Transferring bitcoin to Coinbase is very simple and straightforward. And in this short post I’m going to be making it even more simple by going over each step of the process. I making this guide on how to transfer bitcoin to Coinbase as newbie friendly as possible so that anyone can follow along and do this correctly.
Since you are looking to send your bitcoin over to the Coinbase exchange I’m guessing that you are possibly thinking about selling it for “real money” such as USD, EUR, GBP, etc. But anyways whether you are doing it for this reason are not matter, the process is the same. The reason I bring this up is because there are other alternatives out there that you can do this with and that I would recommend more so, but I will go over this more at the end.
What You Need Before Starting
Before you can transfer your bitcoin to Coinbase you are going to need two things: you will need a Coinbase account of course and you need some bitcoin.
Now I’m assuming that you have bitcoin and you probably already have your Coinbase account but if you don’t you will need to go to Coinbase.com/join to create one. It’s free to do so in the sign-up process is easy to get there is still not going to be explaining any of this
The Process of Transferring
Step 1: Click on “Accounts” in the upper menu
After you are logged into your Coinbase account you should see the page that I took a screenshot of below. It will have a price chart shown along with a menu at the top. In this top menu you will see Accounts and you’re going to want to click on that. This will bring you to your different cryptocurrency wallets, such as your bitcoin wallet which is the one we are interested in here.
Step 2: Click on the “Receive” button under your BTC Wallet
Next you are going to want to click on the Receive button that is located underneath your BTC wallet. Since you are transferring the bitcoin to Coinbase you will be receiving it here, which is why you click this button.
Step 3: Click to “Show Address”
After you click the Receive button you will be greeted with this little pop-up window. It is just a warning to tell you only to send the bitcoin to the address. If you send a different cryptocurrency you will be out of luck and the cryptocurrency you sent will be lost forever. Once you understand this you can click on the Show Address button, which will bring up your bitcoin wallet address.
Step 4: Copy BTC Wallet Address
Now you will be able to see your bitcoin wallet address. This is what is known as your “public key”. It is a string of numbers and letters that stands for an account on the bitcoin block chain. Whenever you are sending bitcoin to your account/wallet this is where you want to send it.
There is also a QR code above the address that is just a visual representation of it. They both have the same address so what you can do is either scan the QR code if you’re able to do that or copy the address.
Step 5: Enter this address in the “withdrawal” or “destination” address box from your current wallet
So this step will vary a bit depending on where you currently are holding your bitcoin. If you are holding your bitcoin on another exchange and are looking to send it to Coinbase then you’re going to want to go to withdraw the bitcoin from your wallet and enter the address you just copied into the box that is usually called the “withdraw”, “destination”, “receiving” address or something related. Then you will be able to enter the amount you are looking to withdraw and submit it.
The same goes for if you are currently holding your bitcoin in any type of wallet such as hardware wallets like TREZOR and KeepKey or an app wallet like Jaxx. All wallets will have a box where you enter the bitcoin address you are sending the bitcoin to as well as a box where you enter the amount you are wishing to send.
So here is what it would look like if you were going to send bitcoin from your wallet on Binance…
And here’s what it would look like if you’re going to send it from a Jaxx wallet…
There are dozens upon dozens of different wallets out there so there’s no way I’m going to go over and explain how to do this in every single wallet. But the process is virtually the same with the exception of different words used and it may be a bit confusing to navigate to the area where you are able to withdraw your bitcoin and some wallets.
Step 6: Wait
After you have submitted your withdraw on the wallet you were holding your bitcoin in you will just have to wait. How long will it take? It all depends on how fast the bitcoin network is processing transactions.
An Alternative to Coinbase That Might Be a Better Choice For You
If you are looking to transfer bitcoin to Coinbase because you want to cash out, since Coinbase gives you the ability to sell bitcoin and to deposit the normal currency into your bank account, I would suggest otherwise. Why do I say this? Well because Coinbase charges some pretty darn high fees to this and depending on how much bitcoin you’re actually going to sell it might be a quite a bit of money.
The better alternative here would be GDAX. GDAX is actually owned by Coinbase but is there more professional exchange. It is made more for institutional investors/traders and professionals. The reason I would suggest using it is because it gives you the same ability that Coinbase does where you can sell your bitcoin and then transfer the money to your bank account, but the whole process is virtually fee-less. They do charge fees but it is nothing compared to Coinbase and to learn more about the differences between these two exchanges you can read my comparison article.
But anyways I don’t know your reasoning for wanting to transfer bitcoin to Coinbase. I’m just saying if this is the reason then I would not suggest using Coinbase.
Something Else to Consider
If you are going to use Coinbase something else you might want to consider is the Coinbase vault. Coinbase has their normal wallet in the also have their vault, which is basically a more secure and less accessible storage for your bitcoin and other cryptocurrencies. So if you are looking to store your bitcoin on Coinbase long-term and have a rather large amount to store then the vault is definitely something you should consider.
I actually wrote a review of the Coinbase wallet versus the vault that you can read more about if you are interested. I’m not going to go into all the details here.
If you have any questions about anything at all that has to do with this post please leave them below. All comments can be left down there too and I’ll get back to you when time permits on anything 🙂