A cryptocurrency is a form of payment that can be exchanged online to receive goods and services. Cryptocurrencies work using a new technology called blockchain. Blockchain is a decentralised technology and is spread across many computers that manage and record transactions. A large part of the appeal of this technology is its increased security.
You can use your Coinbase wallets to send and receive cryptocurrencies that are supported. You can find a list of supported cryptocurrencies by using the link https://help.coinbase.com/en/coinbase/getting-started/getting-started-with-coinbase/supported-cryptocurrencies. Services for sending and receiving cryptocurrencies are available on both on mobile devices and the internet. It is important to note that Coinbase cannot be used to receive ETC or ETH mining rewards.
If you are sending cryptocurrency to a crypto address that belongs to another Coinbase user who has opted into Instant sends, you can use off-chain sends to do so. These type of sends are instant and transaction fees are not incurred. They will, however, incur network fees.
If you are using the web, use the following steps:
- Go to the Dashboard, and click on Pay from the left side of the screen.
- Choose Send.
- Enter the amount of crypto that you would like to send. By using the toggle, you can choose between the fiat value or crypto amount that you personally want to send.
- Enter the crypto address, phone number or email address that you want to send the crypto to.
- If you want, you can leave a note, but this is optional.
- Click on Continue to review and confirm the details of this send. Then, click on Preview.
- Choose to Send on Coinbase (this is the off-chain option) or Send on the blockchain and follow the remaining prompts.
If you are using the Coinbase mobile app:
- Tap on the blue icon at the bottom of your screen.
- Press Send.
- Enter the amount of crypto that you would like to send. By using the toggle, you can choose between the fiat value or crypto amount that you personally want to send.
- If you want, you can leave a note, but this is optional.
- Click on Continue to review and confirm the details of this send. Then, click on Preview.
- You can select the recipient under Contacts, or enter either their email or crypto address, or even snap their QR code.
- Follow any remaining prompts.
To receive cryptocurrency, use the following process for the web:
- Go to the Dashboard, and click on Pay from the left side of the screen.
- Choose Receive.
- Then, the QR code and address will populate.
If you are using the app, do the following:
- Tap on the blue icon at the bottom of your screen.
- There will be a pop-up window, where you have to choose to Receive.
- Under Currency, choose the asset that you would like to receive.
- After this, the QR code and address will populate.
