Tech
How to Send Crypto Safely
Crypto Safely
Every day, there are around 200,000 Bitcoin transactions. This figure only counts Bitcoin, so it’s likely that the daily cryptocurrency transaction number is much higher!
You’d think that because there are so many transactions and they’re on secure blockchains, sending crypto securely isn’t an issue. However, if you’re not careful, your money can be gone in a flash.
So before you start buying and sending Bitcoin, it’s worth learning about your options and the best practices. Read on to find out how to send crypto safely.
Get a Cryptocurrency Wallet
The first step is to get a crypto wallet. There are hot (connected to the Internet) and cold (not connected to the Internet) wallets, and they have their own pros and cons.
We suggest getting at least one of each and treating the hot wallet like a checking account and the cold wallet like a savings account.
Once you have a crypto wallet, you can send coins in two ways: through exchanges or straight to wallets.
Sending Crypto Through Exchanges
Exchanges are sites where you buy and sell cryptocurrencies. If you already have Bitcoin or another crypto, then chances are, you’ve dealt with an exchange already.
Sending crypto through exchanges is convenient, but you need to take extra steps to ensure your transaction goes through securely. Ensure the site you’re using is reputable by conducting online research and reading reviews.
The exchange you use should have good cryptography. Here’s cryptography explained if you don’t know what it is.
To send crypto, choose the crypto and the withdrawal network. If you don’t have the right network, you might lose your coins.
Sending Crypto Through Wallets
Sending crypto from wallet to wallet is a more secure way to make transactions. You’ll need the recipient’s wallet address. If you get it wrong, you’ll lose your coins, so instead of copying down the address, you should use the QR code instead.
More Tips
Always double-check the transaction details before you hit “send.” If anything’s wrong, that’s on you, and you won’t be able to recover your crypto.
Also, if you’re using a hardware wallet, always disconnect it after the transaction’s finished. That way, all your assets are offline again, making it impossible for hackers to get their hands on your coins.
Lastly, for large transactions, you should send a small test amount first. When it goes through, you’ll have peace of mind about sending the real amount.
Know How to Send Crypto Securely
Now you know how to send crypto safely, and you have a few methods too, mainly exchanges and wallets.
No matter what you choose, and who you’re sending crypto to, you should always be vigilant. Should a transaction go wrong, you can’t get your coins back, as they’re permanent. So taking a few extra minutes to ensure everything’s correct can mean all the difference.
To learn more about cryptocurrencies, read our other blog articles now.
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