How To Send BitCoin and Cryptocurrency (For Beginners)
Sending Digital Money Is As Easy As Sending An Email
Hi, Sean here from CoinYou.Co. Its our mission to teach regular people how to use crypto because it is the future of money. If you want to know the benefits and why you should care about crypto, check out this short video.
Although it seems intimidating for people who are not good with technology, it’s actually really easy to use crypto.
It’s probably easier than using a credit card or bank account, but those things are so normal that people have gotten used to it.
I’m going to be using some crypto terms, so if you want to make sure you understand all of the words, check out this ebook that has a crypto glossary.
Before you send crypto to another party, first you have to buy it. Then, after you buy it, it is automatically stored in your exchange account. It’s similar to a bank account. The exchange stores your money for you, the same way a bank stores money for you. But just like a bank, an exchange can lose your money and data.
I’m going to show you how to send crypto from my multi currency wallet.
However, sending crypto works the same for sending to other people, businesses, and exchanges.
I’m assuming you purchased crypto from an exchange. The exchange auto generated an account for you and it has a unique number called a public key or public address. Its like your email address or your bank account number and it looks like this: 0x10F439b89B60A4b0DF1858bF743F70D77C6E1bCe
Don’t let the long chain of characters intimidate you. But do keep in mind that copying all of them correctly is extremely important, the same way it is important to get a bank account or email address precise.
Step One: Sign into your exchange or wallet account.
Step 2. Locate your crypto account.
Every crypto has its own address, the same way every bank account has its own number.
You can’t keep euros and dollars in the same account, and you can’t keep Bitcoin and Ether in the same account either. But you can get a wallet that accepts different cryptocurrency accounts within the same wallet so that you can manage them side by side, the same way you can have a dollar account and a euro account at the same bank.
It’s best to take control of it and be aware of how to secure your crypto off of an exchange.
FreeWallet.org is a reputable online wallet with a cold storage vault. Learn more about cold storage vaults here.
Cold simply means disconnected from the internet.
So although a web wallet is connected to the internet, cold storage vaults store data offline. Another benefit of freewallet is that you can send and receive crypto to other freewallet users without transaction fees.
Step One: Go to https://FreeWallet.org
You can sign up with your email or social login.
The email login did not work for me, perhaps because of my chrome browser. But I was able to sign up with Facebook without a problem.
Remember that passwords are very important in crypto. Check out this guide on how to handle crypto passwords.
At this point it is important to set up 2 factor authentication. This is because it is much harder for someone to steal your crypto if they have to go through 2 different forms of verifying an account. For example, if someone cracked my crypto wallet password they still would not be able to get my crypto if they were also required to confirm a text message that went to my phone.
It is a best practice to always use 2 factor authentication with very secure passwords.
For long term storage, it is much more secure to use a paper wallet or a hardware wallet. But lets continue to learn about how to create a multi-currency web wallet.
FreeWallet.org is great because it can store more than one kind of crypto.
Now we are going to set up 2 factor authentication. Click on the “Security” section on the top right of the page.
Now you can add 3 layers of protection to your account. Today I will teach you how to add 2 factor authentication with the google authenticator app. But you can also enable a pin number and email confirmation.
Click on the 2 factor authentication on the top and then download the app and press continue.
Open the app on your phone. Click on the red plus sign. Select “Scan Bar Code”. Take a picture of the code on the screen.
Now enter the code (which changes every few seconds)
If you entered it correctly this screen will show. Click on “go to dashboard”.
Now Click On “Send”.
Now Click on the wallet that you have that has the crypto you wish to send. I just have “ETH”. Then click on “Wallet Address” and then Click on “Continue”
You can explore the various cryptos supported a bit later. For now, ignore the prices section of different coins on the left and focus on the center of the page.
Simply enter the address of the person or business you want to pay or the address of one of your alternative accounts and click “continue”.
Once you send the ETH you can track the transaction using https://etherscan.io/
Other cryptos have similar services for tracking transactions. This is one of the great benefits of blockchain compared to the traditional financial system.
Congratulations! You just took the first step to joining the future of money!
Knowledge is power, especially when it is about emerging technology and financial literacy!
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