How to send bitcoin to another wallet

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Marcus Taylor

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Key Points

  • Sending Bitcoin to your hardware wallet helps you protect your money from being stolen
  • Always copy and paste the recipient’s wallet address when setting up a transfer, since a single typo can permanently send money to the wrong person
  • You can reduce your transaction fees by sending Bitcoin during off-peak hours, when the network is less congested and fees are lower
  • When you receive Bitcoin in a personal wallet, it makes it easier to use Hermes Bitcoin ATMs to quickly and securely withdraw cash

Bitcoin has soared in popularity because of its decentralized structure and the freedom it offers from traditional banks. Central to this appeal is also the ability to quickly transfer cryptocurrencies like Bitcoin from one wallet to another, with transactions taking place in a matter of minutes. Bitcoin also allows you to transfer Bitcoin directly from one person to another, without having to use a series of intermediaries like those used for ACH bank transfers and wire transfers.

In this guide, we’ll walk you through how to send Bitcoin to another wallet. Read on to learn about the process itself and follow our step-by-step guide to complete your first cryptocurrency transfer in a matter of minutes.

Why People Transfer Bitcoin to Another Wallet

There are a lot of reasons why you may want to transfer Bitcoin from your wallet to another. The most common reason is as a substitute for traditional banking. Many people use Bitcoin to send money to friends and family, payment for a good or service at an online merchant, or simply move funds between personal wallets (like between a daily spending wallet and a crypto investment wallet).

Another popular reason for transferring Bitcoin between wallets is security. Exchanges are often referred to as a “hot” wallet, since they’re always connected to the internet—and are by their very nature vulnerable to attack by criminals. But when you transfer your funds to a “cold” storage solution, meaning a hardware wallet disconnected from the internet, you can protect your funds from hackers and other threats.

Finally, many people who live in crypto hubs with a large Bitcoin ATM network, like Los Angeles and Orange County, use transfers to move money between an exchange and their personal wallet. This is important because it’s easier (and faster) to withdraw cash from a personal wallet than an exchange account. Once they arrive at the Bitcoin ATM, they simply transfer funds from their wallet to the ATM to get cash. 

What You Need Before Sending Bitcoin to Another Wallet

Before you start your first transfer, there are a few things you’ll need to collect to get started. First, you’ll need the wallet address of the recipient. Each Bitcoin wallet has a unique address that uses an alphanumeric (letters and numbers) string to identify the account. This is a public address that can be shared with others without compromising the account itself.

However, make sure you keep your private key safe, since anyone with the private key can access your account and spend your hard-earned money.

We encourage all Hermes Bitcoin clients to copy and paste the wallet address on your smartphone or computer, rather than writing it down and entering it into a new device. That’s because a single typo can cause your money to go to the wrong account—and there’s no way to retrieve the money once it’s been sent.

You’ll also want to check your wallet balance to make sure you have enough funds to cover the transfer and any transaction fees. Finally, you’ll need an app to access your sending wallet. We encourage clients to use a mobile app, since you can use the same app when you visit a Hermes Bitcoin ATM to turn Bitcoin into cash.

Step-by-Step Guide to Sending Bitcoin to a Wallet

Designer/Dev Note: Use step-by-step visual block layout similar to other Hermes Bitcoin articles. Each step should have a number, icon, and clear visual separation. Consider using a progress bar or visual timeline.

Ready to turn your Bitcoin or USDT into cash? Here’s exactly how it works – and yes, it’s as simple as it sounds. We’ve broken this down into super clear steps so even if you’ve never used a crypto ATM before, you’ll feel confident walking up to one.

Step-by-Step Transaction Process

step 1

Open Your Bitcoin Wallet

Open the wallet that you’re sending funds from. This could be a mobile app or exchange platform.

step 2

Choose “Send” or “Transfer”

Tap this button to start the transaction.

step 3

Paste the Recipient Address

Paste (rather than write down and transcribe) the recipient’s wallet address. Some mobile apps let you scan a QR code to automate this process.

step 4

Enter the Transfer Amount

You can enter the transfer amount in either Bitcoin or your local currency.

step 5

Review Transaction Details

Carefully review the transaction details before confirming the transfer. Once you click send, you can’t retrieve your funds if a mistake was made.

step 6

Confirm and Send

Once you’ve confirmed details, you’ll need to click send and complete your authentication method to authorize the transaction and send Bitcoin.

Understanding Bitcoin Transaction Fees

Before sending Bitcoin, it’s important to learn how Bitcoin transaction fees work. Users pay transaction fees based on the size of the transaction in bytes, not the amount of Bitcoin being transferred, as well as the level of network congestion.

In addition, these fees are paid to miners, and they typically prioritize transactions with higher fees. If you’d like a faster turnaround for your transfer, you’ll need to pay a higher fee. Finally, you can reduce your fees by opting for a slower transaction time and by transferring Bitcoin during off-peak periods.

Safety Tips When Sending Crypto

The biggest tip for Bitcoin safety is always copying and pasting a recipient’s Bitcoin address. This is key because a single typo can cause the funds to go to an unknown wallet address, and there’s no mechanism to retrieve those funds or cancel the transaction once they’re sent. You can also avoid this scenario by scanning a wallet QR code when available.

Next, it’s important to never click on suspicious links found in emails or text messages. In addition, never share your private key or seed phrase with anyone. Armed with this information, they can access your wallet and steal all of your funds in mere minutes.

Finally, it’s important to set up 2-factor authentication on all of your crypto accounts. That way, if someone gains access to your private key or seed phrase, they’ll still need access to your phone or email account to get into your wallet.

Sending Bitcoin Before Using a Bitcoin ATM

We advise Hermes Bitcoin clients to send crypto to their personal wallet before visiting an ATM. That’s because most major exchanges have withdrawal limits that can prevent you from accessing your funds. In addition, many exchanges have long transaction delays that can prevent you from quickly getting cash when you’re in a hurry.

By transferring funds to your wallet, you ensure that you have quick and convenient access to your cryptocurrencies—and cash—in a matter of minutes. Once currency is in your wallet, Hermes Bitcoin ATMs in Los Angeles and Orange County make it easy to turn Bitcoin into cash at any one of our many regional locations.

find the nearest hermes bitcoin ATM

Where to Find Hermes Bitcoin ATMs in Los Angeles & Orange County

Hermes Bitcoin has a large network of in-person Bitcoin ATMs throughout Los Angeles and Orange County. This makes it quick and convenient for residents to securely access their cryptowallets and get cash. Our machines help you quickly access funds, securely buy and sell Bitcoin, and offer competitive transaction rates to save you money.

Check out our interactive map and list of local Bitcoin ATMs by using our locator tool to find the nearest ATM.

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FAQs

How long does it take to send Bitcoin to another wallet?

It depends. Most Bitcoin transactions are completed in less than twenty minutes. But it can take less time (or up to a full hour), depending on how busy the network is and the type of fee you pay. Once the transaction is recorded and broadcast, it’s quickly added to a mempool (a type of holding area for unconfirmed transactions). Your transaction is confirmed once it’s received at least three separate confirmations on the blockchain.

No! That’s why it’s so important to copy and paste wallet addresses to avoid typos, and triple-check your transaction details before clicking submit. Once the transaction is broadcast to the network and confirmed, there’s no way to reverse it. Always make sure you’re sure of the recipient’s address and transaction amount before clicking send.

Yes. While it’s sometimes possible to withdraw cash directly from an exchange, we recommend that you transfer your Bitcoin to a mobile wallet that you own before heading to a Hermes Bitcoin ATM. This allows you to immediately access your funds and guarantees that you’ll be able to quickly withdraw funds without errors popping up. Finally, it means that you don’t have to wait for the 3rd party exchange to process the withdrawal to receive your cash.

Have a Question? We’ve got answers.

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