Cryptocurrency transfer (BTC, VOC25)

It is now possible to transfer funds in cryptocurrency. For clients — BTC and cryptocurrency fund token (VOC25).

Information

How to transfer funds between bitcoin wallets

Paying for services with bitcoins is quite easy. Even if you have never mined any cryptocurrency yet, bitcoins can still be easily purchased on one of the many specialized digital currency exchanges. The first step for a successful cryptocurrency transaction is setting up a bitcoin wallet. Let’s get into some more details about this process. In fact, it is very much similar to creating a wallet for any other digital currencies, like, for instance, Ethereum or Ripple. Nowadays, however, bitcoin is among the strongest and the most popular cryptocurrencies on the market.
How to create a bitcoin wallet
Before registering a wallet you should figure out the main use for your cryptocurrency – this will help you to choose the right type of wallet. Cryptocurrencies can usually be stored in “hot” or “cold” wallets. The first type of digital money storage requires steady internet connection, but the second type does not depend on web connectivity and works well offline. Many users prefer to use their “offline” (or hardware) wallets for storing big amounts of cryptocurrency, while the “hot” wallets are widely used for various transactions.
Offline wallets are securely protected from any hackers’ attacks. Their structure is quite similar to the operating system of a computer – the program needs to run regular updates of the blockchain (they are also called “fat protocols”). This maintains high levels of security. On the contrary, “hot” wallets are easily accessible on any device, be it a PC computer or a smartphone. There is no need to download any service programs to create such a wallet – you can simply register, get the keys and check your account balance any time you like. Another way to store your cryptocurrency is to create a paper wallet, a widely popular option among private users. Such wallets are usually created on key-generating platforms, where both public and private keys are obtained in the form of QR-codes. Paper wallets are not stored on the web interface – instead they can be converted to PDF format and easily printed. After, the user scans the QR-code with a special application on his phone and it enables him to send the money out or add funds to his wallet.

Let’s go through the main steps to set up a bitcoin wallet (both online on offline):

Open the page in your browser (bitcoin.org. is one of the most widely used) Choose an option from the list of software and operating systems where your bitcoin wallet can be stored. It is recommended to use “Web” option in any desired application for a “hot” wallet. And as for “cold” wallets you may want to choose an OS or a software supported by your device.

• Create an account. It is better to use @gmail as it delivers your mail fast and it rarely gets into spam folder. Once your registration is complete, you will receive a link to confirm your account – just click on it and your account will be activated immediately.
• There we go, your bitcoin wallet is set up. To check step-by-step instructions (including the process of setting up online-wallets) visit https://blockchain.info/. While registering an account and creating your wallet, you should pay attention to the following:
• Wallet identifier (Wallet ID). It acts similarly as your bank account or a credit card number and its number consists of 33 digits and letters. This number and letter combination is usually sent to agents who are going to recharge the wallet, and it can also be used while adding funds to your wallet at one of the bitcoin payment terminals.
• The keys. A private key allows you to access your bitcoin-wallet. It is highly recommended to back it up on any device of your choice in order to keep your account access secured at any time.
• Password (mnemonic phrase, keywords). A recovery phrase or a printed mnemonic page can help you gain access to your bitcoin wallet without using a password. Typically while setting up an account, users get randomly generated mnemonic backup phrase which needs to be written down on paper. These words need to be saved strictly in order of their appearance and they will help you to regain access to your wallet when the password is lost. All information is usually stored in user’s wallet interface.

How to transfer bitcoins

After your bitcoin wallet and its two-factor authentication (when both password and sms-message are used for verification) are set up, you can start transferring funds. This is how to easily transfer bitcoins regardless of the type of wallet in use (below we are using the online-wallet on blockchain.info as an example):

Use your password to access the wallet and choose the option required for your transaction (refill/send).

To send the money out of the wallet, enter receiver’s wallet ID.

To receive the funds you need to use your wallet identifier and choose one of the following options – you can get paid through bitcoin terminals in cash, use online converters, or get the money from another bitcoin wallet (this option is usually available after closing the deal on cryptocurrency forums or exchange platforms). You can also receive bitcoins from a bank card (for example VISA and Master Card are set to support bitcoins transactions).

The benefits of using cryptocurrency transfers

The main advantages of cryptocurrency payments include:

• Full anonymity. Despite the fact that blockchain is an open and easily accessible system, only the amount and the date of the transaction are usually disclosed. Any personal details including the name and other information about the user are not available to other blockchain users.
• Reliability. From the moment the transaction is confirmed, it can’t be edited or reversed. Also, there is no way to cancel the operation after its output has been already wrapped in a block script, because in this case all the following blocks will carry the hash with all the previous chains of transactions in them.
• It takes only 10 minutes to transfer bitcoins between the wallets. It takes the same 10-15 minutes to set up a brand new wallet from a scratch. And even after you make up your mind to convert rubles into cryptocurrency and go through the whole process from A to Z, you can still be ready for a complete blockchain transaction in just a few hours.