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Coinbase: What Is It and How Do You Use It?
For those of you who have not been paying attention to one of the biggest trends in investing and tech, cryptocurrencies are digital currencies using encryption techniques that regulate the generation of currency and verify the transfer of funds, operating independently of a central bank. Units of currency are created through a process referred to as mining.
In the case of Bitcoin, miners run computer programs to verify the data that creates a complete transaction history of all Bitcoin. A technology known as the blockchain, which is used to create irreversible and traceable transactions, makes the process of verification possible. Once a miner has verified the data (which comes in a block, hence, blockchain), they are rewarded with some amount of digital currency, the same currency for which they were verifying the transaction history. So mining Bitcoin, for example, would earn you Bitcoin.
Cryptocurrencies are experiencing a moment of unprecedented attention and speculation for several reasons. 1) The value of Bitcoin has been steadily climbing through 2020, with Ether seemingly poised to overtake the cryptocurrency giant any day; 2) Blockchain technology has purposes above and beyond cryptocurrency, and has been hailed by some as the backbone of the future financial system; 3) The increasing number of people who see cryptocurrency as a form of investment similar to gold. If cryptocurrencies stabilize in value, buying Bitcoin or Ether has the potential to be a worthy venture.
- In the case of Bitcoin, miners run computer programs to verify the data that creates a complete transaction history of all Bitcoin.
- The value of Bitcoin has been steadily climbing through 2020, with Ether seemingly poised to overtake the cryptocurrency giant any day.
- Coinbase is a global digital asset exchange company (GDAX), providing a venue to buy and sell digital currencies.
- Products like Coinbase are a way to begin a foray into a new form of currency speculation and investing.
If you want to trade in digital currencies, you are going to need a platform on which to trade them, and an intermediary to communicate with the network. Coinbase is a global digital asset exchange company (GDAX), providing a venue to buy and sell digital currencies, as well as send information about those transactions out to the blockchain network to verify those transactions. Coinbase serves as a wallet, too, where the digital currencies can be stored. The application operates exchanges of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, as well as other digital assets with fiat currencies in 32 countries, and Bitcoin transactions in many more countries. According to its website, Coinbase has served over 10 million customers and facilitated the exchange of more than $50 billion worth of digital currency.
Essentially, if you are interested in trading in digital currencies but don’t want to get bogged down in the underlying technology, products like Coinbase are a way to begin a foray into a new form of currency speculation and investing. You do, however, lose some of the advantages of trading in a cryptocurrency and through the blockchain. On Coinbase, you have no pseudo-anonymity—your name is attached to your Coinbase account and so is your bank account, so transaction history is relatively easy to track down. And if you’re not working on the blockchain, there’s not much you can do to ensure that the verification of your transaction history or your account is taking place on the blockchain. You are, instead, placing trust in the intermediary, in this case, Coinbase.
Buying and Selling Cryptocurrency
Coinbase requires you to link a bank account, or credit or debit card to your Coinbase account to purchase cryptocurrencies. Using a bank account allows for higher limits ($100/transaction, $2,500/week), but it also takes longer to verify transactions, so you will not see money in your Coinbase wallet for two to four days (depending on your bank). And when selling Bitcoin, once the sale is confirmed, it takes two to four days for the proceeds of that sale to show up in your bank account. With a credit or debit card, limits are lower ($200/week), but you can purchase digital currencies by simply transferring funds from that bank account to the site. For these transactions, Bitcoin shows up in your Coinbase wallet instantaneously. You can also sell Bitcoin to your PayPal account, effectively cashing out, as your Bitcoin will be exchanged for local currency. This transaction, too, is instantaneous.
Most of us do not have the technological wherewithal to communicate with the blockchain or to store our digital currency; that’s where Coinbase comes in.
Despite the intricate technology associated with and necessary for cryptocurrency investing, speculation and possession, Coinbase has created an apparatus that makes this process remarkably easy and familiar, almost like buying and selling stocks. This screenshot from the Coinbase site shows real-time cryptocurrency prices and doesn’t look too different from your ordinary online stock tracker.
(Image courtesy of coinbase.com)
This gif shows what it looks like to buy and sell Bitcoin on Coinbase. Pretty simple, and similar to online banking. (image courtesy of coinbase.com)
Security and Insurance
The platform stores 98% of customers funds offline to ensure the security of the cryptocurrency assets you purchase and store within Coinbase. On their website, Coinbase assures customers that “sensitive data that would normally reside on our servers is disconnected entirely from the internet.” Data is then encrypted, and transferred to USB drives and paper backups, and distributed in safe deposit boxes vaults all over the world.
The other 2% of customer funds, held online, are covered in the event of a breach of Coinbase’s online storage. Also, Coinbase holds all customer fiat currency in custodial bank accounts, on behalf of customers. So, if you have fiat currency in Coinbase, in a USD wallet, it is covered by FDIC insurance up to $250,000 (just like a “regular” bank). This protects customer assets (so long as they have been converted to fiat currency) even in the event of Coinbase becoming insolvent.
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If you do have this much money tied up in Bitcoin, though, you may want a more secure space to store it. If this is the case, Coinbase offers a Coinbase vault, which has time-delayed withdrawals (giving you 48 hours to cancel a withdrawal) and the option of multiple approvers, increasing security by ensuring that all withdrawals are approved by multiple people. They also offer a multisig vault, which is basically an even more involved and more secure vault, requiring multiple keys to unlock.
Word of Caution
Because the blockchain works by verifying transaction history, and this verification process is labor-intensive and slow, only so many transactions can be verified in a certain timespan. So, if you sell your Bitcoin, but the purchase isn’t confirmed by the blockchain network, and the price of the currency changes, the sale won’t process. You’d have to sell your Bitcoin at whatever the new rate is (if you so choose to sell). Also due to the reality of blockchain, as well as for other reasons thus far unidentified, the Coinbase payout system can sometimes be unreliable. There have been reports of extensively delayed payout periods, and bugs sometimes keep the site from running as efficiently as it could or should. A word to the wise: if you are going to invest in and speculate on cryptocurrencies, do so carefully.
Binance vs Coinbase: A Side by Side Comparison
For anyone new to the world of cryptocurrencies, getting to grips with the variety of coins on offer can be intimidating. The same can be said for the wide range of cryptocurrency exchanges that service the sector, and chances are that even if you are still new to the scene, you’ve heard of Coinbase and/or Binance. The two are arguably the leading exchanges at the moment, and provide services that suit beginner traders and investors while also catering to more advanced operators. As a result, we take a look at the two cryptocurrency exchanges and compare them to see how they match up, and who might benefit from using them.
Binance is a relatively young upstart by comparison, and launched in 2020. The exchange was founded by the ex CTO of OKCoin, Changpeng Zhao who raised $15 million in funding via an ICO (Initial Coin Offering).
Despite its relative youth, the exchange has become extremely popular, and is the go to option for a large percentage of the crypto trading community. The exchange has mostly operated as a crypto to crypto platform, and provides access to over 500 different cryptocurrencies. However, earlier this year, the exchange partnered with Simplex to enable crypto purchases via credit and debit card. Binance has also moved the location of its headquarters numerous times and after operating out of China, and Japan, is currently based in Malta. The exchange also allows its users to trade without having to undergo extensive KYC identity checks.
Coinbase is one of the most established cryptocurrency trading platforms in operation and dates back to 2020. It was launched by Brian Armstrong and Fred Ehrsam, and is based in San Francisco, USA. The exchange enjoys a good reputation and has been backed by venture capital and investment firms such as Union Square Ventures, Digital Currency Group and Andreessen Horowitz. Coinbase is transparent in nature and operates in line with regulations and applies strict KYC/AML policies. The exchange can be accessed from more than 100 countries and while it offers a rather limited selection of digital assets, it also allows its users to make fiat to crypto transfers and vice versa.
The Signup Process
Creating an account with either exchange is a relatively straightforward process, and with Coinbase you just need to head to the website and click “Get Started” at the top right of the page. From here you will be asked to enter your first and last name, email address, and password for the account.
After clicking on the user agreement box and the “Create Account” button, an email will be sent to the address you provided containing a verification link. Verifying your account via this think will allow you to finish the process by logging into your account and entering a mobile phone number. An SMS will be sent to this number containing a code that will allow you to complete the signup process. One you enter the code, your account will be fully unlocked and you can begin to use it. Using Coinbase to make fiat to crypto transfers will require you to verify your account even further and submit your personal and banking details alongside the relevant supporting documents and ID.
To create an account on Binance you need to click “Register” at the top right of the page, and enter your email address, and password which is at least 8 characters, and includes upper case letters and numbers.
When you’ve completed the box and clicked “Create Account” you’ll need to complete a slide verification pop up before receiving your verification email. After clicking on the link you need to log in once again, and click all the boxes on the safety risk notice pop up. From here you will have a Level 1 account, and you need to setup two factor authentication to make withdrawals. Higher account levels require additional ID verification similar to Coinbase.
Up until recently Coinbase only provided access to Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. However, over the past year or so the exchange has begun to list more coins and now provides universal access to around 17 digital assets. These new additions are mostly ERC-20 tokens and include LINK, BAT, ZRX, and REP, alongside stable coins like DAI and USDC. High cap cryptos like XRP, EOS, and XLM are also supported.
Most importantly, Coinbase allows its users to use fiat currencies as a payment method, and supports ACH (US), SEPA (Euro), and Faster Payments (UK) bank transfers. Anyone outside of these regions can make deposits and withdrawals via credit and debit cards which is still quite a unique feature for a cryptocurrency exchange.
Binance is something of a market leader in this area, and made its name as a crypto to crypto exchange. The platform currently supports over 500 digital currencies and suits anyone looking for a greater range of tokens to trade. Binance provides trading pairs based on digital assets including Bitcoin, Ethereum, Binance Coin (BNB), and stablecoins such as Tether. Using BNB can help to lower your trading fees on platform, and after being known for listing ICO tokens, Binance also uses its Launchpad to promote and list new projects.
As a result, Binance is home to large cap, medium cap, and small cap projects, as well as ERC-20 (Ethereum network), NEP-5 (Neo network), and BEP-2 (Binance chain) tokens. While the exchange does not allow bank transfers, a recent link up with Simplex allows its users to make purchases of selected coins via credit/debit cards.
This is another area in which Binance holds a significant advantage. The platform features low fees in comparison to other exchanges, and adds a fee of 0.1% per trade for anyone conducting less than 50 BTC/BNB worth of trades within a 30 day period. This fee becomes reduced once these limits are passed, and also if you pay for transactions using BNB tokens. Withdrawal fees depend on the digital assets being transferred and also change over time and Bitcoin currently accrues a withdrawal fee of 0.0005 BTC.
Coinbase is known for having high fees and they vary depending on the trade amount, jurisdiction, and the payment method used. Here “variable” standard buy/sell rates range from 1.49% to 4%. However, Coinbase sets it fee charge to be the greater of (a) a flat fee or (b) the previously mentioned variable fee determined by region, product feature and payment type.
The flat fee rates are as follows:
- For a transaction amount of up to $10, the fee is $0.99.
- For a transaction amount between $10 and $25, the fee is $1.49.
- For a transaction amount between $25 and $50, the fee is $1.99.
- Foe a transaction amount between $50 and $200, the fee is $2.99.
For transactions than $200, Coinbase adds a variable fee of 1.49% to your total, and credit or debit card purchases accrue an additional 3.99% fee. Furthermore, the base rate for all Purchase and Sale transactions in the U.S. is 4%; however, Coinbase waives a portion of the transaction Fee depending on the payment method used. The fees can start to add up, and it’s a good idea to have a look at the official fee structure to keep on top of things.
Ease of Use
When comparing the two platforms, it’s safe to say that most people will find Coinbase easier to use when they first get started. The interface is well designed, and everything is kept simplistic which makes it easier for newbies to stay on top of what they are doing. The layout keeps things simple, and the dashboard contains an overview of your portfolio, coin prices, and provides you with your recent activity/transaction history. The other tabs are also easy to spot and the limited amount on coins on the platform also helps to keep things relatively simple. All in all, Coinbase is one of the easiest platforms to use for anyone new to buying and selling cryptocurrencies.
Binance comes with a slightly sharper learning curve, and people usually move onto Binance after gaining some experience dealing with other exchanges. Most importantly, the platform allows you to choose between two different interfaces, namely Basic and Advanced.
The basic version is aimed at beginners, and contains all of the most important features on the main page. The charts and order box take centre place, while the right hand side contains the lists of BNB, BTC, Altcoin, and Stablecoin markets that users can trade in. Price lists that are updated in real time are displayed on the left side of the page. While more difficult to use than Coinbase, Binance’s Basic mode is still one of the more easy to use interfaces for crypto exchanges that deal with a range of altcoins.
The Dashboard is also more difficult to navigate and contains more tabs and features than those offered by Coinbase. Again, it’s usually not the first destination for new traders but the exchange provides a number of guides to help you to get to grips with it, and things are generally well laid out.
Coinbase makes use of industry standard security protocols such as passwords and two factor authentication (2FA). Here, 2FA can be used by phone, or apps such as Authy or Google Authenticator. Coinbase also notifies users when a new IP address or device tries to gain access to their account.
The exchange is also transparent about its storage methods, and 98% of customers’ crypto assets are stored offline via both hardware and paper wallets that are also stored in secure vaults and safety deposit boxes across a number of global locations. Coinbase also uses fund segregation to keep customer funds separated from company operational funds. Customer funds are stored in custodial bank accounts and, only Coinbase customers have any legal rights to the funds.
Any funds stored online are fully insured by a syndicate of Lloyd’s of London, and United States residents using the USD wallet are covered for any amount up to $250,000 as a result of FDIC insurance. However, despite this, it’s important to remember that customers are still liable for their losses if their personal accounts get compromised.
Binance while well respected is less transparent about its security protocols. However, personal account security is top notch with 2FA and email verifications operating as standard. Users can also choose to adopt further security methods such as using an external device like a Yubikey for verification. Most importantly, the exchange suffered a hacking attempt in March 2020 which was picked up by internal security systems and thwarted as a result.
Furthermore, Binance was eventually breached in May 2020, when a hacker gained access to user information such as API keys and withdrew over $40million worth of crypto assets. However, Binance covered these loses in full using their Secure Asset Fund for Users (SAFU) security fund, and reimbursed all users who suffered losses.
Coinbase is based in the USA, and complies with U.S. laws and regulations at all levels. The exchange complies with the Bank Secrecy Act, the USA Patriot Act, state money transmission laws and regulations, and is registered as a Money Services Business with FinCEN. As a result Coinbase is fully accountable and transparent in its operations, and is one of the industry leaders in this regard.
Interestingly, when the US International Revenue Service (IRS) made a request for the records of all US citizens purchasing BTC between 2020 and 2020, Coinbase managed to protect its customers by narrowing the scope of the investigation, and Coinbase was finally ruled to provide the personal information of US customers who made transactions greater than $20,000 in a single year between 2020 and 2020.
While remaining professional in its operations, Binance is known to be less friendly with the authorities, and the exchange has moved its head office from Shanghai, China to Japan, and then onto Malta in an effort to stay ahead of strict regulators. Despite this, the exchange moved to restrict US customers in August 2020, and announced that they would eventually block US residents from making trades and deposits on the platform.
Customer Support & Additional Resources
Coinbase offers customer support through email, and responses typically take around 24 to 72 hours. The exchange also provides an extensive Knowledge Base and FAQ section on their site which is helpful for new traders. Coinbase Earn is a learning portal that allows verified members to learn about selected coins and receive payouts in the coin after completing a course.
Educational tasks include watching videos, and filling out quizzes, and cover coins such as Stellar Lumens (XLM), Tezos (XTZ), Basic Attention Token (BAT), and Maker Dai (DAI). Coins received after course completion are stored in your Coinbase wallet, and can be traded after being received.
Binance operates a similar email support system and customers can also contact the team by submitting support tickets via an online form on the website, and responses are made via email. However, responses are known to take a while, and there is no current live chat support feature. Binance outdoes most other exchanges with regards to its learning resources and on top of its FAQ and Support Center section it also provides learning resources via its Binance Academy, Binance Info, and Binance Research offshoots.
A more advanced alternative to Coinbase called Coinbase Pro is tailored to more experienced traders and contains a wider range of features. These include more extensive charts with a full range of technical indicators, more complex order types, and margin trading. Coinbase Pro also enjoys lower fees and suits Coinbase users looking for additional features or who are ready to upgrade their trading experience.
Binance Regional & Binance DEX
Despite its relative youth, Binance continues to expand at a rapid rate and has launched fiat to crypto exchanges including Binance Jersey for European customers, and Binance Lite Australia for its Australian client base. The exchange has also launched Binance Uganda to serve the African market and most importantly has also launched Binance US which serves the US market and requires full KYC identity verification. Binance also launched a DEX (Decentralized Exchange) platform in April of 2020.
Binance vs Coinbase: Comparison Table
|US Regulatory Compliance||Yes, only on Binance.us||Yes|
|Ease of Use||Hard||Easy|
Both Coinbase and Binance are solid choices for anyone interested in trading cryptocurrencies and the two exchanges generally serve two different market sectors. Coinbase is a great choice for a beginner who wants to gain quick access to a few leading cryptocurrencies such as Bitcoin and Ethereum. It also suits anyone looking to purchase coins via traditional financial methods such as bank transfers and debit/credit cards. The overall ease of use and commitment to remaining regulatory compliant makes Coinbase an overall safe choice for traders of all levels. If you’re interested in learning more about other exchanges, checkout our post titled Top 7 Coinbase Alternatives.
Binance benefits from providing access to a wide range of coins and facilitating low fee trading. While more difficult to use, it provides a top notch service and caters to anyone with a more intermediate understanding of dealing with cryptos. Its more advanced interface allows for swing trading and the relaxed verification requirements suit anyone reluctant to provide their personal information. All in all, both exchanges suit different requirements, and can be seen as complementary service providers for the crypto trading community.
TurboTax makes it easier for Coinbase customers to report their cryptocurrency transactions
Whether you got into cryptocurrency trading last year, have been a holder since 2020, or your employer pays you in Bitcoin or Ethereum, you need to know what all of these transactions mean for your taxes. While the IRS released its initial guidance in 2020, you still might wonder what is considered a taxable event and how you should report it in order to be in compliance.
Well, we have the answers.
TurboTax is taking steps to streamline the crypto community’s experience this tax season. We’ve built a solution that allows you to import transactions from Coinbase to TurboTax, with plenty of help and resources along the way.
Before, you were required to manually enter each taxable transaction, which could take hours. Now, you can upload up to 100 Coinbase transactions from Coinbase at once, through compatible .csv files to TurboTax Premier. And the uploaded .csv files will include the cost basis of your Coinbase transactions (if available) so TurboTax Premier can easily help you file your cryptocurrency transactions.
The .csv you download from Coinbase won’t have information about crypto transactions outside of Coinbase (including on Coinbase Pro), so it’s important to review and verify the information for accuracy depending on how you transacted on Coinbase.
One thing to keep in mind, not every cryptocurrency transaction constitutes a taxable event, which is why we have tons of guidance to assist you in understanding and selecting which transactions are taxable while you are in TurboTax Premier. If you still have any burning crypto tax questions, with TurboTax Live Premier, you can connect live via one-way video to TurboTax Live CPAs and Enrolled Agents with over 15 years average experience to get your tax questions answered right from the comfort your living room. A TurboTax Live Premier CPA or Enrolled Agent can also review, sign, and file your tax return.
Taxes and Crypto 101: What you need to know
You’ll need to report cryptocurrency as income if you did any of the following:
- Converted cryptocurrency to a regular currency like US dollars
- Sold cryptocurrency
- Spent cryptocurrency to pay for goods or services
- Received free coins through a fork or an airdrop
Your transactions are not taxable if you:
- Bought cryptocurrency but have not sold it
- Gifted cryptocurrency to a friend or family member and the gift was under $15,000 per person receiving the gift
- Purchased cryptocurrency with a Self-Directed IRA or Solo 401(k)
Want to know what to do if you are a cryptocurrency miner or what it means if your employer pays you in Bitcoin? Check out our article covering IRS Guidance on the Taxation of Bitcoins and Virtual Currency. Also check back with the TurboTax blog for more articles on cryptocurrency topics.
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Claiming Property Taxes on Your Tax Return
If you pay taxes on your personal property and owned real estate, they may be deductible from your federal income tax bill. Most state and local tax authorities calculate property taxes based on the value of the homes located within their areas, and some agencies also tax personal property. If you pay either type of property tax, claiming the tax deduction is a simple matter of itemizing your personal deductions on Schedule A of Form 1040.
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How to Change Your Tax Filing Status
Choosing your filing status is an important first step for preparing your federal tax return. Your filing status determines your standard deduction, tax rates and brackets.
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7 Smart Ways to Invest Your Tax Refund
You can maximize your tax refund in several ways — from paying off high-interest debt to investing in a business or saving for retirement. One or more of these options could be the perfect fit for you.
How to Send Bitcoin From Coinbase
Coinbase is one of the largest and most well-known exchanges companies in the industry, and one of the best platforms for beginners to use when they are first starting out with Bitcoin.
Still, many new users may have difficulty figuring out how to send their Bitcoin from Coinbase to other wallets or to different exchanges.
Are you one of them? Don’t worry! This is very common for beginners on Coinbase.
In this comprehensive guide, we will teach you all of the basics necessary to transfer your Bitcoin to a variety of popular exchanges and wallets.
By the end of it, you will be an expert in the process.
Step 1: Send Bitcoin from Coinbase
Okay, so you’ve purchased some Bitcoin and you now have it sitting in your wallet in your Coinbase account.
The following step is very simple but it will vary slightly depending on which Coinbase platform you currently use (Coinbase or Coinbase Pro – The latter is heavily recommended if you want to save on fees).
Let’s take a look at each of the variations to get a clear idea of how to begin the transfer process.
Initiate the Transfer from Coinbase
To initiate the transfer from your basic Coinbase account:
- Click the “Accounts” button at the top of the page to see a list of all of your wallets.
- Click on “ BTC Wallet” and press“Send”.
Clicking on this will open up a larger menu that will allow you to provide further details about the transfer. To continue with your transfer, go directly to step 2 of this guide.
Initiate the transfer from Coinbase Pro
Coinbase Pro has a much different interface and as such, the directions are slightly different.
- Hit the “withdraw” button that you’ll find on the left side of your screen. A small menu will pop up with a “Currency Type” drop-down menu bar.
- Click on the drop-down portion and select BTC. This will allow the menu to further expand so that you can enter the details of your transaction.
Now that you’ve managed to reach the menu that lets you input transaction details, it is time to move onto the next step!
Step 2: Find your Recipient Public Address
The first section that will catch your eye when you start filling out the transfer request on Coinbase is the recipient/destination box.
This is where you will need to input your wallet address where you are going to be receiving your Bitcoin from Coinbase.
For example, if you want to transfer your Bitcoin from Coinbase to your Binance account, you’ll first need to find your Bitcoin’s public wallet address on your Binance account.
Let’s see the process that you need to undergo in order to get the address of your Bitcoin wallet on your platform of choice.
No matter whether you are trying to learn how to send Bitcoin from Coinbase to Binance, Bittrex, Kraken, Poloniex, Electrum, Blockchain.com, or other platforms, here are the simple and complete directions for each.
Once your transfer is completed, go to step 3 to discover if you want to follow your transfer after it’s been executed.
Before You Begin, Make Sure to Double Check These Details!
While sending your Bitcoin is typically a harmless process, there are some mistakes that you can make that will lead to the complete loss of your Bitcoin.
The first mistake that you can make is sending Bitcoin to an incompatible wallet such as Bitcoin Cash (this often happens) or Ethereum. If you do this, you will lose your Bitcoin and will be unable to recover it.
A similar mistake that can be made is not copying the whole wallet address and missing a few characters, which will cause your Bitcoin to be sent to a wallet that doesn’t exist and will also result in the loss of your Bitcoin.
To avoid doing this, always verify the first 2 and last 2 characters match.
How to Send Bitcoin from Coinbase to Binance
- Let your mouse hover over the tab that resembles a person’s head and shoulders. A drop-down menu will appear.
- Click on the “estimated value” button and you will be brought to a page that will list all of the coins you can exchange on the platform as well as your balance for each.
- Find the BTC line and click on “deposit” on the right side. You will be brought to a page with your transaction history and a wallet address.
- Underneath the wallet address, click on “copy address”.
- Go back to your Coinbase account and to the transfer menu you opened earlier. In the recipient/destination section, paste the address you just copied and insert the amount of Bitcoin you want to send in the “Amount” box.
- Press “continue” and you will then be asked to confirm this information. Double check everything looks right, and confirm the transfer. The transfer may take some time to arrive – we’ll explain how to follow your transfer in step 3 of this guide.
How to Transfer Bitcoin from Coinbase to Bittrex
- In the top right corner of the Bittrex website, click on “wallets”. You will be brought again to a list of all coins that can be exchanged on the platform and the amount that you currently hold for each of them.
- Find the Bitcoin section by either navigating through the list or by searching for BTC in the search bar that is located above the list of cryptocurrencies .
- Once you have found the Bitcoin bar, click on the small green circle on its left side. Doing this will reveal your Bitcoin deposit address.
- Click on the clipboard icon located right next to your BTC address and the wallet address will be copied to your clipboard.
- Return to your Coinbase account and paste this address into the recipient/destination bar. Then, add the amount of Bitcoin you want to transfer, continue, and confirm the transaction.
How to Transfer Bitcoin from Coinbase to Kraken
- On your Kraken dashboard, click on “funding”. This will bring you to a page that features all of the cryptocurrencies available on the exchange. They will all be conveniently listed on the left side of the page.
- Navigate down to Bitcoin and click on it. Scroll down the page to find your Bitcoin deposit address. If no address initially appears, click “generate new address”.
- Highlight and copy this address and return to your Coinbase account. Paste this address into the recipient bar, add the amount of Bitcoin you want to transfer, continue, and confirm the transaction.
How to Transfer Bitcoin from Coinbase to Poloniex
- Find the “balances” tab and click the “deposits and withdrawals” tab under it. You will be redirected to a page with a list of all cryptocurrencies listed on Poloniex.
- Navigate to the Bitcoin section (use the search bar if needed) and click on the deposit button on the right side. Doing this will display your wallet address.
- Highlight and copy your address. Then, return to your Coinbase account, paste this address into the recipient/destination bar, add the amount of Bitcoin you want to transfer, continue, and confirm the transaction.
How to send Bitcoin from Coinbase to your Electrum Wallet
Sending Bitcoin from your Coinbase account to your Electrum wallet is extremely easy.
- Simply open up the Electrum software and click on the “receive” tab (located directly next to “send” and “history”), where you’ll find your Bitcoin public address.
- Copy this address by clicking on the small clipboard icon next to the wallet address.
- Once copied, return to your Coinbase account and paste this address into the recipient bar. Then, enter the amount of Bitcoin you want to transfer to your Electrum wallet, continue, and confirm the transaction.
How to transfer Bitcoin from Coinbase to your Blockchain.com Wallet
To send Bitcoin from Coinbase to Your Blockchain.com wallet:
- Simply visit the dashboard of your Blockchain.com wallet, find and click the “request” button at the top of the page. This button will reveal your Bitcoin wallet address.
- Click the “copy” button next to the wallet address.
- Then return to your Coinbase account. Paste the address into the recipient bar, enter the amount of Bitcoin you want to transfer, continue, and confirm the transaction.
Step 3: Follow up with your Transfer
Now that you’ve successfully sent out your Bitcoin, you are most likely going to want to keep an eye on your transaction to see how everything is going.
How to watch your Transaction from Coinbase
The easiest way to see your transaction taking place is to check your transaction history on Coinbase.
- Click on the most recent transaction on the list of transactions on your Coinbase dashboard. Doing so will reveal more details regarding the transfer.
- Click on the link that says “view transaction” and you will be brought to a blockchain explorer , where you will find all the details of your transaction, including its status and the number of confirmations that took place. (Read below for more information about confirmations.)
How to watch your Transaction from the recipient Exchange/Wallet
You can also view your transaction through…
- The deposit section of the Binance exchange
- The funding section of the Kraken exchange
- The history section of the Poloniex exchange
- The Bitcoin transactions section of the Blockchain.com website
- The history section of your Electrum wallet, which can be viewed when you click on any of your transactions in the “history” tab
- The wallets section of the Bittrex exchange when you click on Bitcoin
Seeing these transactions live may prompt the question, when will I be able to see my Bitcoin in my other wallet?
How long does it take to send bitcoin from Coinbase?
The transfer itself is only a two-minute process and is very easy to conduct.
However, you can expect to see your funds in your wallet as soon as minutes after you send them or as late as hours after your transfer.
This is because your transaction will need to be verified by miners , and depending upon the speed of the network, this could be either a slow or fast process.
Take, for example, the image above. Based on the exchange/wallet you are using, you may need to wait longer to see your funds.
Wallets like Electrum only request one confirmation, which is much faster than using an exchange like Kraken, which will require six confirmations.
When a Bitcoin transaction is sent out, it has to wait until it is ready to be verified by a miner. Once it is ready for verification and has been shown on the network, it will receive one confirmation.
Each new transaction added to the network (by other users) will add another confirmation to yours and some platforms prefer waiting for additional confirmations to make sure that everything is correct before they add your funds to your wallet.
How to move Bitcoin from Coinbase anywhere you want
This extremely easy to follow 3-step process is more or less the same for any cryptocurrency other than Bitcoin and for any exchange, wallet, or software.
Simply seek out your receiving wallet address, copy it, and paste it into your Coinbase account to shift your funds from one wallet to another.
The only thing you need to pay careful attention to in this process is the wallet address. You must absolutely make sure that your wallet address is correct. Otherwise, you may end up losing all of your investment.
I really hope you enjoyed this tutorial!
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