How To Put Money In Blockchain Wallet
Posted By admin On 12/07/22- Decentraland uses the Ethereum blockchain to record the ownership of all digital assets and tradable items. Digital wallets are tools that work as a bridge between the blockchain and the dApp (decentralized applications). This means that with a wallet you will be able to monitor your available funds, transaction history and security options.
- Open the Balances sidebar on the right. Select “Withdraw” and choose the appropriate currency. Select “My Blockchain Wallet” in the Destination Address field. This will pre-fill the address we received from your Wallet when you linked to Blockchain Exchange. Enter the amount and hit Send.
A lot of people have gone through our training on how to make their first purchase of Bitcoin, and then how to use that Bitcoin to buy other specific altcoins.
Yes, it's the only way. You can't 'withdraw' bitcoins into your bank account, any more than you could 'withdraw' a car into your bank account. You have to sell them in exchange for money, and then you can deposit the money in your bank account. See How can I sell. Blockchain.com is the most popular place to securely buy, store, and trade Bitcoin, Ethereum, and other top cryptocurrencies. Blockchain.com Wallet - Store and Invest in Crypto Wallet.
But there is one last piece to this puzzle missing.
And that is how to add Bitcoin to your offline or hardware wallet.
This step is extremely important.
When you first buy any sort of cryptocurrency, you most likely are using an exchange to do so.
There are other ways to purchase Bitcoin, like using a Bitcoin ATM machine, but 99% of people will be using an exchange to get their hands on this digital gold.
But there is a risk to this.
The Risk Of Leaving Your Bitcoin On An Exchange
The risk is that you are leaving your Bitcoin open to attacks from hackers and thieves.
What you must understand is that when you sign up to an exchange, your account is associated with cryptocurrency public addresses.
This means that you have your own destination that you can share with others to send and receive Bitcoin and other cryptocurrencies.
How to find your public address is pretty much the same for every exchange, so if you know how to find it on one, you’ll easily be able to find it on any other one.
So, as an example, here is how you find your Bitcoin public address on Binance:
You go to the top right corner and hover over “Funds.”
Then click “Balances”.
This then brings you to a page of all of the cryptocurrencies available for purchase on the exchange.
Assuming we want to know our Bitcoin public address, type in “Bitcoin” in the search bar.
Then click “deposit”.
Here is where your Bitcoin public address is.
If you bought Bitcoin through Binance, this is where your Bitcoin would be sent.
If you also bought Bitcoin on another exchange – let’s say Coinbase – and wanted to send it to Binance so you could purchase another cryptocurrency with it, this is the address you would copy and paste to do so.
But there is a problem with this.
The problem is that you only have access to this address: your PUBLIC address.
But you DO NOT have access to your PRIVATE address.
This is why you NEVER want to leave your cryptocurrencies on ANY exchange.
Think of your private address as the password to your bank account – if someone knows what it is, they can simply login in and drain your account.
I’m not saying that anyone at Binance has access to your private key, but what I AM saying is that your private key is stored online.
And YOU don’t even have access to it.
And this is a huge problem.
You should never store your Bitcoin, altcoins, or any other cryptocurrency in a wallet that stores its private key online.
Especially not an exchange wallet.
So what you have to do is deposit your Bitcoins into an offline (hardware) wallet.
The first step in doing so is to actually get yourself a hardware wallet.
Bitcoin Hardware Wallets That Are Safe To Deposit Your Funds
The 3 most popular, highly-praised hardware wallets in terms of safety in adding Bitcoin to are:
These wallets are top of the line and are the highest-security hardware wallets money can buy.
What Information Do I Need To Add Bitcoin To My Hardware Wallet?
Okay, so now you bought a hardware wallet.
Great!
The next step to secure your Bitcoin is to add it to your hardware wallet public address.
The wallet that I personally use is the Ledger Nano S.
So I will use this as an example.
Now, before we get into how to actually do this, let’s understand one thing:
Sending and receiving Bitcoin between wallet addresses is universally the same process.
What I mean by this is that depositing your Bitcoin from your Kucoin exchange wallet to your Trezor wallet is the same process as depositing Bitcoin from your Cex.io wallet to your KeepKey wallet, which is the same process as depositing your Bitcoin from your Coinbase wallet to your Ledger Nano S wallet.
This is because, in every instance, all you need are the same two pieces of information:
- Your login credentials
- The public address of the destination wallet
If you have both of these things, you can successfully add Bitcoin from your online wallet to your offline wallet.
Funding Your Bitcoin Account And Adding It To Your Wallet – The Entire Process
Now it’s time to figure this whole process out.
How do I go from having my money in hand, to buying Bitcoin with it, and then adding that Bitcoin to my wallet?
This is how you do it.
For this example, I’m going to use one of the most popular exchanges and one of the most popular hardware wallets.
We will be taking our Bitcoin from our online Coinbase wallet, and depositing it into our offline Ledger Nano S wallet.
1. Buy Bitcoin On Coinbase.
So, obviously, the first thing you have to do is actually buy the Bitcoin.
There are many places you can buy Bitcoin from, but for the purposes of this example, let’s say we use Coinbase.
We actually have a full, step-by-step walkthrough of exactly how to buy Bitcoin on Coinbase.
We will continue on, assuming you have gone and read this article.
2. Locate Your Ledger Nano S Public Address.
Now that we have actually made our Bitcoin purchase, it is now time to take it off of the exchange and place it in our safe, offline wallet.
To do this, we must find the public address of our hardware wallet.
For the Ledger Nano S, this how you find it:
Go to the Ledger Wallet website and download the Ledger Wallet Bitcoin & Altcoins.
Then, plug in your Ledger Nano S.
When you plug the Ledger Nano S into your computer, this screen will show up:
Here, it will ask you if your Bitcoin address is Segwit or Legacy.
For fear of going too far down the rabbit hole here, simply select “I don’t know” for now.
We will explain the difference between Segwit and Legacy addresses in a future article.
Next you will see this screen.
Click “receive.”
Here, it will display your public Bitcoin address.
This is the wallet address that you will be adding your Bitcoin to.
3. Fund Your Wallet By Depositing The Bitcoin To This Public Address
Now that you have the public address of your destination offline wallet, you have to go to Coinbase and send the Bitcoin to it.
Note that I have bought $100 worth of Bitcoin in order to show you how this transaction works (a little less because of the transaction fees and volatility).
On your Coinbase dashboard, go to “Accounts”.
You’ll see the total amount of Bitcoin in your Coinbase wallet on the left.
We want to send the Bitcoin from this wallet to our Ledger Nano S wallet.
Click “send”.
Here is where you copy and paste your Ledger Nano S public address.
Keep in mind that, as I said, this process is the same for all exchanges.
You simply find the specific cryptocurrency you are trying to fund your offline wallet with, and then click either “send” or “withdraw”.
Most exchanges actually saw “withdraw”.
But the option is the same.
Two areas typically pop up when you do this:
- The destination public address
- The amount you are sending
That’s all the information your have to put it.
You just need to know the public address of the wallet you are funding, and the amount you wish to send.
In this case, I’m just going to send the entire amount.
Click “continue”.
4. Confirm This Transaction Via Email
Depending on the exchange, there may be a verification email sent to you in order to confirm this transaction.
This is simply an added security feature in order to make sure it is actually you that is sending the money.
Once you find this email and click “confirm”, the transaction is final.
Now all you have to do is wait for the funds to be added to your wallet!
This can take anywhere from a couple minutes up to an hour.
So don’t freak out or stress if you don’t see your wallet funded right away!
The funds are on their way and will be deposited shortly.
If you prefer video, here is a great video detailing the steps of transferring bitcoin between wallets:
Adding Bitcoin To Your Wallet: Closing Remarks
And that’s it!
You have officially sent, received, and successfully funded your Bitcoin wallet!
That wasn’t so hard, was it?
Admittedly, I was on the edge of my seat the first time I did it, too.
With this whole world being so new to me at the time, it took a while for me to actually summon the courage to actively send my Bitcoin from one place to another.
But after the first few times, I got used to it.
And you will, too!
Just be sure to take your time and follow this guide step-by-step.
Before you know it, you will have safely added your Bitcoin to your offline wallet!
Blockchain Wallet Sign In
Good luck!
Blockchain is one of the most reputable crypto companies, situated in Luxembourg. Its wallet is available for both web and mobile usage and it’s considered one of the most preferred on the market. Supporting most of the major coins – Bitcoin, Bitcoin Cash, Ethereum and Stellar, in this review of the Blockchain wallet, you will see why it is so popular.
01.Blockchain Wallet Features & Fees
Stepping into the blockchain world, you should completely understand how the public ledger works for the purpose of extracting the best of it for yourself. In a word, miners are confirming transactions to be added to the blockchain and what they receive in return is the accompanying fee. That’s why higher paid transactions are processed way faster than others. The Blockchain wallet is offering you a fixed ETH fee and dynamically calculated transaction taxes for each of the other three cryptocurrencies.
If this isn’t convincible enough, I would like to mention the built-in exchange function integrated into the web application, which is for sure making users’ life much easier. For all these reasons, keep reading to find out all the details you might want to know.
Pros & Cons
When taking a decision, you should make sure you’re always up-to-date with the latest information. Anyway, the easiest to consume and understand the way of selecting information is to simply put it in a table. This way you can see not only the positive and negative points, but also visualize the wallet’s summary. I have gathered it all for you below:
- Friendly InterfaceNot only easy to use but also personalized themes on the user’s convenience. Choice between default, dev ad inverted colors to match the user’s preferences
- Integrated ExchangeSome of the users are able to experience the built-in exchange convenience, depending on their location. On the left menu appears an Exchange button with the supported coins
- Hierarchical DeterministicThe HD implemented feature generates a different public address for each of your incoming transactions, which makes your balance hard to be traced
- Two-Factor AuthenticationThe 2FA option provides you with the opportunity to add an extra layer to secure your funds. It will request you some kind of additional information every time you use your wallet
- Unresponsive Customer SupportThere are some claims that the Blockchain wallet helpdesk isn’t always providing useful information to resolve users’ issues
Are You Interested in the Blockchain Wallet?
or
Read More on Multi-Coin Support and OS Compatibility
Multi-Coin Support and Operating System Compatibility
As mentioned earlier, the Blockchain wallet is supporting four of the major coins according to the market cap classification. You can operate with either Bitcoin and Bitcoin Cash or Ethereum and Stellar. This is covering the majority of the users interested in crypto, that’s why the Blockchain wallet is one of the most preferred on the market, due to its coin-supporting combination.
- Paxos Standard [PAX]
Speaking of operating systems, as a web wallet, Blockchain can be used on any kind of a browser, without really requesting some special preferences for the user’s device. What I would like to say when it comes to compatibility is concerning mostly the mobile version of the wallet. Accessible for both Android and iOS users, there are some minimums to think of If you’re willing to install the Blockchain app. Check the following table for some more precise information:
- Android
Requires Android 4.2 and up
- iOS
Requires iOS 10.0 or later
Built-In Exchange
Straight to one of the most interesting Blockchain wallet specific features – its built-in exchange. It isn’t available for all its users but just for some of the regions, supported by the project. There are more than 230 countries offering this option but if you can’t find yours in the list, send feedback to the supporting center. If you’re lucky to be part of them, you can explore the advantages of the integrated exchange by simply navigating to the dedicated tab on the left-side menu. Of course, due to the 2FA, you’ll be requested to verify your identity before you proceed using it. All the four supported coins are accessible for exchange actions in the platform. The crypto-to-crypto exchange platform of the Blockchain wallet requests you to type in the desired amount and hit the Exchange button. A pop-up window will appear with confirmation of the requested action and if everything’s correct, you should simply click the Complete Order option to finalize the process. You can have an overview of all your orders in the History tab of the interface.
If we stop by to the built-in exchange’s fees, the usual process might be observed. Since there are two transactions to exchange a cryptocurrency – one to send yours and another one to receive the switched one, you’re supposed to pay for the outcoming payment and receive the swapped for free. Fees are considered proper chosen, depending on the currency’s current price.
Is Blockchain Wallet Safe?
Security
Creating a password has always been a standard encryption measure, but when it comes to the Blockchain wallet, you should know that you’re not able to reset it if you ever lose or forget it. That’s the reason why you should keep it safe and secure. Ultimately, if you would like to restore your wallet, this happens via backup phrase, which is the second thing to note and hide well. I always recommend making several copies of both the phrases and put them in different places.
What’s more when speaking of security is the two-factor authentication. This feature will additionally protect your coins by requesting a specific piece of information every time when you log into your wallet or perform an action with it.
Two-Factor Authentication
The Two-Factor Authentication feature requires you type in specific information when you log into your wallet or request to make a change. It might be an SMS, a PIN code or a text to fill, depending on your choice
Encryption
Password encryption is one of the basic processes to implement in each wallet. What’s different here is the availability of two separate phrases – a password one and a backup one to restore your wallet with. Anyway, keep them both safe and secure
Privacy and Anonymity
The Blockchain wallet possesses one of the most attractive anonymity features for the majority of crypto users – its hierarchical deterministic nature. This allows you to use a different public key for each of your transactions, which basically make you balance untraceable. If you’re privacy orientated, you might also like the Tor browser option. It prevents your IP address and the ability to get hacked dramatically decrease.
Tor Browser Compatibility
You might protect your privacy but operating with the TOR browser. It prevents your IP address from being accessed by potential hackers.
Hierarchical Deterministic
When it comes to the anonymity of your balance, you can make it a bit hard to trace by generating different public addresses for each transaction you receive.
Transaction Fees
If you would like to know how much fees you’re going to pay for a certain transaction, then go to the particular coin you’ll operate with and check its details. Once again, only the Ethereum taxes are fixed, the other three coins are influenced by a dynamic pricing model, which calculates the fee, depending on the network conditions at the moment and the size of your payment.
When it comes to choosing, you might either set a Priority or a Regular fee. If you decide on the first option, then your transaction will be added to the blockchain in the next one hour. If you keep the second possibility, you should be a bit more patient.
Conclusion
Finally, since you know all that it comes to security and privacy from this review of the Blockchain wallet, you can decide if it’s fitting your needs. The extended safety precautions such as 2FA and Encryption in tandem with the Anonymity opportunities of an HD generator and Tor browser usage are more than a tasty bite.
- 2FA and Encryption
- Anonymity of
an HD generator
Well, if you’re still not sure about it and the perfectly matching you wallet should propose an all-the-time adequate available support, then you might consider thinking of another option. I would like to propose you the alternative, called Green Address Wallet.
02.Blockchain Wallet Guide: How to Setup and Use
Even considered easy to use and operate with, I would like to walk you through how to use the Blockchain wallet and how to set it up before that. This section aims to provide you everything you with need to know about it and how to deal with the possible issues.
How to Install
As a web wallet, there are no specific installation steps to follow but simply register and log in to the platform. When it comes to the mobile versions, I would like to split the process into several stages for the purpose of making it completely clear. Choose one of the guides below, depending on your phone’s operating system.
Choose Operating System
- Search for the Blockchain wallet in the Google Play Store
- Click the Install button
- Create yourself an account
- Type in Blockchain wallet in the Apple App Store
- Click the Get button
- Sign in an account
Interface Overview
Considered an intuitive and easy to understand platform, the Blockchain wallet provides a simple GUI design to fit even less technically orientated users. You can see your current balance and recently placed transactions on the home page. When Sending or Receiving you can use both digital string or a QR-code.
Create an Address
When you go to the “Addresses” section, you’ll be able to organize your wallet. Choose from creating multiple sub-wallets to distinguish your funds or generate new ones. You can manage it all using this tab. The creation of a new address also happens here. Just click on the “+” button.
If you ever decide to import an address from another wallet, here’s the place to do so. Make sure you completely understand what you’re doing to avoid any mistakes.
Send and Receive Assets
For the purpose of sending some coins you’re supposed to simply enter the receiver’s address and type in the desired amount to transfer. The fee will automatically appear and when you submit the request a pop-up confirmation window will summary your data. Approve it and it’s all done.
Same with receiving coins, generate yourself an address by clicking on the coin you would like to receive and share it with the sender in the form of a string or a QR-code. Make a note that your Ethereum address will remain the same.
Hint: Always double check the recipient’s address before you confirm a transaction. If there’s a mistake in it, your funds will go to the nowhere and he’ll never receive them.
Backup and Restore
It happens sometimes to lose or forget your password. Fortunately, the Blockchain wallet offers both Backup and Restore options to save the day. Check them out:
Backup
Install and deposit your crypto
Here’s the moment to use the backup phrase from the initial creation of your wallet. The 12-words string will allow you to activate your previous data if you simply click on the Backup Phrase button in the Security Center and select the dedicated option.
Create a strong password and save it
To create a strong password, it must contain at least 16 characters. Use numbers, letters and special symbols. Most important – never use the same one twice.
Restore
Install and restore wallet from the seed
If you ever lose your access, simply click on the button use “Recovery Phrase” to start the restoring process.
Blockchain Wallet App
Restore in case of an imported address
How To Put Money In Blockchain Wallet For Dummies
When speaking of an imported address, you’re not able to restore via your recovery phrase. First, transfer them all to another address and finally send them to your account. Now it should be working.
Specific Functions
Here, I would like to show you something specific when it comes to the mobile edition of the Blockchain wallet. It’s completely understandable to prove millions of downloads of this version because of the interesting pairing code feature in it. This is actually a QR-code to synch your web and mobile wallet. All you need to do is to check if you’re supporting the latest version of the wallet on both your devices.
When you initially run the mobile app, follow the 3 stages and then log into your computer and enter your account. When you click the Show Pairing Code button, the system will display it as a QR-code to scan with your smartphone. This is something to highly secure your funds and you should definitely keep this code away from other people’s eyes.
Possible Issues and How to Avoid Them
Most commonly experienced issue? It’s the confirmation email. If you’re missing your authorization email after more than five minutes, then check your spam folder. You can even add the Blockchain wallet in your contact to prevent their emails from being filtered out. Not there? Call your email provider to make sure they haven’t block the Blockchain domain.
03.FAQ
What’s the receiving process?
Generate yourself a new address and give it to the sender.
If someone steal my phone, are my coins safe?
If you have set the PIN protection, you have enough time to go and change your setting via the web version.
How to proceed if I lose my PIN-code?
If you mistake it 4 times, then the app will request you for your password. If you don’t have this one too, then use your Backup phrase to access.
04.About Blockchain Wallet
Founded in 2011, Blockchain has become one of the most preferred crypto platforms nowadays. Used by more than 15 million users and working on 160k transactions per day is a witness of the talented team, developed such an attractive software. Available in both web and mobile versions, the Blockchain wallet is a leading choice of the crypto users.
Blockchain Wallet on Social Media
Social media always influenced everything, surrounding us. It keeps you updated and tuned for what’s coming and you’re able to stay informed for what interests you most. Follow the Blockchain wallet account to get the latest news when it comes to your wallet and its enhancements.