You can send crypto to family, friends, or complete business transactions in simple and easy to follow steps. As a form of digital currency, crypto makes it convenient to initiate and complete a transaction from anywhere around the world. The limitations and boundaries of the past are no longer a barrier as you transfer crypto across borders and complete your transactions in a secure online environment. This means that you can now send crypto as easily as an email without revealing your personal information in the process. In order to fully tap into the potential benefits linked to the use of crypto as a digital currency, it is important to familiarise yourself with sending crypto from your wallet to others in the same crypto network.
To successfully transfer crypto, both you and your recipient need to have crypto wallets, which are secure addresses for storing the received crypto. The wallet address is usually made up of several characters that might be difficult to memorize. But there is no need to worry as you can scan the crypto wallet address as a QR code. Despite the high level of security associated with crypto as a digital currency, you still have the responsibility of taking additional measures to protect your digital assets.
The following are the steps to follow when sending crypto to another crypto wallet.
1. Log in to your crypto wallet
As you will be sending crypto from your own wallet to an intended recipient, you will first need to sign in to your wallet. A crypto wallet app will enable you to sign in to your account and to select the option to transfer crypto. Open the send crypto page by following the send/receive link on your screen.
2. Enter the recipient’s wallet address
The send crypto page displays sections that you will need to fill before clicking the send button. The first section requires that you enter the recipient’s public key. Crypto wallets come with a pair of keys that help to keep the digital assets secure. The keys also enable crypto users to send and receive crypto from other users in the Blockchain network. In the pair of keys, there is a public key, which is shared among the people sending and receiving crypto, while the private key helps to maintain the security of your wallet. As shown below, enter the recipient’s public key, which will enable them to receive the crypto you send.
3. Enter the amount to send
Enter the amount of crypto you would like to send. Ensure the funds in your wallet can cover the amount you wish to send in addition to the ‘gas fee’. The gas fee is used to facilitate the transaction in the Blockchain and is added to the amount you intend to send to the recipient. In case the amount in your wallet is not enough to cover the fee, you might need to ensure there is enough amount before proceeding.
If you are just getting started on how to send crypto, it is important to check whether you are sending in crypto or fiat amounts. For example, 2 USD is significantly different from 2 Bitcoin and has an impact on the fees charged for your transaction.
The intensity of DeFi activity on a network such as Ethereum influences the amount of gas fee paid to complete the transaction. An example is in sending a specific amount of DAI to another user in the same network. The amount of fee charged for transactions carried over a network are used to ensure that the network resources perform at an optimal level.
4. Verify and send
Check the recipient’s address and the amount you want to send once more to verify all details are correct. The irreversible nature of crypto transactions can prove costly if you end up making an avoidable mistake.
The process of sending crypto might seem difficult at first but proves efficient once you get familiar yourself with the process. To familiarise with the process, you might set up multiple crypto wallets for practice. Sending crypto between the wallets you have opened will help you get the swing of it. You will also have the opportunity to learn the process without the fear of losing crypto through avoidable mistakes.
Once you send crypto to the intended recipient, confirmation for the transaction usually occurs instantly but might take a few minutes as the transaction is included in a block. In addition to the short time taken to complete the transaction, the security of the transaction grows as the number of consequent transactions grows on the network.
An important point to note with aspects such as the estimation of gas fee is that it is a work in progress and will improve with time.
Using CrowdSwap’s Wallet Manager
The possibility of using special tools such as CrowdSwap makes the process of managing your crypto wallets an efficient one. It is a tool built on the need to increase efficiency as you manage multiple crypto wallets. In this case, CrowdSwap’s wallet manager enables you to manage crypto wallets in different networks, while eliminating the complexity involved in monitoring each network.
Overall, the process of sending crypto from one crypto wallet to another is efficient and offers numerous benefits compared to using non-digital currency. The sender and recipient enjoy high levels of security as the details of their transaction are recorded in an online ledger. The stability of crypto such as DAI makes it possible to carry out transactions in an efficient way. As the Blockchain networks continue to improve, users will have increased opportunities to send crypto at affordable fees. The integration of useful and upcoming tools such as CrowdSwap’s wallet manager increases the power and usability of sending crypto from one user to the other in a network. The use of such tools will enable you to use the best route that gives the best pricing for sending crypto from one wallet to another.