You may have downloaded or bought your first bitcoin wallet, but now you want to know how to add coins to it.
Reading: How to add money to bitcoin wallet
Making your first transfer from an exchange to a wallet can be intimidating for beginners. but this is a very important step to secure your investment in cryptocurrencies. again, you should never leave your bitcoin on an exchange unless you are going to sell it right away.
so while this may seem like a redundant and confusing task, don’t worry! In this short guide we will show you how to add coins to your bitcoin wallet. Once you’re done, you’ll be a pro at this all-too-common process.
in the end, you’ll see how easy it is to send and receive bitcoins from whoever you want!
But first, in case you don’t already have a wallet, check out our picks below:
On a technical level, your wallet is more like a window into the bitcoin network that you control with your own electronic private keys. Whether you use a super-secure hardware wallet like ledger nano x, a convenient mobile app like brd wallet, or an old-school favorite electrum, you’ll need to make sure you keep your private keys safe.
I have a wallet, do I have to buy a whole bitcoin?
It is a common misconception that you need to buy a whole bitcoin at once. these days, that would be quite an expensive endeavor. you can check the current price of a bitcoin here.
instead, the inventor of bitcoin, satoshi nakamoto, made it possible to split a bitcoin into 100,000,000 parts.
In 2010, one of the earliest members of the bitcointalk community, ribuk, proposed the name “satoshi” for the smallest unit of bitcoin, and the name stuck. in recent years, it has become common to use the phrase “stack sats” to buy and hold small amounts of bitcoin to periodically accumulate more coins.
the best place to buy your first bitcoin is at an exchange
Wallets themselves do not usually give you the option to buy and sell bitcoins for fiat money. therefore, you will need to find a low-cost and reliable exchange, and then send the coins from the exchange to your wallet.
An ideal fiat cryptocurrency exchange for people just starting out is coinbase. for the following reasons:
- has the simplest and easiest to use UI
- quickly verified so you can buy bitcoins almost instantly
- there are great mobile apps for android and iphone
- coinbase is an fdic insured and regulated exchange
Three important factors in choosing which exchange is the right choice for you are reputation, fees, and speed:
Sad to say, but many exchanges in the past have turned out to be scams. that means the longer an exchange has been around, building a positive reputation, the less likely it is to be a bad actor in the space.
You can also check if the exchange is regulated in your part of the world. we review the top exchanges we would recommend here.
Another important factor when choosing the right exchange to fund your bitcoin wallet is comparing how much they will charge to convert your fiat to bitcoin.
On average, fees for credit card purchases are around 4%. If you send your money via bank transfer, you generally save on fees and can expect to pay between 1 and 1.5%.
Finally, it’s important to see how quickly you’ll be able to purchase and then receive your coins. It is interesting to note that many of the issues related to how quickly you can fund your bitcoin wallet are actually due to slow legacy financial systems, and not the cryptocurrency itself.
However, it’s a good idea to look at the timeouts and withdrawal limits for the purchase method you choose, as it’s never a good feeling to get caught up in these kinds of factors when you want to buy bitcoins in a hurry.
credit card purchases are usually faster than bank transfers, but they cost more.
how to withdraw to your wallet
The first few times you withdraw to a bitcoin wallet it can feel a bit stressful. you need to be careful and make sure you follow the steps carefully. wallets that have modern user interfaces and easy-to-follow step-by-step processes will help reduce the chance of you making a mistake.
as an example, if you are withdrawing money from your coinbase account to your nano x ledger, you would follow these steps:
1. select ‘send’
select ‘send’ and choose the currency you want to withdraw from your exchange account. You can send as little or as much of your BTC as you like, but keep in mind that each withdrawal will incur a fee. once you feel comfortable sending and receiving bitcoin, it’s worth learning a little more about transaction fees and how you can minimize costs.
2. Get a Receiving Address
login to your real ledger account and follow the instructions to copy your wallet address so you can enter it into coinbase as the receiving address. you must first connect and unlock your ledger, then open the bitcoin app on your device.
3. Verify and Copy Receiving Address
Next, check the bitcoin address displayed on your device. it should be your bitcoin wallet address and no one else’s.
Then, use the app to copy the address from Ledger Live, or scan the QR code that shows in Ledger live.
The most important thing is to make sure that the wallet address you send your bitcoin to (the long string of numbers and letters) is correct. if you send your bitcoin to a different address by accident, there is no way to get your money back. so be careful.
4. exchange your receiving address
from your coinbase or other exchange account, double check the address by eye to make sure you are sending the bitcoin to your wallet address.
How long will it take till my bitcoin arrives?
that depends. if you enter the next block, your bitcoin will arrive in your wallet in about 10 minutes. this is the time it takes to get a confirmation on the blockchain.
Below is a quick guide that will tell you how many commits to expect and how long it will take.