How to Send or Receive Cryptocurrency
The ease of sharing and receiving cryptocurrencies makes cryptocurrencies even more attractive. With that said, knowing how to send and receive cryptocurrency holds the utmost importance. You have to get this right, as any carelessness will result in a loss of your virtual currencies.
To receive, store, and send cryptocurrency, you need to have a wallet.
Think of a wallet as your bank account. It allows you to store cryptocurrencies and receive them from others, and it also enables you to send them to other parties.
A public address enables you to receive cryptocurrency, whereas a private key allows you to send it to others. Your wallet helps you store these keys safely.
A wallet is thus a device, app, or website that safely stores your public or private keys and allows a seamless and safe transaction of cryptocurrencies.
The private key is your most important asset. It is like your bank password. The wallet keeps your private key more secure than cryptocurrency exchanges.
Let us now find an answer to how do I send or receive cryptocurrency.
How to Send Cryptocurrency
To send cryptocurrency you must know the correct ‘public address’ of the recipient.
- The interfaces of different wallets differ considerably, but there should always be a send button. Click on the Send button to initiate the transaction.
- Enter the amount you would be sharing and check the recipient's public address twice.
- You cannot cancel your transaction once you hit send. So make sure every input is correct.
Check everything again and confirm the transaction by clicking on “send”.
How to Receive Cryptocurrency
To receive cryptocurrency make sure the sender has your correct ‘public address’.
- Your wallet will have a receive option; click on it and this gives your public address as a string of numbers and letters or a QR code. Copy this address and send it to the sender.
- Some wallets allow you to generate a new public address.
- Make sure you have sent your correct public address to your sender as once the transaction is initiated, it cannot be canceled.
- Wait for a few minutes. Your balance is updated as soon as you receive your crypto coins.
Summary
You can easily send, store, and receive cryptocurrencies using a wallet. The wallet gives you the privilege to send and receive crypto coins easily and more securely.
Thus, using wallets is a perfect answer as to how do I send or receive cryptocurrency.
The public address is an important input for sending and receiving cryptocurrencies. Thus, make sure you enter it exactly as it is.
