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Making cryptocurrency transactions with CoinBase

coinbaseThe wallet offered by CoinBase allows you to store, send and receive cryptocurrencies easily, quickly and safely.

Sending bitcoin, ethereum or litecoin from your wallet can be completed in just a few steps.

Sending cryptocurrency from your CoinBase wallet

  1. Navigate to the Send tab of your account.
  2. Choose the wallet you want to send from, effectively choosing what cryptocurrency you’re sending.
  3. Enter the amount you’d like to send.
  4. Enter the address you wish to send funds to.
  5. Send funds.
coinbase wallet

Sending crypto from the Coinbase wallet

An interesting feature of the CoinBase wallet is that you can send crypto not only to someone else’s wallet but, by typing the recipient’s e-mail, to any owner of a CoinBase account.

Receiving cryptocurrency to your CoinBase wallet

coinbase transaction

Wallet address for receiving cryptocurrency

Navigate to your “Accounts” tab.  Then, find the corresponding wallet to which cryptocurrency you wish to receive and click the “Receive” button. That’s all.

You will then be provided with your account’s wallet address.  Use this address in the send field or scan the displayed QR code to receive cryptocurrency.

Be careful with whom you are sending your money from CoinBase

CoinBase has been known to track where their users send their cryptocurrency and ban users for certain transfers.  CoinBase has shut down accounts for the following activities:

  • Sending cryptocurrency to gambling sites.
  • Sending cryptocurrency to LocalBitcoins.
  • Sending cryptocurrency for darknet purchases.

In situations where CoinBase has closed accounts, users are almost always paid back to their bank accounts.

„While we’re not condoning using cryptocurrency for illegal activity, we don’t think a third party business should decide how you can spend your cryptocurrency.  This is another reason the community recommends storing your cryptocurrency in a wallet, you control.“ (CoinBase)

Remember that there is a safer way of keeping cryptocurrencies. Instead of CoinBase, it is better to use your private hardware wallet, no hacker can gain access to.


J. Pro

More about the author J. Pro

Unlike Stephen (the other author) I have been thinking mainly about online business lately. I wasn't very successfull with dropshipping on Amazon and other ways of making money online, and I'd only earn a few hundreds of dollars in years. But then binary options caught my attention with it's simplicity. Now I'm glad it did because it really is worth it. More posts by this author

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