Updated March 9, 2022
You may take but downloaded or purchased your first Bitcoin wallet, only now want to know how to add together coins to it.
Doing your first transfer from an exchange to a wallet can be intimidating for first timers. Merely this is a very of import step to securing your investment in cryptocurrency. Again, you should never leave your bitcoin on an exchange unless you are going to sell it immediately.
And so while this may seem like a redundant and disruptive chore, don’t worry! In this short guide, we will testify you how to add together coins to your Bitcoin wallet. Once you lot are finished you’ll be a pro at this very mutual procedure.
By the end, you’ll see how piece of cake it is to transport and receive Bitcoins from anyone y’all want!
But first, in example you haven’t got a wallet even so, check out our picks below:
Best for Security
Ledger Nano X
Secure storage for whatsoever cryptocurrency
The Ledger Nano X is the newest crypto hardware wallet, and is very easy to utilise. It connects to iOS, Android & desktop computers.
Best for buying bitcoins & cryptocurrency
Coinbase is NOT a wallet. You tin can use information technology to buy bitcoins, only ship them out of Coinbase after buying.
Best for Desktop
Simple yet powerful desktop wallet
Learn More than
Electrum is a Bitcoin-only wallet that has been effectually since 2011. Information technology’southward easy to use, but has advanced features.
On a technical level, your wallet is more than like a window onto the Bitcoin network that you command with your own electronic private keys. Whether you lot use a super secure hardware wallet like the Ledger Nano X, a convenient mobile app like the BRD wallet or an old school favorite Electrum y’all’ll need to exist sure to keep your private keys safe.
I have a wallet, do I have to buy a whole bitcoin?
It’s a common misconception to recollect that you need to buy 1 whole bitcoin at a time. These days, that would exist quite an expensive endeavor. You tin can check out the current price of one bitcoin, here.
Instead, the inventor of Bitcoin, Satoshi Nakamoto, made information technology possible to divide 1 bitcoin into 100,000,000 pieces.
1 bitcoin is divisible to viii decimal places and you tin can ain as little equally 0.00000001 bitcoin. In reality, most places where yous tin buy bitcoin permit you to spend as little equally $v at a fourth dimension.
In 2010 an early member of the Bitcointalk customs, Ribuk, proposed the proper name ‘satoshi’ for the smallest unit of a bitcoin, and the name stuck. In contempo years information technology’s become common to use the phrase “stacking sats” for buying and belongings small amounts of bitcoin in order to periodically accrue more of the coin.
The best identify to buy your kickoff bitcoin is on an substitution
Wallets themselves tend not to requite you the option to buy and sell bitcoin for fiat. So, y’all’re going to have to observe a trustworthy and low-cost exchange, and and so send the coins from the exchange to your wallet.
An ideal fiat cryptocurrency exchange for people just getting started is Coinbase. For the following reasons:
- It has the most elementary and piece of cake to use user interface
- It’s quick to get verified and then you can buy bitcoin almost instantly
- There are not bad mobile apps for Android and iPhone
Three important factors for choosing which exchange is the correct pick for you are reputation, fees and speed:
It’s sad to say, but a lot of exchanges in the by turned out to be scams. That means the longer an exchange has been around, building up a positive reputation, the less likely information technology is to be a bad actor in the space.
You can likewise check if the exchange is regulated in your part of the world. Nosotros reviewed the top exchanges we would recommend, here.
Some other important factor in choosing the right exchange to fund your bitcoin wallet is to compare how much they volition accuse for converting your fiat to bitcoin.
On average the fees for credit card purchases are around 4%. If you send your coin via banking concern transfer you unremarkably save on fees and can expect to pay somewhere between 1 and i.5%.
Finally it’s important to wait at how chop-chop will you be able to purchase and so receive your coins. It’south interesting to note that a lot of the bug connected with how chop-chop y’all can fund your Bitcoin wallet, are really due to the slowness of the legacy financial systems, and not cryptocurrency itself.
However, it’due south a good idea to look at waiting times and withdrawal limits for the purchasing method of your selection every bit information technology’due south never a skilful feeling to exist caught out past these kind of factors when you lot desire to buy some Bitcoin in a hurry.
Credit carte purchases are usually quicker than bank transfers, simply they come at a higher price.
Do Non become comfortable leaving your cryptocurrency on an commutation. Ideally you should ship your money to an exchange, purchase your crypto, and then withdraw the coins immediately to a secure hardware wallet like the Ledger Nano Ten.
How to withdraw to your wallet
The outset few times yous withdraw to a bitcoin wallet it can feel a fleck nerve-racking. You do need to be careful and ensure that yous follow the steps carefully. Wallets that accept modern user interfaces and easy to follow step-by-step processes will help reduce the adventure of you lot making a mistake.
As an case, if you are withdrawing from your Coinbase account to your Ledger Nano 10 you would follow these steps:
1. Select ‘Ship’
Select ‘Send’ and cull the coin you want to withdraw from your substitution account. You tin can send equally footling or as much as your BTC equally y’all wish, simply be enlightened that each withdrawal will have a fee. One time you lot are comfortable sending and receiving bitcoin it is worth learning a lilliputian more about transaction fees and how you can minimize the costs.
Send from coinbase
2. Get a Receiving Address
Log in to your Ledger Live account and follow the instructions to copy your wallet address and then that y’all can input it in Coinbase as the receiving address. First yous must connect and unlock your Ledger, then open up the Bitcoin app on your device.
Connect and unlock your Ledger
3. Verify and Copy Receiving Address
Next, check the Bitcoin address that is showing on your device. It should exist your Bitcoin wallet address, and nobody else’s.
Verify your Bitcoin accost
Then, utilise the app to copy the accost from Ledger Live, or scan the QR code that shows in Ledger alive.
The near important matter is to make sure that the wallet address you send your bitcoin to (the long cord of numbers and letters) is correct. If you send your bitcoin to a different accost by blow there is no fashion of getting your money dorsum.
Then exist careful.
iv. Give Exchange Your Receiving Address
From your Coinbase or other exchange account, double check the address by sight to ensure you are sending the bitcoin to your wallet address.
Copy the accost to Coinbase
How long volition information technology accept till my bitcoin arrives?
That depends. If you lot get into the next block, you lot Bitcoin will arrive in your wallet inside nearly 10 minutes. This is the time it takes to get one confirmation on the Blockchain.
Below is a quick guide that will tell you how many confirmations you should wait and how long that will accept.
Payments with 0 confirmations tin still be reversed! Await for at least one.
One confirmation is enough for pocket-sized Bitcoin payments less than $one,000. x minute look.
Enough for payments $1,000 – $10,000. Most exchanges crave iii confirmations for deposits. 30 infinitesimal await.
Enough for large payments between $10,000 – $1,000,000. Six is standard for most transactions to exist considered secure. 60 minute await.
Suggested for big payments greater than $ane,000,000. Less is likely fine, but this is to be safe! ten 60 minutes await.