How to transfer your BTC away from Coinbase ?
for those of you who want to transfer your btc away from coinbase and are a bitcoin noob like me, i spent the past hour figuring out how to transfer your coins to mycelium wallet (only one example of a wallet that gives you full control of the private key and seemed to be well regarded). This should take about 15 minutes and I've verified that mycelium has recieved the bitcoins from coinbase and that I can now access the private key for the account.
- get mycelium wallet on your phone
- make an account to send the keys to
- goto the account and click recieve
- send this receive address to your pc/email/whatever
- in coinbase on a pc goto send/request bitcoin
- goto send and then enter the address you sent to your pc
- double check that the address is correct
- triple check that your address is correct if it is incorrect, you will be sending your coins to a random account and will probably (definitely) lose them forever
- send them to the wallet
notes: a) I couldn't figure out how to do this with the coinbase app and had to use the website because the app doesn't have a send/request tab for me (maybe different ID verification levels or something).
b) initially coinbase said they were going to delay the transaction for 72 hours since i mostly use the phone app to buy bitcoin but i did an ID verification on the site which made it go through within 15 minutes. (i uploaded a picture of my ID and then used the webcam to take a picture of myself)
c) i'd recommend setting up a mycelium backup since all the info is stored on your phone, meaning if you lose your phone without making the backup, you lose access to those coins. mycelium has an option where they give you a long sequence that can be used to restore your account which is what i used.
d) no, this isn't that complicated, but it took me most of the hour to figure out a well regarded wallet that definitely gave me access to the private key since i've literally only ever bought and held bitcoin before now and didn't what to fuck something up
Thank you for your information. Still I can only add that you guys should have a look out there, cause Coinbase is one of the most expensive "BTC-Dealers". I made some really good experience with Bitpanda (Coinimal). You should try it and save some money ;)
ok i wan't to try thank's bo
Thanks for mycelium info. Currently i don't use that way but maybe in the future. The backup is crucial for your money. It shows again how hard the handling is with cryptocurrencies today and also the security doubts which are withholding regular persons.
My brother's reserve order is a duty