Cryptocurrency can be confusing — that’s why I’m writing these tutorials, for my mother-in-law. She’s 70, and wants to get into cryptocurrency this year, so that her golden years can be a little more golden. Whenever I need to send her detailed instructions on how to do something, I turn my notes into a tutorial, so thatI can share it with you, too.
I’m going to make this tutorial super simple, so you can share it with people in your life, too.
How To Send Bitcoin on Coinbase
If you’ve got Bitcoin in Coinbase, it only takes a few simple steps to send it to another ‘wallet,’ a place where cryptocurrency can live on the blockchain. Transferring cryptocurrency between wallets — that is precisely what the miners on the blockchain are verifying. Their computers are solving very complicated coding problems, to verify that yes, indeed, what those other dozen computers are saying is true, and this bitcoin wallet to wallet transfer is totally legit.
In the video below, I’m going to guide you through X simple steps to send Bitcoin from one Coinbase account to another; and as a bonus, I’m also going to measure how much it costs, both in time and in fees, to transfer with Litecoin instead.
How to Transfer Bitcoin from Coinbase
Can you move bitcoin from one wallet to another?
Yes, you can. But you shouldn’t use Bitcoin, and I will show you why in the video above.
I will demonstrate side-by-side what it’s like sending bitcoin from coin base to someone else’s wallet, And measure the time and the cost. I will also sell an equal amount of bitcoin for like coin, and send it to a light coin address.
If you want to know how to transfer bitcoins from one wallet to another, all you need to do is copy and paste. I will show you where to get the long identifier for the wallet, so you can make a transaction on the blockchain that is verified securely by dozens of other encrypted computers.
How to send a Bitcoin to someone else’s wallet
Step 1: In Receiving Account, go to Account -> BTC Wallet -> Receive
Step 2: Validate that you will only send BTC to this address
Step 3: Copy your BTC address
Step 4: In Sending Account, go to Account -> BTC Wallet -> Send
Step 5: Paste BTC Address
Step 6: Select amount to send (in USD or BTC)
Step 7: Press Continue button
Step 8: SMS Confirmation via Text Message
Step 9: Pay high fees and wait way too long
Step 10: Try doing the same thing in LTC instead of BTC
Watch the video screencast above for details
Step 11: Decide to never send in BTC again
Step 12: Pick your favourite sending cryptocurrency — ETH, LTC, or BCH
…until XRP is listed on Coinbase, anyways. When that happens, your favourite cryptocurrency will be obvious.
Related: How To Buy XRP With A Credit Card
Coinbase Bitcoin Transfer Fees
Every time you make a Bitcoin transaction on Coinbase, you will incur a 4% fee, minimum. That’s for transferring USD into, or out of, cryptocurrency. Whether you are buying or selling Bitcoin, Ethereum, Litecoin, or Bitcoin Cash, you are going to pay Coinbase 4% for every transaction.
- If you buy Bitcoin with your bank account, it’s 4%.
- If you sell Bitcoin and deposit it to your bank account, it’s 4%.
- If you buy or sell Litecoin on Coinbase, it’s 4%.
If you watch my video above on how to transfer Bitcoin from Coinbase to a wallet, you will see that if you are sending Bitcoin over a blockchain transaction that needs to be verified, your fees could be significantly higher. In the video above, it costs me 5.5%, but sometimes it can be as high as 30%.
If you are ready to start trading on an exchange, then read my next tutorial, where I will show you how to send Bitcoin to an exchange.
If you find this tutorial helpful, please use my affiliate link to sign up for Coinbase. At no cost to you, they will send us each $10 worth of free bitcoin.