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Key Points

  • Sending bitcoin requires careful verification of destination addresses
  • The process is similar whether sending to individuals or exchanges
  • Always start with small test transactions for new recipients
  • Security best practices are critical to protect your funds

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Summary

This guide explains how to safely send bitcoin to other wallets or back to exchanges. You’ll learn the step-by-step process for both scenarios, along with essential security practices to protect your funds during transfers.

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Sending Bitcoin to Another Wallet

When you want to send bitcoin directly to another person’s or an e-commerce website’s wallet, whether to make a payment, gift, or transfer between your own wallets, you’ll need to follow this process to ensure the transaction is successful and secure.

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Steps to Send Bitcoin to Another Wallet

  1. Get the recipient’s bitcoin address (they can share it via text, email, QR code etc.)
  2. Enter their address in your wallet (scan QR code or enter manually)
  3. Enter the amount you want to send
  4. Double check the fee level - higher fees mean faster confirmation
  5. Verify the destination address on your wallet’s screen matches what the recipient provided
  6. Confirm and send the transaction

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Sending Bitcoin Back to an Exchange

While keeping your bitcoin in your own wallet is ideal for security, there may be times when you need to send it back to an exchange - to trade or sell. The process is similar to sending to another wallet.

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Steps to Send Bitcoin to an Exchange

  1. Log into the exchange account where you want to deposit your bitcoins
  2. Get your deposit address from the exchange
  3. Enter the address in your wallet (scan QR code or enter manually)
  4. Enter the amount you want to send
  5. Carefully verify the destination address shown on your hardware wallet’s screen matches the exchange’s address (important)
  6. Confirm and send the transaction

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Important Safety Tips

  • Never share private keys or recovery phrases
  • Always double-check addresses on your wallet
  • Use 2FA everywhere possible
  • Start with small test transactions
  • Keep most of your bitcoin in cold storage at all times (hardware wallet)