Crypto newbies on the internet have a lot of questions
Crypto newbies on the internet have a lot of questions and rightly so. To figure out a field that is as exciting yet complicated as cryptocurrencies can be quite a chore sometimes. But that is what we are here for: to help you sail through confusing moments and find answers to your questions. Now, if your question is: “how to add money to your Bitcoin wallet?”, read on.
By “adding money” to your Bitcoin wallet, we naturally mean adding cryptocurrencies such as Bitcoin to your offline or online cryptocurrency wallets and not actual fiat currency (which we commonly refer to as money). You can purchase the Bitcoin with your money and then send it to your wallet.
If you want to get a hang of the basics and figure out exactly how to use that Bitcoin wallet you have gotten your hands on to store your crypto holdings, we are here to help.
You May Also Read: Offline or Online: How Should You Store Your Bitcoins?
Bitcoin Wallet Basics
A Bitcoin wallet, like a normal wallet, is a place to keep your precious and valuable currencies.
Just like you cannot toss a Bitcoin into a leather wallet you just purchased from the mall, you cannot stuff a dollar bill into a Bitcoin wallet (or a cryptocurrency wallet).
A Bitcoin wallet, which can take various forms: mobile wallet, web wallet, offline hardware wallet and so on, is essentially a storage location powered by software programming where you can virtually store your digital assets.
A Bitcoin wallet has a public key, which everyone can see. It is like your bank account number and can be used to transfer Bitcoins to your account. It also has a private key, which is like your ATM PIN which you must keep secret and safe.
The crypto market is absolutely flooded with a wide variety of crypto wallets and we can guarantee that you will be spoilt for choice when you try to select one for yourself. However, do make sure that your research in this regard is absolutely thorough.
You may choose a free paper wallet or go on to spend quite a bit on a quality hardware wallet like Ledger Nano S or Trezor but whatever you choose, you must be very careful about the security of the crypto holdings you keep there.
You May Also Read: How To Secure Crypto Wallets?
Transfering Money To Your Bitcoin Wallet
There are a number of situations in which you will be required to get Bitcoins into your wallet. One of the most common situation is when you go and purchase some Bitcoins, be it from a cryptocurrency exchange or from a Bitcoin ATM.
You May Also Read: How To Buy Bitcoins From An ATM?
In an exchange like Coinbase or Binance, you would ideally be required to create a wallet for yourself within the exchange’s website.
From there, you can transfer the Bitcoin to your own wallet which you think is the most secure choice.
For transferring the amount to your wallet, you simply have to choose the “Send” option for your preferred cryptocurrency and in the dialogue box that appears, input the public key of your wallet, or the address of the wallet. This will ideally be a really long string of alphanumeric characters.
In a Bitcoin ATM, you can either follow a similar pattern and input your wallet address manually or simply scan the QR code of your wallet to have it transferred.
If you are receiving payments from someone via Bitcoins, you can either input the wallet address or scan the QR code, if the latter option is available at all.
In this way, you can transfer money into your Bitcoin wallet.
Here Are A Few Other Articles For You To Read Next: