How does one send something that is digital and invisible?

So, you’ve caught on to the craze that is cryptocurrency. Some of your go-to stores are starting to accept it, and your friends are slowly gravitating toward it in lieu of cash apps like Venmo. But how do you send cryptocurrency, exactly? What do you need in order to pay someone with Bitcoin or another currency? Let’s explore!

How to Send Cryptocurrency

While the process might seem a little mysterious, know that once you understand how to send crypto, it’s no more complicated than sending an email. Here’s what it looks like to send cryptocurrency using Ballet, in two simple steps:

● Get your recipient’s wallet address. This is a long string of characters and dictates where the crypto goes. Because of the length of wallet numbers, you might get it as a QR code. Keep in mind that each type of cryptocurrency has its own address. For example, if you want to send Bitcoin, you need to use a Bitcoin address.

● Open your own wallet, enter the recipient’s wallet address (or scan their QR code), and enter how much you want to send. Once you send it, you’re done. Simple!

If you see a small fee, don’t be alarmed. This is to be expected. Note that the transaction fee you pay with crypto is usually significantly lower than other forms of payment, like wire transfers, making crypto a cheaper alternative for paying people and getting paid.

But Wait — How Do I Access My Own Cryptocurrency Wallet?

Great question! There are specific platforms that allow you to easily send and receive crypto.

For example, Ballet allows you to safely store your crypto. Our REAL Series wallet is a physical wallet that makes it easy to fully control all of your digital assets. On the front of the wallet, you’ll see the QR code of your own address. This is what you’ll use to send and receive cryptocurrency.

Alongside the wallet, you use the Ballet Crypto app, which is your digital interface for the physical wallet. Within the app, all you have to do to send crypto is scan the QR code for the deposit address, and from there, you’re ready to send, receive, buy, swap, and check the market value of your crypto!

To recap:

● To send cryptocurrency, ask the recipient for their wallet address or QR code.

● Go into your own crypto wallet, and enter the recipient’s address or scan their QR code.

● Enter the amount of crypto you want to send, and away it goes.

Always double-check the recipient’s address and the amount you’re sending before you send it. This action cannot be undone.

What About Receiving Crypto?

If you know how to send cryptocurrency, then you know how to receive it, too. Simply open your wallet and retrieve either your address or QR code. This is what you’ll provide the sender so that they can transfer the money.

Why Use Crypto Over Other Forms of Currency?

Because you can’t always see crypto, it (understandably) makes some people uneasy. But in reality, crypto is one of the most secure ways to pay and get paid. Here’s why:

● It’s nearly immediate. Other types of money transfers can take 24 hours to about a week to complete. A cryptocurrency transaction is usually complete within a few seconds. There is no approval or review process like you’d see with other payment forms, since there’s no third party that the crypto passes through, which is exactly what happens when you try to wire money through a bank.

● It’s more affordable. Banks and other financial institutions require heftier transaction fees. Domestic transfers can be upwards of $25, and international transfers can be even steeper. Crypto’s fees (called network fees) are minimal, making it more cost-efficient.

● It’s accessible. Anybody can send and receive cryptocurrency. You just need an internet-enabled device, like your computer or smartphone. Setting up your crypto wallet is much faster and easier than opening a bank account. Plus, opening a crypto wallet requires no ID verification or credit check.

● There are no geographic boundaries. You can send and receive money from anywhere in the world, to anywhere in the world.

● It’s highly secure. The backbone is cryptography and blockchain technology, which makes crypto nearly impossible to hack, intercept, or defraud. It’s also anonymous. The only identifiable marker is the wallet address, and there’s no additional private information attached to it. The only way someone can access your funds is if they somehow get their hands on your address. Plus, all transactions are transparent and public on the blockchain ledger. Anyone can look up where, when, and how much was sent from one wallet address to another. This can reduce the likelihood of fraudulent transactions.

● There’s no governing body. Nobody “controls” crypto (it’s decentralized), the way a bank can exert control over your money. This means that two parties can complete a transaction privately and maintain total control over it. The crypto passes from the sender to the recipient with no intermediary.

● Because there’s no third party involved, the ownership of your assets only changes once: from you to the recipient. There’s no middleman who will temporarily “own” your crypto.

● It’s inclusive! People who don’t have access to a traditional financial system can buy and sell with cryptocurrency. Plus, the minimal fees make it more affordable and convenient.

So, while it’s relatively new (at least, compared to using a bank), crypto is quickly becoming a go-to method for sending and receiving money.

Are you ready to set up your crypto wallet and begin sending and receiving money? Get started with Ballet.

About us

Ballet is a U.S. company that provides simple and secure cryptocurrency storage solutions for the global mainstream market. Ballet is the team behind the world’s first multi-currency, non-electronic, physical crypto wallet. The company was founded in 2019 by Bobby Lee and an international team of cryptocurrency industry veterans. Ballet is headquartered in Las Vegas, Nevada in the United States, and has an office in Shanghai, China.

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How to send cryptocurrency? was originally published in BalletCrypto on Medium, where people are continuing the conversation by highlighting and responding to this story.