Lesson 2.0.0. How to Withdraw a Crypto from a Crypto Wallet
To withdraw or send out a crypto coin from a wallet, you will first need to obtain a deposit (recipient) wallet address as discussed above in Grade 6 Lesson 1.0.0.
Remember that each crypto wallet is specific for a cryptocurrency. A crypto must be sent to its own wallet!
Don’ts:
Do Not Send a crypto to a different crypto wallet other than its own wallet, else you will lose your crypto money!
Step 1: Login to your crypto account
Step 2: Click on Asset
Step 3: Click on the Withdrawal button of the particular cryptocurrency you want to send, e.g. Bitcoin (BTC).
This will open up four things:
(a). the withdrawal address – a place where you will insert the recipient (deposit) wallet address
(b). the various chain network options
(c). where to insert the amount of cryptos you want to withdraw
(d). the withdrawal fee.
Step 4: Insert the deposit wallet address that you have generated and copied or received from the recipient mentioned in Lesson 1.0.0 of Grade 6 above.
Step 5: Select the chain network, if there is an option for that.
Remember, the network chain must be the same as the one for the generated deposit address, as discussed above in Lesson 1.0.0 of Grade 6.
Step 6: Follow the on-screen steps, which will include inserting the 2FA code, Email code, SMS code, etc., depending on the securities you have set up in your exchange account.
Step 7: Before you click the submission button, please take time to do three checks:
(i). Be sure the wallet address you insert is the correct one for the coin you are withdrawing (that is, BTC must be sent to a BTC wallet and USDT must be sent to a USDT wallet),
(ii). Check the first four and last four digits of the wallet address to be sure it is correctly copied,
(iii). Be sure that after you have deducted the withdrawal fee, what you are sending is the amount you want to send.
If everything is in order, you can then click the submit button. The time the coin will take to arrive in the deposit address will depend on:
(a). How fast the exchange will process the transaction
(b). The speed of the Blockchain.
Cryptocurrencies often pass through their Blockchain for verification before they will finally arrive in the deposit address. Some cryptos are faster than others. In general, the newer generation of cryptocurrencies have faster transaction speeds.