Cryptos are usually moved from stock exchange wallets such as Coinbase to hardware wallets for security purposes. However, the process is not that simple. You can’t just drag and drop random cryptos on it like you would on a USB device.
The complicated procedure is of course a bummer. But at the end of the day, the wallet immune to hackable software makes up for it. Plus, once the first transfer is done, the whole process feels much easier the next time around.
There are a number of ways to send crypto on Coinbase. One way is by using the on-chain way while the other is using the off-chain.
The first route has been chosen to send funds from the Coinbase platform to an external address on the blockchain. As such, on-chain transactions are irreversible. In simpler terms, if money is sent to the wrong address or if the wrong network is used, Coinbase would not be able to retrieve it. Users usually have to pay on-chain network fees to process the transfers. The implementation of the same takes some time.
The off-chain route, on the other hand, helps users send money to another Coinbase user using their phone number, email address, or username. These transfers are usually instant and users pay no transaction fees.
How to transfer money from Coinbase?
- Select the payment option on the left side of the dashboard
- Specify the amount of crypto to be sent on the Send tab. You can do this by using the cash specification option or the crypto amount option
- Then select ‘pay with’ and choose the asset you want to use for the transfer
- Enter the crypto address, phone number or email address of the person you want to send the crypto to
- Leave a message if you want
- Click “Continue” to see the details
- You can also select the network to send to for on-chain transfers. Always make sure to confirm whether the recipient’s wallet supports the chosen network
- When you’re done, click “send now”
Transferring money from both the mobile version and the web version is quite similar and the above-mentioned steps can be followed.
How to receive money?
- On the same left side of the dashboard, instead of sending, select Receive
- Then select the assets/assets you want to receive
- Then choose the network on which you want to receive
- Once the above steps are followed, a QR code and address will be filled
- Once scanned and confirmed, you will receive the money in your wallet
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