How To Transfer Cryptocurrency

When you are holding coins, there may times where you will need to transfer coins to another person, to a gambling site or to a merchant in exchange for a service or goods. Should this happen to you, then it is good knowing exactly what you need to do in order to transfer the funds to the other person.

The process is quite simple, just like everything else with cryptocurrencies is. The first thing you need to know from the person you are sending to, is the unique cryptocurrency address that he has, ensuring that he will receive the coins and not someone else.

Once obtained you need to go to your cryptocurrency wallet and choose the menu where you can transfer coins to another user. No matter which type of wallet you are using, you will always be able to find this menu as it is a necessity for cryptocurrencies to continue circulating. Once you have located this menu, then you will see the fields you have to fill out. The most common fields will usually just be the amount of coins you want to send and the unique cryptocurrency address that needs to receive the coins. In some cases it is also possible to write a note along with the transfer, so the recipient can see exactly where the coins are coming from.

Once you have filled in the fields and submitted the transfer to the other person, he should receive the coins within 10-50 minutes. The time varies a bit depending on which coin you will be sending and how many transactions the coin network currently has. Transactions usually needs 2-6 confirmations on the network before they will be processed to the recipients wallet.

The smart thing about cryptocurrencies is that it doesn’t matter if you are using a different wallet type than the recipient of the coins, as the coins are universal and will be receive in the wallet without any issue. The transaction cost is also very low, having an average of 0.20-0.30% in fee and in some cases it is even possible to send coins to another person without paying any fee at all. This is why cryptocurrencies has become increasingly popular all over the world as it opens up the possibility to send people funds fast and cheap, which they can choose to sell and get cash fast or use to buy products or similar.