How to Send or Receive Crypto Using a Crypto Wallet

A crypto wallet helps you unlock one of the most significant features of cryptocurrency: the ability to send or receive peer-to-peer transfers without any financial intermediaries. This decentralized approach gives you full control over your digital assets, allowing you to transact directly with anyone, anywhere in the world, without relying on traditional banking systems or centralized platforms.

Doing so with a modern crypto wallet is simple and straightforward. Most crypto wallets support thousands of coins across multiple blockchains, including popular networks such as Ethereum, Polygon, Avalanche, BNB Chain, and Stellar Lumens. You can send or receive crypto from both mobile applications and web browser extensions, providing flexibility and convenience for managing your digital assets.

Sending Funds

From the crypto wallet home screen, select the Send option. You'll be prompted to select the asset you'd like to use and to choose a desired amount. This process is designed to be intuitive, guiding you through each step to ensure a smooth transaction.

Before proceeding, ensure that you have the correct wallet address for your recipient. This is crucial because blockchain transactions are irreversible—funds could be permanently lost if they are sent to the wrong address. Always double-check the recipient's address by verifying multiple characters at the beginning and end of the address string.

Additionally, many wallets offer enhanced sending options. For example, you can send funds based on the Ethereum network to a user's Ethereum Name Service (ENS) address, which replaces complex hexadecimal addresses with human-readable names like "username.eth". This makes transactions more user-friendly and reduces the risk of errors. You can also send funds to another wallet user by using their wallet username, if the platform supports this feature.

When sending funds, be aware of network fees (also known as gas fees), which vary depending on the blockchain network and current network congestion. These fees are paid to validators who process your transaction. It's advisable to check the estimated fee before confirming the transaction, especially during periods of high network activity.

Receiving Funds

From the crypto wallet home screen, select the Receive option, and then select the coin you'd like to receive. The wallet will generate a unique receiving address for the selected cryptocurrency. You'll be shown a QR code with your unique wallet address directly below it, making it easy to share with the sender.

You can share that address with the sender in several ways. The most convenient method is often to have the sender scan the QR code using their wallet app, which automatically populates the correct address and eliminates the risk of manual entry errors. Alternatively, you can copy and paste the address, but always verify that the entire address has been copied correctly.

If the sender is using a compatible wallet, you can also share your wallet username instead of the long alphanumeric address. This username-based system provides a more user-friendly experience while maintaining the same level of security.

When receiving funds, it's important to understand that different cryptocurrencies may require different receiving addresses. For example, Bitcoin addresses are different from Ethereum addresses, and sending Bitcoin to an Ethereum address (or vice versa) will result in permanent loss of funds. Always ensure you're sharing the correct address for the specific cryptocurrency you want to receive.

Additionally, be aware that some tokens operate on multiple blockchain networks. For instance, USDT exists on Ethereum, Tron, and other chains. Make sure both you and the sender are using the same network to avoid complications or loss of funds.

FAQ

What is a crypto wallet? What are the different types of wallets (hot wallets vs cold wallets)?

A crypto wallet stores private keys to manage cryptocurrency. Hot wallets connect online for convenient transactions but carry higher security risks. Cold wallets remain offline, offering superior security for long-term storage of large amounts. Choose based on your usage needs and security priorities.

How to create and set up a crypto wallet?

Download a wallet app, set a strong password, and securely save your recovery phrase. Follow the setup prompts to generate your wallet address and start sending or receiving cryptocurrency.

How to safely receive cryptocurrency? What is the difference between public and private keys?

Share your public key to receive crypto safely, similar to sharing an email address. Keep your private key completely secret—it controls your funds. Public keys are mathematically derived from private keys and are meant to be public, while private keys must never be shared with anyone.

How to send cryptocurrency to another wallet address? What precautions should be taken?

Copy and paste the recipient's wallet address carefully to avoid errors. Verify the address matches the intended recipient. Check network fees before confirming. Once sent, transactions cannot be reversed. Never use QR code scanning for security purposes.

How long does it take to send or receive cryptocurrency? Why is it sometimes slow?

Crypto transactions typically take minutes to hours, depending on network congestion and gas fees. During peak periods, the network becomes congested, causing slower processing times and higher transaction costs.

Are cryptocurrency wallets secure? How do I protect my assets from being stolen?

Crypto wallet security depends on protecting your private keys and recovery phrases. Use reputable wallet products, stay alert to phishing scams, and combine hardware wallets with hot wallets for enhanced protection.

What happens if I send crypto to the wrong address? Can the transaction be reversed?

Cryptocurrency transactions are irreversible and cannot be canceled once confirmed on the blockchain. If you send to the wrong address, the funds are permanently lost unless the recipient recovers them. Always verify the address before sending.

Are wallet addresses from different blockchain networks（such as Ethereum, Bitcoin, and Solana）compatible?

No, wallet addresses from different blockchain networks are not compatible. Each network uses different address formats and protocols. Bitcoin, Ethereum, and Solana addresses cannot be used interchangeably. Direct transfers between these networks require bridge protocols or exchanges.

What fees do I need to pay when using a crypto wallet?

Crypto wallets charge no fees for basic usage. However, blockchain network fees apply when sending or receiving crypto. These transaction fees go to network validators and vary based on network congestion and transaction amount.

How to Restore a Lost or Forgotten Wallet Password?

If you forget your wallet password, recovery is difficult since wallets don't store passwords. Use your seed phrase (12-word recovery phrase) to restore access. If unavailable, try password combinations you remember. Avoid third-party recovery services due to security risks. Always back up your seed phrase securely.