Send and receive cryptocurrency is one of the basic knowledge of life with cryptocurrency. Because if you want to send coins or receive from someone else or storing your coins in a wallet, you cannot do these transactions without knowing the right way.
In today’s post, I’m gonna share with you how to send or receive cryptocurrency.
It will be between two exchanges, two wallets or even exchange and wallet. These all are the same process so I will continue writing with “between two exchanges”
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But, why you have to send cryptocurrencies between exchanges? All are the same market, right?
No, it’s not. As I mentioned in the first post of my blog, Cryptocurrencies run on a decentralized system that has no central authority to control it.
Unlike cryptocurrency exchanges. They have a central authority. (some of them)
The best part?
In that case, The prices of these cryptocurrencies change the market by market which means, each cryptocurrency exchanges have different prices of cryptocurrencies.
This is one of the main reasons why you have to send coins between exchanges. To get a better price for your coins.
In this guide, I will show you how to send and receive coins between Poloniex and Cex.io as an example. Basically the same method for all so don’t be upset.
Note: When sending coins, you have to make sure that both exchanges support the coin that you are going to send. Otherwise, your coins may be lost.
Sending and Receiving
First, you going to need to log in to both accounts. Let’s say you have BTC on Cex.io, want to send them to Poloniex.
In the origin account(cex.io) go to the finance section and look for BTC.
Click on “withdrawal”
It will show a window like this. Now open a new tab and log into your destination account(poloniex).
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Go to the section called, “Deposits and Withdrawals”
In that section click on “Deposit”
After that look for BTC.
Click on that. Now you should get a unique public address. Like this.
Copy the pubic address of yours.
Then come back to the origin account(cex.io) that you set up before. Paste the unique public key to the address bar.
Tip: Make sure to double-check the address all the time.
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Now you’re all set. Click on “Withdraw” Please note that for every transaction you make it will cost a transaction fee. For BTC, it is 0.00050000BTC
Your transaction will be done within a few minutes or even an hour.
Advanced tip: If you want to send BTC from an exchange to another exchange, I recommend you to turn your BTC into XRP and send XRP to your destination exchange and turn XRP into BTC in there. Because XRP will cost you a tiny amount for transaction fees considering the BTC transaction fees.
That’s it.
Leave your ideas and experiences below.