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How To Deposit Your Bitcoin Into Your Account

How To Deposit Your Bitcoin Into Your Account

How To Deposit Your Bitcoin Into Your Account

Now that you’ve got your first bitcoin, how do you deposit it into your account? Bitcoin isn’t like traditional money. You can’t just walk into the bank and exchange it for cash; you have to transfer it digitally to an online wallet, which holds your bitcoin until you need to use it. 

When the time comes, you can sell your bitcoin or convert it into other forms of currency, such as dollars or euros. How you move your bitcoin between wallets depends on what kind of wallet they are and where they are located.

Step 1: Log in to Coinbase

Once you've purchased your bitcoin, you'll want to deposit it into a digital wallet. Many exchanges and wallets, including Coinbase and Coinjar, allow you to directly deposit coins from cryptocurrency transactions as soon as they clear. For example, if you bought 10 bitcoins for $10,000 USD and immediately transferred them to your wallet for safekeeping (i.e., cold storage), those coins would show up in your wallet's balance almost instantly. 

Click here for a list of wallets that support BTC deposits (Coinbase has not publicly confirmed which wallets are supported at this time). Be sure to note any minimum thresholds required before deposits will be made available. If you're transferring a small amount of bitcoin, say 0.01 BTC or less, most wallets won't make you wait until all confirmations have been received. 

In other words, there's no need to wait for multiple confirmations on small transfers; just click send and move on with your life! Larger amounts should typically be deposited after waiting for six confirmations or more (note: confirmation times can vary depending on network activity).

Step 2: Click Accounts

From here, you can create your account ID. This is optional and it helps keep your transactions more secure by keeping them separate from everyone else’s. It also makes things easier to track. There is no need to go into detail when creating your ID, but I recommend trying to make it something memorable that you will remember easily and incorporate into your routine if possible. 

For example, I have bitcoin in my account and they are so easy to deposit but that is a different story for another day;) Just simply click: New Account . Now, once that you have created an account for yourself then select deposit funds . The option to pay with bitcoin is located on top left next to basic info when choosing how you want to make a payment on Amazon! Once you have selected BTC as your method of payment, click continue .

Now take note of where it says Bitcoin Address. That is where you will be sending money from Coinbase or any other exchange. Once that has been done enter in amount of money and then press continue ! You should now see pending status under where it says Amount until your transaction has been processed which usually takes around 10 minutes depending on network traffic! 

Once transaction has been processed (you can see confirmation number at bottom right corner) you should now see money in your account within 24 hours! If there are any issues or questions feel free to contact me via email or social media :) Thank You :)

Step 3: Send Bitcoin From Coinbase Wallet

Coinbase’s wallet is simple and easy to use. It will send your bitcoin from your Coinbase wallet directly to your GDAX account. Login to Coinbase and click on Wallet in the top menu bar. Then, on Send, enter in how much you would like to transfer and where you would like it sent. 

In our case, we are sending $1,000 worth of bitcoin from our Coinbase account at GDAX to my personal wallet address. Click Continue and then Confirm. The transaction should take no more than 30 minutes to complete but can take up to an hour if there is a backlog of transactions that need to be confirmed by miners. 

Once confirmed, you can see that I have successfully transferred $1,000 worth of bitcoin from my Coinbase account at GDAX into my personal wallet address. Now that I have successfully deposited my bitcoin into my personal wallet address I am ready to buy some altcoins!

Step 4: Confirm deposit address

Once you’ve clicked your bitcoin payment request and it has been accepted, you will be given a destination address to send your funds. Copy that destination address and paste it into your wallet’s send tab. Select BTC as your currency and send whatever amount of bitcoin is requested in USD. 

Once complete, you should receive a message that confirms that your deposit was successful. If there are any issues, repeat these steps until everything goes through. You may also check up on pending deposits by logging into your account > click on deposits & withdrawals > click on pending transactions . 

The status column will tell you if your transaction is still being processed or if it has already completed. If a transaction fails, don’t worry! Just follow step 3 again and make sure to double-check all details before sending your money.

Step 5: Enter Amount and Payment info

If you are depositing fiat, ensure you enter a correct amount. If depositing bitcoin or ethereum, enter your wallet address. You will receive an email once your payment has been received and confirmed. Depending on your chosen deposit method, confirmation may take from minutes to several days. 

Note that some deposits can be confirmed instantly; others require up to 24 hours of processing time. Confirmation times depend on many factors including blockchain congestion and network difficulty (if depositing BTC). In any case, all deposits are typically fully processed within 48 hours of being sent. After clicking Deposit check your inbox for a confirmation email; click on it to verify your deposit details if needed. 

Please note that even after clicking Deposit you can still cancel your transaction before it is finalized. In order to do so, please contact our support team at [email protected]


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