Without any doubt, trading with cryptos is one of the most interesting topics in this day and age. It should be said that it wasn’t like this back in 2009, when the first cryptocurrency, Bitcoin, was introduced to the public.
However, with many years passing and so many cryptos reaching a significant worth, more people got interested in the concept itself. As we’ve already stated, more and more people are interested in this concept by the day. So, it is of the utmost importance to provide all the necessary details about this process.
To conduct in crypto trading, every trader needs to have their own wallet for storing their coins. If you take a look at the market, you will see that there are a plethora of these to choose from. These are categorized into the desktop, mobile, hardware, and web wallets.
Naturally, every wallet comes with its set of pros and cons. So, before you make the decision about which one of these you will use, you will need to learn all about them. Naturally, based on your research, you will be able to choose the one that will serve your needs the best.
Since they are so different, it could be pretty hard to choose the one that will serve all your needs. If you are interested in learning as much as you can about the whole concept of BTC wallets, be sure to visit www.techgenyz.com.
It’s needless to say that obtaining all the most important features and traits before conducting crypto trading is an absolute must. Now, we would like to provide you with some crucial facts you need to know about the process of transferring bitcoins between wallets. Without further ado, let’s talk about them.
Table of Contents
From Wallet to Wallet
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We’ve talked about how every trader needs to have his wallet for storing their cryptocurrencies. For those who are not aware of all the features of this concept, it should be said that it doesn’t require any kind of personal information, which is an essential part of any kind of transfer conducted in banks.
It can be said that this trait is one of the most popular ones among BTC owners. Therefore, for wallet to wallet transferring, you don’t need anything other than the address where you are sending your coins.
At the same time, the only thing you need to send to the sender is the address from your address. What many people don’t understand is that these addresses are constantly changing. Pretty much all the transactions will require a completely unique address in order to perform.
Otherwise, they will not be as operational, or not operational at all. What makes it more interested is that these transactions cannot be tracked by any third-party. So, with the lack of authority above them, these transactions are believed to be one of the most popular ones in this day and age.
What separates this kind of transaction from any other is that they are much faster. Meaning that you will receive your coins in a matter of minutes. When comparing these with an average transaction, the situation is pretty clear.
Traditional transactions could take up to a couple of days before they are processed if you are about to send or receive something on Friday. Waiting until Monday is something that most people have experienced at some point. When you look from this point, transferring BTCs from wallet to wallet looks like a no brainer.
Sending BTC via SMS or Email
img source: bytesin.com
There’s an option many users are not aware of. We are talking about sending your BTCs through an email or SMS. Sending by using SMS can be done without having an internet connection. With email, the situation is pretty clear, therefore, we wouldn’t like to explain it further.
Naturally, you can perform this transfer from your mobile phone, and you are not limited to using only your laptops or desktop PCs. Naturally, you will be required to register your phone and connect it with your wallet. Without doing that, you will not succeed.
Are There any Fees Included?
Every time you make a wallet-to-wallet transaction, you will need to pay a 4% fee. If you are sending your coins to a wallet from another country, informing yourself about the fees in that particular country is an absolute must. Even though this fact is pretty confusing, since a vast majority of counties don’t have any kind of regulation about BTC, and any other cryptocurrencies, it’s like that.
At the same time, when you are transferring coins into any fiat currency, the fee will also be 4%. When you take a look at it, this is a much lesser percentage than those you will need to pay when you transfer your money from your bank account to another bank account.
Wallet Security
img source: themerkle.com
Last but not least, we would like to talk about the question of security since it is one of the most important ones. Some potential problems can occur when you are conducting a transfer between two wallets. If you are not careful about storing the information about your wallet, you can expect some malware to scan your drive and obtain them.
Therefore, it needs to be said that storing these is one of the first things you should do. How’s this possible, you ask? Well, you are using different devices for trading, and these devices can be easily accessed by malware, trojans, and any other kinds of dangerous factors. It means that you need to be pretty smart about how you should preserve all the crucial information for your BTCs.
In Conclusion
With knowing that the concept of cryptocurrencies is now more popular than it has ever been, it’s highly important to provide traders with all the essential information. So, we’ve decided to provide you with exactly that. Transferring between two wallets is a pretty important question, and we’ve decided to talk about this topic. We are pretty certain that you will find all the information we’ve provided you with useful.
