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/biz/ - Business & Finance

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56093379 No.56093379 [Reply] [Original]

Really stupid question but if I bought btc on one app would I be able to send it to someone else if they used a completely different app, provided I have their btc address?

>> No.56093508

Yes but make sure to store your BTC in your own wallet. Get the muun wallet for your phone.

>> No.56093512

>>56093379
>"coinbase posters could be here" he said to himself, out loud

>> No.56093537
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56093537

>>56093512
Yeah I know but everyone has to start some where and he bought BTC and not shitcoins so that's promising. Just remember OP, you store bitcoin in your own wallet in which you have full control, or in somebody else's wallet, in which you have to trust them and ask permission to access it. Obviously your own wallet is the way to go. Not your keys, not your coins.

>> No.56093760

>>56093537
I'm also a retard. How do you store it in a wallet? My brother got me a ledger thing but I haven't installed it yet. Do you just send it to that address? Also if it's on Coinbase surely it's easier to sell if you needed to?

>> No.56093833

>>56093379
yes, that is basically what you'd do anyway once you withdraw the BTC from the exchange to your own wallet.
>>56093760
>Also if it's on Coinbase surely it's easier to sell if you needed to?
THE central thing of BTC and other coins is that you can take self custody of your assets and do not need 3rd parties to store them.
While they are on the exchange, you will always have some 3rd party risk. Hacks, Seizure, etc. (with coinbase that is likely quite small, but still)
>How do you store it in a wallet?
Follow the setup guide, write down your words on paper and store them properly. Never digitally input your seed phrase on any device other than your own HW wallet. Not on your phone, PC, don't photograph it, etc. This is 99.9% why people get their HW wallet """hacked""". The words instant are full access to your crypto, so treat them accordingly.
If you want to be sure that you wrote everything down, then wipe the HW wallet once, restore it with your written down words and check that the address you get is the same as the first time.
Also doesn't hurt to do a small test transaction first when withdrawing from an exchange.
And when you copy&paste your HW wallets address into the exchange site, make sure that the last few characters match, since there is also malware out there replacing crypto addresses when pasting.

>> No.56093871

>>56093379
Yes anon, you would be able. You just have to pay the $50 tx fee and then wait for about 1 week for the tx to go through.
Is that simple, also remember that any transaction you make from your wallet can be tracked with presicion by anyone.
Welcome to the future of finances.

>> No.56094017

>>56093512
Kek