how to transfer bitcoin from blockchain wallet to coinbase

Cryptocurrency payments typically are not reversible.For example, if you need to dispute a purchase, your credit card company has a process to help you get your money back. Credit cards and debit cards have legal protections if something goes wrong. Cryptocurrency payments do not come with legal protections.If you’re thinking about paying with cryptocurrency, know that it’s different from paying with a credit card or other traditional payment methods. And, if the value goes down, there’s no guarantee it will go up again.

An investment that’s worth thousands of dollars today might be worth only hundreds tomorrow. It depends on many factors, including supply and demand. The value of a cryptocurrency can vary rapidly, even changing by the hour.

Cryptocurrency values change constantly.

If you store cryptocurrency with a third-party company, and the company goes out of business or is hacked, the government has no obligation to step in and help get your money back. Cryptocurrency accounts are not insured by a government like U.S.

Cryptocurrency accounts are not backed by a government.

There are important differences between cryptocurrency and traditional currency. How is cryptocurrency different from U.S. And, because you typically transfer cryptocurrency directly without an intermediary like a bank, there is often no one to turn to if you encounter a problem. But if something unexpected happens - your online exchange platform goes out of business, you send cryptocurrency to the wrong person, you lose the password to your digital wallet, or your digital wallet is stolen or compromised - you’re likely to find that no one can step in to help you recover your funds. Where and how do you store cryptocurrency?Ĭryptocurrency is stored in a digital wallet, which can be online, on your computer, or on an external hard drive. Some people earn cryptocurrency through a complex process called “mining,” which requires advanced computer equipment to solve highly complicated math puzzles. You can buy cryptocurrency through an online exchange platform. Others hold cryptocurrency as an investment, hoping the value goes up. People use cryptocurrency for quick payments, to avoid transaction fees that regular banks charge, or because it offers some anonymity. Bitcoin and Ether are well-known cryptocurrencies, but there are many different cryptocurrency brands, and new ones are continuously being created. You usually exchange cryptocurrency with someone online, with your phone or computer, without using an intermediary like a bank. There is no physical coin or bill unless you use a service that allows you to cash in cryptocurrency for a physical token.

What To Know About Cryptocurrency What is cryptocurrency?Ĭryptocurrency is a type of digital currency that generally only exists electronically.

How to transfer bitcoin from blockchain wallet to coinbase