To know how to transfer your fund from Coinbase to Electrum, kindly read this blog.
What is Binance?
The Binance coin or BNB is basically the exchange platform for cryptocurrency. Notably, Binance is now one of the largest cryptocurrencies exchanges across the world. Digital cryptocurrency is not dependent on banks or governments to cross borders. They are decentralized and millions of investors around the world buy them. It is an alternative to traditional methods of savings, such as gold, cash, etc.
How to Register a Binance Account?
To use the exchange, you need to create an account. For registering, you just need an email address and password. If you have an account, then nothing like that.
Follow the following steps if you need to create an account. Visit the Binance.com website and click on register. After that, you need to enter the address and password and then agree to the given terms and conditions. Following the same, you need to click on “create an account”. After that, you will get a confirmation email to verify your email address.
And here are some security measures that you should take. You should log in via the official link: Binance.com. You should bookmark the page without fail. There should also be a green lock in the address bar – make sure you notice the same. You should download the Authenticator Application and use the 2-step verification process. And as we all know, do not share the password with anyone.
Benefits of sending bitcoin from Coinbase to electrum
There are lots of benefits behind transferring your fund from Coinbase wallet. It is important as your money isn’t that safe in Coinbase wallet. Research shows that many people do not transfer bitcoin from Coinbase to Electrum even after knowing that the process is quite easy. This means that most Bitcoins are not held by users but stored on exchanges. While you own your funds, Coinbase is the one that is controlling them. We could advise you to transfer your funds from Coinbase immediately. Several experts have the same opinion.
However, it might be hard for you to understand where Coinbase is wrong and why we are divising not to keep your funds over there. We are here to explain. It all actually depends on if you own the private key – the seed to your Bitcoin address or not. Now imagine that your private key is a PIN – now do you understand its importance? If someone has any idea about your private key, he or she would easily be able to steal your funds or move your money.
Coinbase exchange touts an insurance policy as security, which actually applies to money locked away on its online store. It comes down to just 2% of the entire customer funds. Do you understand the risk now?
Cryptocurrencies lack security measures and we all know that. In the year 2018, cryptocurrency theft amounted to around $1 billion. Thus, you should take charge of your funds immediately as otherwise, you might regret later. Storing them safely in your wallet is the smartest thing to do.
How to send bitcoin from Coinbase to Electrum?
Now here is the way to transfer Bitcoin to various kinds of wallets, such as Electrum. So we are assuming that you have purchased Bitcoins and they are just lying there in your Coinbase wallet.
Once you have logged into your Coinbase account, you can easily click in the send or request button that you will see on the left-hand menu. Then you will have to enter an email address or bitcoin address.
Then you need to enter one of your bitcoin addresses from Electrum. Open Electrum and click on “Receive” Once you have done that, pick any address that is listed there under Main Account > Receiving.
Once you have picked one, kindly copy and paste it in the Coinbase form that asks an email or bitcoin address.
Then you need to complete the form and send it. Your money will now be transferred to the Electrum wallet address. Do not forget to back up your wallet and seed (IMPORTANT!) If you do not know what seed is, kindly read our other blogs where we have explained the same in detail. Remember that you will lose your coins if you don’t have a backup or your computer breaks. Make sure that Electrum is online. After that, click Receive and copy the receiving address to your clipboard.
Go to Coinbase and send Click on Accounts. Following the same, click send at the bottom of the BTC wallet section. Kindly paste the address that you have copied and specified the amount of BTC you want to send. Click on continue.
In the next window, you need to enter the confirmation code that you will get from Coinbase. Click on confirm.
Coinbase will now show you a window that would confirm the transaction. All you need to do now is go back to Electrum and wait till it confirms that the BTC has arrived. You can check under the “Addresses” tab.
This will take a few minutes but trust us, the effort is all worth it. Given the current situation, you might be extra conscious about where your funds are and whether they are secured or not.
This is how to send bitcoin from Coinbase to Electrum.
Why you need to send bitcoin from Coinbase to Electrum
Here are some of the reasons why you should transfer your fund to Electrum.
- You will get peace of mind knowing that your funds are secure. It is better to take action now rather than regretting later.
- Coinbase is not a secure exchange as it controls your funds.
- You will now be able to handle the funds as you want – send money to people in other countries at a cheap rate. You will also be able to spend the funds at any place across the globe.
Mistakes to avoid
While sending your Bitcoin might seem easy, there are a few mistakes that people repeat.
You might end up losing your Bitcoin if you do not follow a few steps.
The first mistake that you need to ignore is sending Bitcoin to an incompatible wallet. If you commit this mistake, then you won’t be able to recover your Bitcoin ever again.
Secondly, you should be very careful while copying the address. Do not miss a few
characters as this can lead to loss of Bitcoin. Take your time and copy the whole address.
Important Tip: Do not write the seed on something that you might eventually throw away.
Conclusion: So these were a few steps that would simplify the entire process for you. We
hope that you follow these steps and make sure that your funds are safe and secure.