recipient’s address, another important thing that you need to test out is your 12-word phrase. Although it rarely happens, there’s a chance that you misspelled a word or forgot to write one down. Having the wrong 12-word phrase will make it impossible for you to recover your wallet.
