How to Send Bitcoin From Coinbase
If you are a Coinbase user, then you know the importance of managing your cryptocurrencies whenever you want.
Sending money to the wrong address might be catastrophic. That creates the need to be extra cautious so our funds arrive safely to the destination we want.
At the end of the day, it’s utterly important to efficiently control our money on all the platforms we manage.
That’s why if you wish to send Bitcoin from Coinbase to another wallet address, then this guide is for you.
Read further to get precise information about:
- How to send Bitcoin from Coinbase;
- Details you must know before sending Bitcoin or another crypto;
- Step-by-step guidance during the whole sending process.
3 Things You Must Know Before Sending Bitcoin from Coinbase
Crypto is now the go-to choice for users who don’t want to keep using a classic bank account.
Crypto is faster, efficient, and cheaper, so it isn’t a surprise that lots of people around the world are choosing Blockchain Technology over standard centralized banking.
At this point, it is clear that you know how to check and find your Coinbase Wallet Address, but if you want to move your funds from Coinbase to an external Bitcoin address, then there are three fundamental things you certainly need to know.
1. The Crypto Address is Not the Same Between Currencies
This is Crypto-transactions 101: You can only send Bitcoin to a Bitcoin Wallet Address, Ethereum to an ETH address, Bitcoin Cash to a BTC Cash address, and so on.
Crypto transactions are irreversible. If you fail to send your Crypto funds to the correct address, then you won’t be able to get them back.
2. There Will Be Transaction Fees
Sending Crypto will incur Network Fees.
Nevertheless, suppose we compare the transaction fee of sending money using a wire transfer with a bank account, and sending crypto using a wallet.
In that case, there are definitely lower fees, which is better for all of us.
3. How Long Does it Take to Send Bitcoin from Coinbase?
The Bitcoin might arrive at the destination address within minutes or hours.
It depends on the Bitcoin network congestion, but don’t worry - if you use the right address, then just have some patience and wait for the Bitcoin to get there.
The transaction needs to be verified by the network and usually 3-4 confirmations are enough to see the Bitcoin arrive at another address.
You can look up your pending transaction by going to the Blockchain Explorer website and looking up the ID of your transaction.
How to Send Bitcoin From Coinbase to Another Wallet
Now that you know the essentials about sending Crypto to another address, I will show you step-by-step how to transfer Bitcoin from Coinbase.
Keep in mind that if you don’t have Bitcoin capital, you can always buy Bitcoin directly on the platform.
To buy Bitcoin, just add a payment method (it can be a credit or debit card) and proceed with the operation.
How to Send Bitcoin from Coinbase to Binance Wallet
Bitcoin transactions between Binance and Coinbase, two of the most popular exchanges around, happen all the time. Sending and receiving Bitcoin on these platforms is as common as it gets.
If you need to send crypto, specifically Bitcoin, from Coinbase to your Binance account, it is important to note that the steps you must follow are exactly the same as we are about to show you here.
Any Bitcoin transaction between Coinbase and other crypto exchanges work similarly:
- You get the wallet addresses related to Bitcoin in external third-party sites or exchanges, such as Binance, and copy them;
- The wallet is pasted directly onto Coinbase after starting a new transaction;
- You transfer crypto, in this case, Bitcoin, to the previously pasted wallet. Consequently, your Binance account or external wallet will receive cryptocurrency accordingly.
You can learn more about this process by watching the following official video tutorial on YouTube uploaded by Coinbase:
Step 1: Go to Your Coinbase Account
Step 2: Find Your BTC Coinbase Wallet
Once you are on the main Dashboard, you need to select “Send” at the left side of the screen and then go to “Pay.”
There, you need to tap on your Bitcoin address on your wallet.
You can also toggle between the fiat value and crypto to check how much you are about to send.
Step 3: Tap “Send” Cryptocurrency to Start the Transaction
Now, you must know the exact amount of Bitcoin you need to send to someone. Remember that you are about to move your Bitcoin from one wallet to another.
So, in case you want to Withdraw Money from Coinbase in fiat money, there’s an entirely different process that you must follow here.
Step 4: Enter the Recipient’s Wallet Address (or Use a QR Code)
Now, you need the wallet account address of the person who will receive BTC from your Coinbase account.
In case you are using a hardware wallet like Ledger, make sure to look up your BTC wallet address on Ledger - if you don’t know it, you can either find it out by connecting Ledger to your computer or look it up via Ledger Live mobile app.
You can also use a QR code generated the moment they look for their address. Whether you use a QR code or a text wallet address, it’s all up to you.
Step 5: Select “Send Now”
Verify once again that you are using the right address. Remember that in case you use the wrong wallet, your BTC will be lost forever.
Once you are done, tap on “Send Now,” and you are good to go - your Bitcoin capital is now on an external wallet!
Why Can’t I Send My Bitcoin from Coinbase?
According to Coinbase’s website, there are three main reasons why your Bitcoin transaction wasn’t properly processed on the platform:
- Coinbase failed to prove the transaction authorization. If you do not type in the required verification code, the transaction will stop;
- ID verification hasn’t been fully completed on your account. Double-check that you have provided the platform with all the information they need;
- There’s a problem with the platform or the accounts you are using to send Bitcoin back and forth.
In general, Coinbase has proven to be a very reliable and useful platform.
For example, you can use it as your main crypto exchange, or let it act as an intermediary between crypto transactions.
Managing your cryptos in Coinbase is a really intuitive and straightforward process. Learn more about Coinbase, Binance, and other crypto platforms here, at GrowFollowing!
Can I Transfer Bitcoins From Coinbase to PayPal?
Yes, you can! You need to link your PayPal account to your CB Profile and then proceed with the transfer.
Still, remember that you are going to receive a fiat transfer that’s worth the equivalent of the amount of BTC you sent - you won’t receive it as cryptocurrency. You can learn more here.
Why is My Transaction “Pending”?
This might happen due to three reasons: insufficient network confirmations, high transaction volume on the network, and sending small amounts with insufficient fees.
Click here to learn more about the Coinbase Pending Message.
Do I Need to Verify My Bank Account to Move Bitcoin Out of Coinbase?
Not necessarily. When you transfer Bitcoin from your Coinbase account to another Bitcoin wallet, you are moving funds between crypto spaces.
Therefore, your bank account has nothing to do here. Nevertheless, some users have reported that Coinbase requires full verification for some big Bitcoin transactions.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.