OwlTing Wallet
How to Send, Receive, and Store Digital Assets using the OwlTing Wallet
Have you set up your wallet following the simple steps in our article【How to Set Up Your OwlTing Wallet in 2 Minutes】? In our second tutorial, we focus on how to send and receive digital assets. Before you continue, download the OwlTing Wallet app and create a digital wallet of your own!
Download OwlTing Wallet ：
Google Play/Apple Store: https://owlting.page.link/open-wallet
[Table of Contents]
．Hosted vs. Unhosted Wallet
．Receive and Send Digital Currency
．What is a "Gas Fee"?
．Let's Wrap It Up!Hosted vs. Unhosted Wallet
Crypto exchanges are where most people begin their exploration in the blockchain world. Users are provided with digital wallets when signing up on the platforms. While many keep their digital assets in the “hosted wallets” provided by the exchanges, others choose to store their assets in “unhosted wallets” for some very important reasons. Why bother to get another wallet when crypto exchange wallets are convenient and provided by the exchange? What are the differences between hosted and unhosted wallets? Here is a brief introduction to help you better understand the key differences between the two.
Crypto Exchange Wallets: Exchanges provide users with hosted wallets. Primarily these are custodial wallets where crypto exchanges hold the private keys and have access to users’ digital assets. When you utilize a crypto exchange wallet, you can deposit fiat currency on the platform and exchange your funds to digital currency easily. Your digital assets, however, can be at risk in case of hacks, bankruptcy of exchanges, or unauthorized transfers. As shown by the collapse of FTX, the exchange is alleged to have allowed its CEO’s trading business to use customer deposits without authorization.
OwlTing Wallet: The OwlTing Wallet is a free unhosted wallet app you can download and use for free without extra fees. Because you’re the only one with access to your wallet and private key, you have full control of your digital assets. The risk of being hacked while using a self-custody wallet is also lower than big exchanges. This makes it an ideal option to “hodl” your digital assets. It’s simple to add digital assets to your OwlTing Wallet too! Just use an exchange to deposit and exchange your funds to digital currencies, then send them to your OwlTing Wallet to keep them safe and secure.
Receive and Send Digital Currency
If you haven’t set up your wallet yet, download the free OwlTing Wallet app and follow the steps found here. Currently, OwlTing Wallet users can choose among USDC, BTC, ETH, MATIC, and AVAX blockchain networks for transactions. Can’t wait to start? Here’s how:
How to Receive Digital Currency Payments:
- Confirm the “currency” and “blockchain” you are going to use for your transfer. For example, as you can see from the screenshots below, we selected “USDC,” the currency to be received, and “AVALANCHE,” the blockchain network through which the transaction would be processed. Make sure you select the right currency and blockchain before proceeding to the next step.
- Click “Receive” to see your wallet address and hit “Copy” to provide your address to the sender.
How to Send Payouts with Digital Currency:
- The first step is the same as mentioned in the previous section: confirm that you select the right “currency” and “blockchain” network.
- Click “Send,” input the amount you would like to send, paste the wallet address of the receiver, and click “Next.”
- Confirm the transaction details and click “send” if the information is correct.
It’s that easy! What’s even better is that on most blockchains, users can enjoy transfer services with more affordable fees than wire transfers. Next, we will explain a bit more about what is a “Gas Fee,” the cost of blockchain transactions.
What is a “Gas Fee”?
As a decentralized network, blockchain requires miners (validators) to verify and record transactions using a consensus mechanism and to create new blocks on the blockchain. For each transaction verified by the validator, users need to pay the “Gas Fee,” which is similar to transaction fees paid to banks. Gas Fees vary depending on which blockchain network is used. Most of them are much lower than fees charged for wire transfers, which turns blockchain transactions into a powerful payment method with great potential.
Let’s Wrap It Up!
- The OwlTing Wallet allows users to “store” and “manage” their own digital assets. You can exchange fiat currency to digital currency on platforms such as Binance or MaiCoin but keep them secure by sending them to your OwlTing Wallet.
- Things to note: please keep in mind that when you send or receive payments, the “blockchain,” “wallet address,” and “currency” of the receiver or the sender wallet must be consistent. If there are any errors or inconsistencies, you will not be able to get back your digital currency. Be careful!
- If you want to withdraw your funds in fiat currency, send a payment to an exchange (e.g. Binance, MaiCoin, etc.) from your OwlTing Wallet and trade it for fiat currency. Once the transaction is complete, you can withdraw and deposit your money in your bank account.
Download the free OwlTing Wallet app and use it without any extra fees! The OwlTing Wallet gives you full control of your digital assets in your own wallets, and the risks of hacks are significantly lower as well. If you need a secure option to “hodl” your digital assets, try the OwlTing Wallet! Create a wallet of your own now!
Google Play/Apple Store: https://owlting.page.link/open-wallet
【OwlTing Wallet Customer Service】
Email: owlpaysupport@owlting.com
Phone:
+886–2–7727–6538 (Taiwan)
+1–800–856–0182 (United States)
Hours:
Mon — Fri 9:30–18:30 (Taiwan / UTC+8)
Mon — Fri 9:30 -18:30 (United States / UTC-5)
*OwlTing Wallet users shall agree to be bound by the Terms of Use and Privacy Policy.
*Certain services may have additional eligibility requirements; OwlTing does not guarantee the use of this service in specific regions at any time.
