How to send bitcoin from my wallet to another wallet
How To Send Bitcoin Wallet to Wallet Transfer
Cryptocurrency can be confusing — that’s why I’m writing these tutorials, for my mother-in-law. She’s 70, and wants to get into cryptocurrency this year, so that her golden years can be a little more golden. Whenever I need to send her detailed instructions on how to do something, I turn my notes into a tutorial, so thatI can share it with you, too.
I’m going to make this tutorial super simple, so you can share it with people in your life, too.
How To Send Bitcoin on Coinbase
If you’ve got Bitcoin in Coinbase, it only takes a few simple steps to send it to another ‘wallet,’ a place where cryptocurrency can live on the blockchain. Transferring cryptocurrency between wallets — that is precisely what the miners on the blockchain are verifying. Their computers are solving very complicated coding problems, to verify that yes, indeed, what those other dozen computers are saying is true, and this bitcoin wallet to wallet transfer is totally legit.
In the video below, I’m going to guide you through X simple steps to send Bitcoin from one Coinbase account to another; and as a bonus, I’m also going to measure how much it costs, both in time and in fees, to transfer with Litecoin instead.
How to Transfer Bitcoin from CoinbaseCan you move bitcoin from one wallet to another?
Yes, you can. But you shouldn’t use Bitcoin, and I will show you why in the video above.
I will demonstrate side-by-side what it’s like sending bitcoin from coin base to someone else’s wallet, And measure the time and the cost. I will also sell an equal amount of bitcoin for like coin, and send it to a light coin address.
If you want to know how to transfer bitcoins from one wallet to another, all you need to do is copy and paste. I will show you where to get the long identifier for the wallet, so you can make a transaction on the blockchain that is verified securely by dozens of other encrypted computers.
How to send a Bitcoin to someone else’s wallet
Step 1: In Receiving Account, go to Account -> BTC Wallet -> Receive
Step 2: Validate that you will only send BTC to this address
Step 3: Copy your BTC address
Step 4: In Sending Account, go to Account -> BTC Wallet -> Send
Step 5: Paste BTC Address
Step 6: Select amount to send (in USD or BTC)
Step 7: Press Continue button
Step 8: SMS Confirmation via Text Message
Step 9: Pay high fees and wait way too long
Step 10: Try doing the same thing in LTC instead of BTC
Watch the video screencast above for details
Step 11: Decide to never send in BTC again
Step 12: Pick your favourite sending cryptocurrency — ETH, LTC, or BCH
…until XRP is listed on Coinbase, anyways. When that happens, your favourite cryptocurrency will be obvious.
Related: How To Buy XRP With A Credit Card
Coinbase Bitcoin Transfer Fees
Every time you make a Bitcoin transaction on Coinbase, you will incur a 4% fee, minimum. That’s for transferring USD into, or out of, cryptocurrency. Whether you are buying or selling Bitcoin, Ethereum, Litecoin, or Bitcoin Cash, you are going to pay Coinbase 4% for every transaction.
- If you buy Bitcoin with your bank account, it’s 4%.
- If you sell Bitcoin and deposit it to your bank account, it’s 4%.
- If you buy or sell Litecoin on Coinbase, it’s 4%.
If you watch my video above on how to transfer Bitcoin from Coinbase to a wallet, you will see that if you are sending Bitcoin over a blockchain transaction that needs to be verified, your fees could be significantly higher. In the video above, it costs me 5.5%, but sometimes it can be as high as 30%.
If you are ready to start trading on an exchange, then read my next tutorial, where I will show you how to send Bitcoin to an exchange.
If you find this tutorial helpful, please use my affiliate link to sign up for Coinbase. At no cost to you, they will send us each $10 worth of free bitcoin.
You can instantly send bitcoin to any $Cashtag or another lightning compatible wallet for free with Cash App.
To send bitcoin to any $Cashtag:
- Navigate to Cash App payment pad
- Tap the USD toggle and select BTC
- Enter at least $1 and tap Pay
- Find your recipient’s $Cashtag, current phone number, or email address
- Tap PayThis is also called a peer-to-peer (P2P) transaction
You can also send bitcoin using lightning or the blockchain:
- Tap the Money tab on your Cash App home screen
- Tap the Bitcoin tile
- Tap the Airplane button
- Choose Send Bitcoin
- Enter the amount and the recipient’s $Cashtag or BTC address
- Tap Next
- Select a speed
- Tap Confirm & Send
- You can also receive bitcoin from any wallet using the blockchain.
- The minimum amount per transaction to a $Cashtag is 0.00001 BTC or 1,000 sats (Satoshis).
Sending Bitcoin has a few limits to be aware of. We recommend checking your limits and track your limit progression regularly.
You can view your weekly and monthly limits in-app:
- Tap the Money tab on your Cash App home screen
- Tap on the Bitcoin tile
- Scroll down and select Bitcoin Limits
Limits are rolling and they accumulate for any consecutive 7 day period and 30 day period. Limits are tracked down to the minute a payment was made.
To learn more about Bitcoin, visit our Bitcoin – help center page.
Open your Bitcoin.com wallet app and tap the ‘Receive’ button at the top of the Home screen.
Choose which wallet you want to receive Bitcoin to. Make sure you select a (BCH) wallet if you are receiving Bitcoin Cash or a (BTC) wallet if you are receiving Bitcoin.
Your chosen wallet will generate an address that lets you receive coins. Copy this by tapping the QR code.
Provide this address to the sending party, or if you’re in person, the sender can simply scan your wallet QR code with their device.
Please see an instructional video here:
Open your Bitcoin.com wallet app and tap the ‘Send’ button at the top of the Home screen.
Copy and paste the recipient’s wallet address into your own wallet app. If you’re in person, select “Scan QR code” and simply scan it with your app.
Choose which wallet you want to send Bitcoin from. Make sure you select a BCH wallet if you want to send Bitcoin Cash or a BTC wallet if you want to send Bitcoin.
Enter how much you want to send and tap on ‘Continue’.
Carefully check that you’re happy with the details and then Slide to send.
Please see an instructional video here:
If you want to move money between your own wallets, select ‘My wallets’ in the ‘Send’ section of your app.
You can also check the article below on how you will be able to send BCH (Bitcoin Cash) by email, SMS, iMessage, or through 3rd party chat and social apps
For more information, you can contact [email protected] or click the chat icon on the bottom right part for assistance.
Learn how to securely send bitcoin
Sending bitcoin is as easy as choosing the amount to send and deciding where it goes.
The exact procedure for doing so will depend on the type of Bitcoin wallet you’re using, but the main thing you need to know is the ‘address’ of the recipient. A Bitcoin address is an alphanumeric string that looks something like this:
One way to send bitcoin, then, is to simply copy the recipient’s address to your clipboard, then paste it in the send field of the Bitcoin wallet app you’re using.
Bitcoin addresses can also be displayed in QR code format. If you’re sending bitcoin from a mobile wallet like the Bitcoin.com Wallet, you can use your phone’s camera to scan the QR code of the address you want to send to. This will automatically fill in the address.
As for the amount to send, most wallets allow you to toggle between showing the send amount as bitcoin (BTC) or showing it in your local currency.
Here’s a quick video demonstrating how to send Bitcoin in the Bitcoin.com Wallet:
IMPORTANT: Bitcoin transactions are irreversible, so if you send to the wrong address, you’ll most likely never see that bitcoin again.
Read more: Learn how to receive bitcoin securely.
What’s the Bitcoin network fee?
Network fees were initially used as a way to deter people from flooding the network with transactions. While that original use still exists, it is mostly a way to incentivize miners or validators to add transactions to the next block.
Many Bitcoin wallets (including the Bitcoin.com Wallet) allow you to customize the Bitcoin network fees you pay when you send bitcoin.
Bitcoin transactions incur a small fee which is paid to the miners that confirm them. Transactions with higher fees attached to them are picked up sooner by miners (who optimize for profitability), so higher-fee transactions are more likely to be included in the next batch, or ‘block,’ of transactions that’s added to the Bitcoin blockchain. This means you can opt for faster transaction processing by paying a higher fee. Alternatively, if you’re not in a rush to have your transaction confirmed, you can save money by opting for a lower fee. However, you need to be careful because if you set the fee too low, your transaction may take hours or get stuck for days. Don’t worry though, you’re never in danger of losing bitcoin by setting the fee too low. In the worst case, you’ll have to wait 72 hours with your bitcoin in limbo until the transaction is cancelled, at which point you’ll again have access to it.
How are Bitcoin fees determined?
Fees are measured in satoshis/byte. A satoshi is the smallest divisible unit of bitcoin, which is 0.00000001 BTC (a hundred millionth of a bitcoin). Each transaction is made up of data, which is measured in bytes. More complicated transactions involve more data and so are more expensive. Generally speaking, this means higher value transactions (involving more bitcoin) consume more data, and so require higher transaction fees. However, it’s not exactly that simple. In fact, it’s entirely possible for a 1 BTC transaction to involve more data (and therefore require higher fees) than a 0.5 BTC transaction. To understand why, we need to look in some detail at how the Bitcoin blockchain actually works.
The system runs on what’s known as the Unspent Transaction Output (UTXO) model, which is an efficient and privacy-enhancing way to manage the Bitcoin ledger. It works like this:
At first, coins are minted through the mining process. These new coins form what’s known as the ‘coinbase.’ Now imagine a miner, who has received the current 6.25 BTC block reward, sends 1 BTC to Alice. On the ledger, this actually appears as 6.25 BTC sent to Alice and 5.25 BTC sent back to the miner, leaving Alice with a balance of 1 BTC and the miner with a balance of 5.25 BTC (the miner has an unspent transaction output of 5.25 BTC). The system is analogous to paying for something using a cash note: if the cost of the item is $2.50, you don’t cut a five-dollar note in half. Instead, you hand over the whole five-dollar note and receive $2.50 in change. In our example, the miner has sent over a 6.25 BTC ‘note’ and received 5.25 BTC in change. As it relates to fees, even though the amount of Bitcoin involved is significant, the fee for completing the transaction will be relatively small because the transaction is relatively simple. That’s because there’s only one output (1 BTC to Alice) and it comes from only one input or ‘note’ (the 6.25 BTC coinbase transaction). If we think of notes as taking up space on the Bitcoin ledger, we can see that this transaction takes up the least amount of space (bytes) possible.
Why are some Bitcoin transactions more expensive than others?
Now let’s imagine Alice buys one more BTC at a later date from a different miner. Alice will then have 2 BTC in her wallet, but each one will have originated from different ‘notes.’ In effect, this means Alice has two 1-BTC notes in her wallet. If Alice wants to send 2 BTC to Bob, she’ll be sending those two notes. And since more notes means more data, and more data means higher cost, this transaction will be more expensive than if Alice had sent a single ‘note.’ Put another way, the transaction will consume more bytes, so Alice will have to pay more satoshis to convince a miner to include it in the next block.
For the average user, this means you’ll end up paying significantly more for a transaction if it involves moving many ‘notes.’ For example, imagine you’ve received a hundred small payments into your wallet from different people, over a period of months, until you’ve accumulated one full bitcoin. Now, if you want to send that one bitcoin to someone else, you’ll actually be sending 100 ‘notes.’ This will incur significantly more fees than if you’d sent a single ‘note’ as our miner did in the first example.
How do I set the BTC network fee in my Bitcoin wallet?
This, again, depends on the wallet. In fact, many web wallets (cryptocurrency exchanges) don’t give you any control over the network fee whatsoever. Instead, they have a predetermined fee (which is almost always set higher than the actual fees they will pay). In other words, they profit when their customers withdraw bitcoin. This is a common revenue-generation strategy for cryptocurrency exchanges.
Most non-custodial wallets, however, allow you to customize the fee you attach to your Bitcoin transactions. The Bitcoin.com Wallet, for example, has three convenient fee settings, as well as the option to set custom fees. The default speed (“Fast”) is set to have your transaction confirmed most likely within the next three blocks (so less than 30 minutes). If you change it to “Fastest,” you’ll pay a higher fee and likely have your transaction confirmed in the next two blocks (so less than 20 minutes). Changing it to “Eco” will save you some money, but still result in your transaction most likely getting confirmed within the next six blocks, so generally less than 60 minutes. For advanced users, you also have the option of setting a custom fee. You’ll want to use a tool like Bitcoinfees to ensure you’re choosing an appropriate fee given the current state of network congestion.