Bitcoin is a digital currency that has gained immense popularity in recent years. It is a decentralized currency that allows peer-to-peer transactions without the involvement of any financial institutions. Coinbase and Luno are two of the most popular cryptocurrency exchanges that allow users to buy, sell, and store bitcoins. In this article, we will discuss how to transfer bitcoin from Coinbase to Luno.
Before we dive into the process of transferring bitcoins from Coinbase to Luno, let’s first understand the basics of bitcoin transactions.
Bitcoin transactions are processed through a blockchain network. When a user sends bitcoins to another user, the transaction is verified by multiple nodes on the network. Once the transaction is confirmed, it is added to the blockchain, which is a public ledger that contains all bitcoin transactions.
Now, let’s move on to the steps involved in transferring bitcoin from Coinbase to Luno.
Step 1: Create a Luno Account
The first step is to create a Luno account. Visit the Luno website and click on the “Sign Up” button. Enter your email address and create a strong password. You will also need to verify your email address and complete the KYC (Know Your Customer) process to be able to buy, sell, and store bitcoins on Luno.
Step 2: Get Your Luno Bitcoin Wallet Address
Once you have created a Luno account, you will get a bitcoin wallet address. This address is a unique identifier that enables you to receive bitcoins on Luno. To get your bitcoin wallet address, log in to your Luno account and click on the “Wallets” tab. Select the bitcoin wallet and click on the “Receive” button. You will see your bitcoin wallet address, which you can copy to your clipboard.
Step 3: Transfer Bitcoins from Coinbase to Luno
To transfer bitcoins from Coinbase to Luno, you need to follow these steps:
1. Log in to your Coinbase account and select the “Accounts” tab.
2. Select the bitcoin wallet that you want to transfer from.
3. Click on the “Send” button.
4. Paste your Luno bitcoin wallet address in the “Recipient” field.
5. Enter the amount of bitcoins you want to transfer.
6. Review the transaction details and click on the “Send” button.
7. Enter your two-factor authentication code (if enabled).
8. Wait for the transaction to be confirmed on the blockchain.
Step 4: Check Your Luno Bitcoin Wallet
Once the transaction is confirmed on the blockchain, you will see the bitcoins in your Luno bitcoin wallet. To check your bitcoin balance, log in to your Luno account and click on the “Wallets” tab. Select the bitcoin wallet and you will see your bitcoin balance.
Conclusion
Transferring bitcoins from Coinbase to Luno is a straightforward process. You need to create a Luno account, get your bitcoin wallet address, and then transfer bitcoins from Coinbase to Luno. It is important to note that bitcoin transactions can take some time to be confirmed on the blockchain, so be patient and wait for the transaction to be confirmed before checking your Luno bitcoin wallet.