You probably have some cryptocurrency in your wallet and want to send it out as a gift or means of exchange, but you are confused on how to go about it or not sure of the right way; this is for you. This post will discuss extensively how to send crypto to a friend or someone.
How to Send Crypto to a Friend?
There are diverse ways to send crypto to different cryptocurrency wallets. Here are some of the methods to send cryptocurrency to another cryptocurrency wallet.
⭐️ Before we delve completely into the topic, don’t forget to check out: What is a cryptocurrency wallet?
Sending crypto from software crypto wallet
There are different ways of sending crypto from software wallets on various platforms. However, if you know the standard way of sending crypto to a software wallet, you can perform the transaction on different platforms. Here are the steps to send crypto from one software wallet to another:
- Open your software crypto wallet and navigate the menu. Click on the “send” tab
- The platform will request you to provide the receiver’s address. Therefore, ensure you have the recipient’s address ready before you start the transaction.
- Get a label for the transaction. This step is necessary as the label will help you to track the transaction.
- The next step is to input the amount you wish to transfer to the recipient
- Finalize the transaction. If you have inputted the correct details, you can send the crypto.
After making the transaction, you and the recipient will be able to verify it, though the crypto network might take a while to approve the transaction.
Sending crypto to hardware crypto wallet
You can send crypto from different exchanges to your hardware wallet. There might be slightly different procedures for sending crypto from different exchanges to hardware wallets. However, the step outlined here can guide you to send fiat currency from any exchange to a hardware wallet
- Plugin the hardware wallet and input the pin to sign in to it.
- From the menu shown, select the coin you want to receive on the hardware wallet.
- Click on “receive.”
- Click on “show full address” to see the full address. Verify if the address is correct.
- If the address is correct, copy it.
- Sign in to the exchange you want to send the fiat currency from
- Select “accounts”
- Select the coin you want to send to the hardware wallet and select “send.”
- In the recipient box, paste the address you copied
- Select the amount you want to send
- Click on “continue.”
- You will be required to enter the two-step verification code before you can proceed. Input the code and click on “proceed.”
If the transaction is complete, it will be visible on the “account” section of the hardware wallet.
Sending crypto through a paper crypto wallet
Sending crypto to another wallet using the paper wallet requires going through the software wallet. You will first transfer the crypto from the paper wallet to the software wallet, then send it from the software wallet to the recipient wallet. To transfer digital currency from a paper wallet to a software wallet, you have to:
- Get access to the paper wallet. To accomplish this, you can either scan the QR code on your paper wallet or enter the paper wallet’s serial number on your software wallet.
- Import the private key on the paper wallet to the software wallet.
- Import or sweep the fiat currency from the paper wallet to the software wallet. Sweeping the crypto is safer because the currency will be off the paper wallet while you are at it. This secures them against any access.
- After successfully importing the crypto, send them to the recipient’s wallet following the software method explained above.
Tips for sending crypto from one crypto wallet to another
- Before you import cryptocurrency from an exchange or wallet to another wallet, ensure that you backup your wallet. In the transaction process, anything can happen. It helps to have your wallet backed up always.
- Ensure that the details you enter are correct. When you input the recipient’s details, ensure that you get it right. If you enter the wrong address, the recipient will not receive the crypto, and you would have lost it as the transaction is irreversible. To limit the possibility of making fatal mistakes, double-check the details with the recipient. Also, ensure that you enter the right amount of crypto before sending it.
- Note that when you are sending crypto to a hardware wallet, the blockchain’s mining traffic can determine how fast the transaction will be. If the transaction takes some time, it is no cause to panic. You can give it up to an hour or so.
When making transfers, bear in mind that the transaction is not reversible. As such, you should ensure that the details you enter are correct before you make the transaction. The transaction may not be approved immediately. You might need to wait for an hour or two if there is high traffic on the blockchain.
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