Transferring cryptocurrencies can be just as easy as scanning a certain QR code to send an amount of Bitcoin. However, how easy the transaction can be depends on the wallet you have and how much information you have to be able to send it to another wallet. To move bitcoins from one wallet to another is a key skill that every cryptocurrency trader must obtain. If you don’t do it right, bitcoin transactions can get stuck for hours or days to arrive into another wallet and you’ll sit back wondering why it’s happening. There actually is a quicker way to transfer Bitcoins from one wallet to another without any complications. Read on and follow the instructions to transfer Bitcoins safe and easy!
How to Start Transferring?
Here’s a very quick walk-through to how you can transfer Bitcoins from one wallet to another. The first step is having a reliable Cryptocurrency wallet and logging into it. Then move onto the send and receiving screen through an obvious icon resembling ‘send/receive’ depending on which wallet you’re using. Choose the mean of your cryptocurrency and whether you want to send and receive. It’s important to send the same coin type that you have to the receiver. So in this case, it must be Bitcoin-to-Bitcoin. Enter the wallet address of the receiver and choose the exact amount you would like to send and make sure you have enough money for extra transaction fees (quick tip: the higher the transaction fee you insert, the faster it reaches the receiver!). Finally, hit send and verify the transaction, making sure that all the information you entered are correct.
Sometimes, there are some factors that affect the transaction period, resulting in a much longer time than expected. Understanding these factors will help us avoid future mistakes in future transfers, especially if you’re one to trade in Bitcoins regularly.
What Affects Transaction Times in Bitcoins?
There are two main factors that affect the transaction times, the first one is the great load on Bitcoin’s network. The higher the number of transactions there are, the more it takes to process each of those transactions. Since there are a limited number of miners and a limited number of transaction possible to be processed in 1 MB, it begins to take its time once the number of transaction becomes higher.
The second factor is the transaction fee attached to the BTC transaction. The fees actually decides which transaction is prioritized more than the other. Ones with higher fees attached to them are obviously prioritized so if your transaction fee is low, chances are you’ll be picked last. This factor is extremely important because the delay usually happens because of this reason more than any other reason.
Think Wisely, Transfer Small
A wise, modern man once said to begin transfers for new addresses with small amounts divided into several transactions. This way, if there is any sort of mistake or typo, you won’t lose as much as if you’d send the whole amount. Once you begin to know the balanced transaction fee that gives you a suitable transaction time period, stick to it until it begins to change (starts to take more days) and accordingly, slightly increase your transaction fees too.
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