How to transfer and receive Crypto assets on Coinbase

Lavina Daryanani
Source: Business Insider

Cryptos are usually moved from exchange wallets like Coinbase to hardware wallets for security purposes. The process, however, isn’t that simple. You cannot simply drag and drop random cryptos onto it as you would do on a USB device.

The complicated procedure is, of course, a bummer. But at the end of the day, the wallet being immune to hackable software makes up for it. Moreover, once the initial transfer takes place, the whole process feels much simpler next time onwards.

There are a couple of ways to send crypto on Coinbase. One way is by using the on-chain road, while the other is using the off-chain.

The former route is selected to send funds from the Coinbase platform to an external address on the blockchain. As such, on-chain transactions are irreversible. In simpler terms, if funds are sent to the incorrect address or the wrong network is used, Coinbase wouldn’t be able to retrieve the same. Users usually have to bear on-chain network fees to process the transfers. The execution of the same takes some time.

The off-chain route, on the contrary, aids users to send funds to another Coinbase user using their phone number, email address, or username. These transfers are usually instant and users do not incur any transaction fees.

How to send Transfer funds from Coinbase?

  • From the left side of the dashboard, select the pay option
  • Specify the amount of crypto to be sent on the send tab. You can do so by either using the cash specification option or the crypto amount option
  • Then, select “pay with” and pick the asset to use for the transfer
  • Enter the crypto address, phone number, or email address of the person you would like to send the crypto to
  • Leave a note, if you want to
  • Click on “Continue” to review the details
  • Alternatively, for on-chain transfers, select the network that you’d like to send on. Make sure to always confirm if the recipient’s wallet supports the chosen network
  • Once done, click on “send now”

Transferring funds from, both, the mobile version and the web version is quite similar and the aforementioned steps can be followed.

How to receive funds?

  • From the same left side of the dashboard, instead of send, select the receive option
  • Then, select the asset/assets that you’d like to receive
  • After that, choose the network that you’d like to receive on
  • Once the aforementioned steps are followed, a QR code and address will populate
  • Once scanned and confirmed, you will receive the funds in your wallet

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