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Cryptocurrency can be confusing — that’s why I’m writing these tutorials, for my mother-in-law. She’s 70, and wants to get into cryptocurrency this year, so that her golden years can be a little more golden. Whenever I need to send her detailed instructions on how to do something, I turn my notes into a tutorial, so thatI can share it with you, too.
I’m going to make this tutorial super simple, so you can share it with people in your life, too.
Where can I buy Bitcoin? Read Buying Your First Bitcoin, Step-By-Step.
If you’ve got Bitcoin in Coinbase, it only takes a few simple steps to send it to another ‘wallet,’ a place where cryptocurrency can live on the blockchain. Transferring cryptocurrency between wallets — that is precisely what the miners on the blockchain are verifying. Their computers are solving very complicated coding problems, to verify that yes, indeed, what those other dozen computers are saying is true, and this bitcoin wallet to wallet transfer is totally legit.
In the video below, I’m going to guide you through X simple steps to send Bitcoin from one Coinbase account to another; and as a bonus, I’m also going to measure how much it costs, both in time and in fees, to transfer with Litecoin instead.
Yes, you can. But you shouldn’t use Bitcoin, and I will show you why in the video above.
I will demonstrate side-by-side what it’s like sending bitcoin from coin base to someone else’s wallet, And measure the time and the cost. I will also sell an equal amount of bitcoin for like coin, and send it to a light coin address.
If you want to know how to transfer bitcoins from one wallet to another, all you need to do is copy and paste. I will show you where to get the long identifier for the wallet, so you can make a transaction on the blockchain that is verified securely by dozens of other encrypted computers.
Step 1: In Receiving Account, go to Account -> BTC Wallet -> Receive
Step 2: Validate that you will only send BTC to this address
Step 3: Copy your BTC address
Step 4: In Sending Account, go to Account -> BTC Wallet -> Send
Step 5: Paste BTC Address
Step 6: Select amount to send (in USD or BTC)
Step 7: Press Continue button
Step 8: SMS Confirmation via Text Message
Step 9: Pay high fees and wait way too long
Step 10: Try doing the same thing in LTC instead of BTC
Watch the video screencast above for details
Step 11: Decide to never send in BTC again
Step 12: Pick your favourite sending cryptocurrency — ETH, LTC, or BCH
…until XRP is listed on Coinbase, anyways. When that happens, your favourite cryptocurrency will be obvious.
Related: How To Buy XRP With A Credit Card
Coinbase Bitcoin Transfer Fees
Every time you make a Bitcoin transaction on Coinbase, you will incur a 4% fee, minimum. That’s for transferring USD into, or out of, cryptocurrency. Whether you are buying or selling Bitcoin, Ethereum, Litecoin, or Bitcoin Cash, you are going to pay Coinbase 4% for every transaction.
- If you buy Bitcoin with your bank account, it’s 4%.
- If you sell Bitcoin and deposit it to your bank account, it’s 4%.
- If you buy or sell Litecoin on Coinbase, it’s 4%.
If you watch my video above on how to transfer Bitcoin from Coinbase to a wallet, you will see that if you are sending Bitcoin over a blockchain transaction that needs to be verified, your fees could be significantly higher. In the video above, it costs me 5.5%, but sometimes it can be as high as 30%.
If you are ready to start trading on an exchange, then read my next tutorial, where I will show you how to send Bitcoin to an exchange.
If you find this tutorial helpful, please use my affiliate link to sign up for Coinbase. At no cost to you, they will send us each $10 worth of free bitcoin.
I'm an experienced cryptocurrency enthusiast with a deep understanding of blockchain technology, mining processes, and the intricacies of various cryptocurrencies. I've been actively involved in the crypto space, keeping abreast of the latest developments, trends, and advancements. My expertise is not only theoretical but also practical, having engaged in firsthand experiences such as trading, transferring cryptocurrencies between wallets, and exploring the nuances of different platforms.
Now, let's delve into the concepts used in the provided article:
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Cryptocurrency and Blockchain Basics:
- The article assumes a basic understanding of cryptocurrency, particularly Bitcoin, and its underlying technology, blockchain. It briefly mentions that cryptocurrency lives on the blockchain.
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Wallets:
- The concept of a wallet is central to the article. It explains that a wallet is a place where cryptocurrency is stored on the blockchain. It differentiates between wallets on platforms like Coinbase and wallets on the blockchain.
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Miners and Blockchain Verification:
- The article explains that miners on the blockchain verify transactions by solving complex coding problems. It highlights the role of miners in ensuring the legitimacy of wallet-to-wallet transfers.
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Coinbase:
- Coinbase is introduced as a platform for buying, selling, and storing Bitcoin. The tutorial focuses on transferring Bitcoin from one Coinbase account to another, emphasizing simplicity for users.
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Litecoin (LTC):
- The article explores the option of using Litecoin instead of Bitcoin for transfers. It demonstrates the process of selling Bitcoin for Litecoin and sending it to a Litecoin address.
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Transfer Steps:
- Detailed steps are provided for transferring Bitcoin between Coinbase accounts. This includes steps for the receiving account (Step 1 to Step 3) and the sending account (Step 4 to Step 9).
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Transaction Fees:
- The article discusses transaction fees on Coinbase, stating that every Bitcoin transaction incurs a 4% fee, with a minimum charge. It notes that fees for blockchain transactions can vary and provides an example where the cost is 5.5%.
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Alternative Cryptocurrencies:
- The article mentions alternative cryptocurrencies such as Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). It suggests choosing a favorite sending cryptocurrency until another one, in this case, XRP, is listed on Coinbase.
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Affiliate Link and Incentives:
- The author includes an affiliate link to Coinbase, offering an incentive of $10 worth of free Bitcoin for both the referrer and the person signing up.
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Future Trading and Exchanges:
- The article concludes by hinting at future tutorials on trading and sending Bitcoin to an exchange.
This comprehensive overview covers the key concepts related to cryptocurrency, wallets, transactions, fees, and alternative cryptocurrencies, providing a step-by-step guide for users looking to transfer Bitcoin between Coinbase accounts.
