Sunday, June 16, 2019

Can I Transfer my Bitcoins to Another Wallet?

To a cryptocurrency newbie, the question posed in the title is of utmost importance. Several newbies are agitated about losing their valued Bitcoin due to several news of losses of Bitcoin emanating from the digital currency space.

The question is quite rightly asked particularly because of loss of funds by non-specialists who send Bitcoin to Bitcoin Cash addresses or Litecoin addresses. As is said, it is better to be a fool for five minutes after asking a question than to remain a fool forever. A five-minute fool will not lose $100 or more with the wrong process as opposed to one who decides to try out his/her assumptions and loses valued cryptocurrency in the process.

Making Sure of No Losses of Funds

There are several existing Bitcoin wallets today with exchanges doubly serving as wallets. Top wallets and exchanges include Bithumb, Binance, Bittrex, Coinbase, Luno, Kraken, Poloniex, BitFinex, BitMex and several others. These wallets are on the Bitcoin network and allow Bitcoins to be transferred from one wallet to another.

A cryptocurrency newbie’s usual mistake is not fully copying a Bitcoin wallet’s address and sending to that address. Some greenhorns could mistakenly add a letter in the Bitcoin wallet’s address and hit the ‘send’ button. This action that could lead to loss of funds would be reported by the layman in the Bitcoin community who might assume the Bitcoin and crypto world similar to his/her traditional banking world where reversals and chargebacks are allowed. It only takes a matter of time before the newbie realizes the funds are lost and dejectedly counts losses.

Bitcoins can be transferred to any wallet from any wallet just like funds can be transferred from any bank in a country to another bank. Be it a Paxful wallet to a Luno wallet, a Binance wallet to a Bittrex wallet, or any Bitcoin wallet in the whole world. This is a testimony to the globalization of a single world currency Bitcoin offers in addition to decentralization, almost non-existent inflation, transparency, immutability, and a whole host of positive values that can propel the financial world in the right direction.

Top Exchanges in Different Regions

Due to several hacks and loss of bitcoins in the cryptocurrency’s short financial history, it is advised that you transfer your bitcoins to a trusted wallet. There are over 200 Bitcoin wallets and exchanges with some wallets particularly trusted by Bitcoin users in different regions. In the US, Coinbase reigns supreme as the top Bitcoin wallet and Binance as the most versatile exchange.

For South Koreans, most crypto enthusiasts save their bitcoins in the Bithumb exchange. For Southern Africa and a part of West Africa, South African exchange, Luno, has been publicized as a trusted Bitcoin wallet.

There have been substantial bitcoin losses on crypto exchanges since the inception of the cryptocurrency like the Mt. Gox hack in the year 2011 and 2014. Mt. Gox’s ex-CEO, Mark Karpelès has reportedly admitted to ‘borrowing’ the bitcoins illegally from users. BitFloor, BitStamp have also experienced Bitcoin hacks with huge losses. Poloniex, one of the top known exchanges once suffered a hack in which 97 bitcoins were lost on the platform.

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