Cryptocurrencies are the latest shiny thing in the financial technological space. These virtual currencies have generated a huge buzz already because of their decentralized networks which makes it nearly impossible to counterfeit them. Since the world’s first cryptocurrency, Bitcoin was created in 2009, there are dozens others that have joined the list. Block-chain, the technology driving these currencies, has since being utilized in other domains as well such as hospitality, banking, healthcare, and government administration.
The value of cryptocurrencies have been on a steady rise since their origin. Hence, it can be a smart idea to get into cryptocurrency trading to build a sizeable income. You can get a crash course about cryptocurrency trading online or from a reputed trading academy. Read ahead to learn how you can send and receive cryptocurrency. The blog also covers some useful suggestions regarding cryptocurrency transactions.
What is the process of sending and receiving cryptocurrencies?
The process of sending and receiving a specific cryptocurrency is dependent on the type of cryptocurrency you are dealing with. For instance, the process of sending Bitcoin is different from sending Litecoin.
Nonetheless, here is a generalized detailed method for dealing with cryptocurrencies.
- Log into your cryptocurrency wallet where you have the funds.
- Go to the send/receive screen by clicking on the tab that says Send/Receive.
- Choose if you want to send or receive funds. Remember that you can send or receive coins of the same kind. For example, if you have bitcoins, you can send or receive only bitcoins.
- For sending funds, enter the public wallet address of the person you want to transfer the funds to, along with the specified amount. Once you have confirmed the figure, click on ‘send’ to complete the transaction. You can use a QR code to avoid manual errors while typing out the wallet address of the other person. You can also attach a note with your transaction to let the recipient know the type and reason for sending funds to them.
- You don’t particularly have to do anything to receive cryptocurrency funds except share your public wallet address with the person you are expecting the funds from. You can also share a QR code instead to reduce the chance of errors.
Useful tips for cryptocurrency transactions
Once you learn how to receive and send funds through cryptocurrency wallets, it is important to be careful while making cryptocurrency transactions. For instance, you should send a test amount to a recipient to ensure everything is working perfectly. You can then follow it up by making the actual transaction.
Similarly, your private code to your wallet is like its key. Sharing it with anyone else can leave your wallet vulnerable to theft. Hence, it is extremely important to keep your private code confidential.
Although cryptocurrencies have a lot of benefits, it can be tricky to use them at the beginning. Pursuing a cryptocurrency course can help you become familiar with the important aspects of these virtual currencies and use them strategically. Hence, invest in a suitable cryptocurrency course today to start trading in cryptocurrencies.