Bitcoin is a popular cryptocurrency that is used around the world. It is decentralized, meaning that it is not controlled by any government or financial institution. This makes it a popular choice for people who want to send money without the need for a middleman. Coinbase is one of the most popular exchanges where you can buy, sell, and store bitcoin. In this article, we will explain how to send bitcoin from Coinbase.
Step 1: Check your bitcoin balance
Before you can send bitcoin from Coinbase, you need to make sure that you have enough bitcoin in your account. To check your balance, go to the Coinbase dashboard and click on the “Accounts” tab. You will see a list of all the cryptocurrencies that you have in your account. Find your bitcoin wallet and check the balance.
Step 2: Add a recipient
To send bitcoin, you need to have a recipient. This can be a friend, family member, or merchant who accepts bitcoin payments. To add a recipient, click on the “Send/Receive” button on the Coinbase dashboard. You will be prompted to enter the recipient’s bitcoin address. Make sure that you enter the address correctly, as bitcoin transactions cannot be reversed.
Step 3: Enter the amount
After adding the recipient, you need to enter the amount of bitcoin that you want to send. Coinbase will automatically convert the amount into your local currency. You can also choose to send a specific amount of bitcoin by entering it manually. Make sure that you double-check the amount before clicking on the “Send” button.
Step 4: Confirm the transaction
Before the transaction is processed, Coinbase will ask you to confirm the details of the transaction. Make sure that you have entered the correct recipient and amount. You will also see the transaction fee that Coinbase charges for sending bitcoin. The fee varies depending on the transaction size and network congestion. Once you are satisfied with the details, click on the “Send now” button to confirm the transaction.
Step 5: Wait for the confirmation
After you have confirmed the transaction, you need to wait for the bitcoin network to confirm it. This can take anywhere from a few minutes to several hours, depending on the network congestion. You can track the status of the transaction by going to the Coinbase dashboard and clicking on the “Accounts” tab. You will see the transaction listed under the “Bitcoin” wallet. Once the transaction is confirmed, the recipient will receive the funds in their bitcoin wallet.
In conclusion, sending bitcoin from Coinbase is a straightforward process that can be completed in a few steps. Before sending bitcoin, make sure that you have enough funds in your account and that you have entered the recipient’s address correctly. Double-check the amount and transaction fee before confirming the transaction. Once the transaction is processed, you need to wait for the bitcoin network to confirm it. Coinbase also offers a mobile app that you can use to send bitcoin on the go. With these steps, you can easily send bitcoin from Coinbase to anyone around the world.