Hello, dear readers. When studying the basics of how cryptocurrencies work, one cannot ignore such an issue as digital money transactions. We will look at the features of transferring coins and try to explain to beginners how to send Bitcoins while observing safety and precautions.
Coins are sent from one electronic wallet to another. Each of them is protected with a digital signature. The blockchain network allows you to view information about any money transfer, and the entire history of the transaction can be traced back to the moment when these same coins were mined.
Many users simply accumulate cryptocurrency or use it as a trading tool to earn extra money. But not all network participants use Bitcoins for this purpose. Most of them earn it in order to later spend it on online purchases or cash it out. So, let's figure out how the blockchain transfer system works and what a beginner needs to know.
When might you need to transfer cryptocurrency and how to do it?
As is the case with any finance, a situation may arise with the owners of blockchain money when it may be necessary to transfer cryptocurrency. How to do it?
First, let's look at the main directions that are available for transferring Bitcoin, Ethereum and other coins:
- Transferring cryptocurrency to a wallet (depending on the situation - your own or another person) that supports the same asset.
- Transfer of blockchain money for the purpose of converting it into fiat on payment systems (classical money: rubles, dollars, euros, and so on).
- Sending coins in the form of rubles/dollars to a Visa/MasterCard bank card.
Users initiate this in the following situations: if they need to change their “wallet” for storage, if they need to transfer electronic money as payment for goods and services, if they want to change the asset for savings or purchases to more stable government currencies. There are other options, but they are less common.
Now let’s discuss how to act in each specific situation for a beginner who still doubts his knowledge.
Exchangers
The easiest way to deposit money into a bitcoin wallet is to use an exchange office. The general algorithm is as follows:
- Go to the website of exchange office aggregators (bestchange or okchanger) and determine which service offers the best conversion conditions in the direction you are interested in.
- Go to the website of the selected service.
- Set the direction of the exchange. This could be, for example, a top-up from WebMoney, Yandex.Money or other payment systems.
- Follow the exchanger's recommendations and wait for the funds to be credited.
- Make sure you have received bitcoins in your wallet.
The advantages of such a replenishment:
- online transactions;
- choosing a suitable course;
- the ability to transfer money from electronic payment systems and bank cards.
The disadvantage is that the price for Bitcoin is significantly higher than the rate on cryptocurrency exchanges, as well as the presence of commissions, which are individual at each exchange office.
Methods for withdrawing cryptocurrency to fiat
There are now countless methods included in the methods of withdrawing cryptocurrency to fiat. It is important not to make a mistake and choose one of the safe ones:
- through top exchanges (for example Binance);
- through time-tested exchangers (for example Matbea);
- through official cryptocurrency “wallets”, if they have such an opportunity (the disadvantage will be the lack of a market price);
- through payment system applications (the same problem with the lack of free market influence);
- through cryptomats (available only in the largest cities).
All others will be either unprofitable or unsafe for a beginner. Always use the safest and most reliable destinations.
Transferring cryptocurrency to a bank card
The approach of transferring cryptocurrency to a bank card is the most common and popular. This is explained by the fact that almost everyone has this financial instrument. And also because it allows you to quickly use finance from the cryptocurrency sphere to purchase goods or services in the ordinary world.
The most successful directions for receiving rubles or dollars for cryptocurrency on your bank card will be the Matbi exchanger and the Binance exchange. Even the algorithm of actions will be similar. The differences are only in the last stages of exchange transactions:
- Register on the official website.
- We replenish the storage inside the account with cryptocurrency from another storage (or we buy it into our “wallet” inside the site for other assets).
- We initiate sending funds to a bank card by indicating the necessary details.
Yes, everything is exactly that simple, no complications in the case of Matbea, where even sending within the system is absolutely free. If you like Binance or some other exchange, problems may arise.
| Matby does not require verification to increase limits | Reliable exchanges will definitely force you to undergo an identity check |
| On Matbea, any of dozens of cryptocurrencies can be exchanged for rubles or purchased in addition for rubles | On exchanges, ruble purchase or withdrawal directions are rare |
| The procedure for purchasing or sending cryptocurrency to a card inside Matbi will always consist of one operation | Exchanges do not always have the required cryptocurrency-fiat pairs. Therefore, several trading operations may be required to receive rubles or dollars. |
How to transfer cryptocurrency from wallet to wallet
If you need to transfer cryptocurrency to this scheme, then it is quite simple. Regardless of what type of storage the blockchain money is stored in (software client, hardware client, browser client, Matby exchanger, exchange), the operation will be the same.
It is only important to clearly know the recipient’s address and navigate the commission load.
Address
A cryptocurrency vault address is a unique identifier for the vault. It can be compared to a bank account number or Visa/MasterCard card number.
Fortunately, it is almost impossible to send money through the banking system if you make a mistake even by a number. In the case of cryptocurrency addresses, the situation is the opposite.
Therefore, before any sending, it is extremely important to check every digit and symbol of the recipient address. Regardless of the storage service, it will consist of several dozen numbers and letters of the Latin alphabet. At the same time, the case of letters (whether they are large or small) is also important.
Commissions
Fees for sending crypto money are another important part of any cryptocurrency transaction system. There are no free transactions on the network of any such asset.
The commission is always “floating”. This means that it highly depends on the network congestion and the number of miners who work to process sendings in order to earn money on commissions.
During a transaction, you can either set the minimum commission amount for a transaction of your size (it will be processed longer, in order of priority), or independently increase the amount of deductions (the money will arrive at the recipient’s storage much faster and bypassing queues consisting of cheaper transactions).
Translation process
The easiest way to describe the transfer process will be based on the Matbi multicurrency wallet. Let's take an example when you need to send a certain amount of Bitcoins to another user’s “wallet” or another type of storage of yours:
- Go to the official Matbea website.
- Through the “Login” item we go through authorization (if you already have an account) or registration of a new user (via phone or e-mail).
- After entering the personal account on the service’s website, the user immediately gets to a page with dozens of his “wallets”.
- In the huge list of storages we find BTC Bitcoin and click on the “Withdraw” item to the right of it.
- We indicate: recipient's address, amount, purpose of payment (if you want).
It is noteworthy that here (just below the sending data) the commission will be automatically calculated. It changes in real time when you change the sending amount and when you check/uncheck the transaction priority box.
Matbi is a Bitcoin wallet and exchanger,
we have been working since 2014
What determines the transaction confirmation time?
Since the transfer of funds must be verified by miners, you have to wait some time for this procedure to be completed. The Bitcoin protocol is designed so that each block takes about 10 minutes to complete.
Some services that accept cryptocurrency, such as exchanges, require you to wait until the next block is completed to confirm all the coin transfers included in it. This means that you may have to wait until the transaction to purchase a product or pay for a service is completed.
It is worth noting that some merchants do not require waiting for transfer confirmation. Of course, in this case there is a risk that the user may try to use the same Bitcoins for a secondary payment before the first one has received confirmation. Therefore, most often sellers make such concessions in cases where small amounts are involved, where the risk of fraud is not so great.
Technical support
Technical support service from 8 to 24 helps with resolving issues
Previous Next
Create a wallet
You can also send to Matbi through the special “Operations” section (second in the left menu on the website). All functions of the movement of funds in this online storage will also be available there: replenishment, exchange, sending cryptocurrency, accepting cryptocurrency, as well as history.
Withdrawing Bitcoins to Payeer
If you actively use this payment system, withdrawing Bitcoins to Payeer will not be difficult. The service allows you to store both regular fiat money and cryptocurrencies. In some ways it is similar to Matbi, but is more complex and unprotected from the point of view of use by Russian users (subject to Western legislation).
Currently, operations for Bitcoin and other cryptocurrency transactions to and from Payeer are not much different from those on other services. Need to:
- log in to your account;
- select “Deposit” or “Withdraw”;
- select the desired direction of the transaction (through a bank, through other wallets, through other payment services);
- correctly indicate and double-check the details;
- initiate a deal.
What commission to choose when making a transfer and what does it affect?
Bitcoin wallets often have the ability to select transaction fees. In this case, the iron rule applies: the higher the commission you are willing to pay, the faster your transfer will arrive. However, it is not recommended to choose a commission below the average that the wallet offers by default. In this case, for the proposed rate, miners may completely refuse to confirm the transaction, and it will take a very long time or will not arrive at all.
In the Blockchain.com wallet, this mechanism is arranged as follows:
- regular commission - the transfer will arrive within an hour
- priority commission – the transfer will be delivered in less than an hour, network participants will confirm your transaction faster
- There is a commission setting function, but it is recommended only for advanced users for the reasons described above
How to withdraw Bitcoins via WebMoney
The question of how to withdraw Bitcoins through WebMoney has been relevant for a long time (back in 2013, this payment service introduced its WMX addresses for these assets.
The downside is that working with cryptocurrency will be available only after receiving a formal certificate. And for this you need to send passport data and scanned copies of documents.
To withdraw Bitcoin to WebMoney, you need:
- Go to your personal account.
- Go to the WMX storage, to the address of which funds were previously transferred.
- Specify the transaction amount.
- Enter the address of the transaction recipient.
- Launch a transaction for which you will need to pay a 0.8% commission.
- Wait for network confirmation 6.
Terminals
In Russia, you can top up your cryptocurrency wallet through the terminal in the following cities (according to Coinume):
- Achinsk;
- Voronezh;
- Ekaterinburg;
- Irkutsk;
- Kazan;
- Krasnodar;
- Krasnoyarsk;
- Moscow;
- Nizhny Tagil;
- Novosibirsk;
- Rostov-on-Don;
- Smolensk;
- Stavropol;
- Tomsk;
- Chelyabinsk.
iBox terminals, operating since 2013, are used for replenishment in Ukraine. The algorithm is as follows:
- Find a terminal (there are more than two thousand of them in the country).
- Enter btcu.biz in the search bar.
- Deposit the required amount (minimum payment from 50 hryvnia). Please note that there is a 1% commission.
- Order a printed receipt and do not throw it away until you confirm receipt of funds.
- Go to btcu.biz, go to the purchase section and select the cash top-up option. Take the code from the saved receipt, then enter it in the special field and press the payment button.
- Select the option to top up your Bitcoin wallet.
Withdrawal through intermediaries
It is important to understand that withdrawal through intermediaries is the last choice, which it is better not to even think about. It is not anonymous and very dangerous. If you use the services of unverified services or individuals, you can run into theft, hacking, or much worse things.
In this article, we talked about a number of services that have been working for a long time, tested by millions of active users and are 100% reliable.
Many intermediaries offer more “tasty” offers. But, as they say, the miser pays twice.
Additional recommendations
Before transferring money to a Bitcoin wallet using any of the methods discussed above, study the rate, commission and other conditions. Also remember the following recommendations to ensure transaction security:
- do not tell anyone your private key address;
- use antivirus software;
- do not conduct a transaction with a person you do not trust;
- always enable 2-factor authentication if provided;
- check the address before sending;
- Try not to store large amounts on an exchange or mobile wallet.
Remember that Bitcoin is virtual money that is part of a decentralized network. If you lose your wallet address, access to your funds will also not be restored.
Is it possible to withdraw Bitcoins to a phone?
Active users of mobile devices want to understand whether it is possible to withdraw Bitcoins to their phone. The answer will be - of course! Cryptosecurity experts are even confident that this is many times safer than classic options for storing blockchain assets. And all because mobile operating systems (Android / iOS) are more closed and difficult to hack than the same computer Windows.
You can use Bitcoins on your mobile through:
- Matbea mobile application (in no way inferior in functionality to the website and adaptively adapts to a device with any diagonal).
- Mobile clients of those exchanges that have bothered to develop an alternative client.
- Programs of top payment systems.
- Official wallets of some top currencies (not always intuitive and convenient in terms of conversion to fiat).
