Sending and receiving cryptocurrencies, such as Bitcoin, Litecoin, or XRP, can vary depending on the wallet you use. Each cryptocurrency has its own wallet where it’s kept. So, for example, you send Bitcoin to a Bitcoin wallet and Litecoin to a Litecoin wallet.
Here are some steps that could help you understand it better and save a lot of money if done correctly
Steps
- Log into the wallet you have funds in.
- Click into the send/receive button, all wallets should have a clear button or icon to click into.
- Choose whether you want to send or receive cryptocurrency.
IMPORTANT!
You must only send and receive like-coins. Meaning, you can only send/receive Bitcoin to Bitcoin, Litecoin to Litecoin, etc. You will lose your crypto if you send Bitcoin to an Ethereum wallet or even Bitcoin to a Bitcoin Cash wallet.
For Sending
- Enter the public wallet address of the recipient and choose the amount you wish to send (make sure to account for transaction fees, you’ll need enough coins in your wallet to pay the network fee, depending on your wallet).
- After you confirm the address, triple-check them to avoid silly mistakes then hit “send transaction” or “confirm”.
- Verify the transaction one last time (confirming your public address and their public address is correct).
TIP: Using a QR code to copy an address helps avoid potential mistakes.
For receiving
You don’t have to do anything except share your public wallet address with the sender.
- Access the wallet of the cryptocurrency you’re receiving. For instance, if you’re transferring coins to another wallet or a friend is sending you coins like Bitcoin, Ethereum, or Litecoin, you’d go into the wallet specific to that coin.
- Copy your public address wallet and send it to the person you are receiving off.
TIP: If you are in person, you can scan a their QR code.
If you are still unsure, look up the FAQ for the wallet you are using to verify you are following the right steps, there are also Youtube videos that are easier to understand if you are a visual person.
Why didn’t my transaction go through?
After you have sent your crypto, you’ll need to allow some time for the transaction to go through. It can be instant, or it could take a few minutes. This will depend on how busy the network is.