When it comes to working with an exchange, most people feel torn about a single choice – do they need to withdraw Bitcoin from their wallet? Or, should they keep it as it is?
Well, don’t fret.
In this article, we’re going to share important information that you must know regarding our titular topic. So, let’s not make any further ado, and get started with it.
Yes, of course, you should.
When it comes to trading, using a platform like immediate edge would be ideal for you. After all, it won’t take a massive amount of transaction fee like everyone else.
And, the efficiency of the app is quite impeccable as well. You’ll get an online wallet with it. So, there’s no need to worry about that too.
But, here’s the thing.
Although it’s quite trustworthy, the application is still made by a third-party developer. Thus, to be careful, you shouldn’t hold onto your private key anymore and withdraw whatever BTC you’ve accumulated until now. There’s no need to believe anything or anyone blindly.
We’ve used a new term “private key” in the previous section. So, let us explain what it is first before moving onto the next and the most important section.
So, a private key is like a password that you use to protect your online account. But, contrary to the latter, the key prevents your BTC wallet from getting harmed.
That’s not all, though.
A private key will also be needed if you want to spend or send your accumulated Bitcoin. If you don’t have it, then you won’t be able to access your account anymore.
The key is usually provided by the exchange you’re working with. Thus, whenever you try to make a transaction, you’ll have to ask for the permission of the service provider.
Do you really want to do so, though?
After all, it’s YOUR earning. You should be able to use it whenever, wherever you want. But, if you’re using an exchange, it’ll almost be like you’re trusting someone else with your cash. And, having to ask every time you want to make a transaction is quite annoying too.
The BTC withdrawal procedure for every exchange is a little different than the other. Thus, in this section, we’ll offer some insights on the process Coinbase follows for the same. It’s quite standard and, therefore, can help you understand the theory behind it.
- Firstly, you’ll need to go to your account and find the asset you want to withdraw. It’ll take a while to get the same depending on the exchange you’re using.
Note: If you’re unable to take any action, then your user role will be responsible for it. Thus, in this aspect, it’ll be better for you to contact your provider and tell them about your issue.
- Now, once you’re in the correct place, you’ll find the “withdraw” option to be sitting on the right side of your screen. Click on it.
- Find the wallet you wish to withdraw from. If you have only one account, you may have to click on that, or the app will automate this scenario accordingly.
- Then, select the account or wallet you want to deposit your fund to. It might be ideal for you to choose a Trusted Address Protection account for your purpose.
- Enter the amount of Cryptocurrency you want to deposit.
- Bow, click on “preview withdrawal” and check if the amount written on your screen is correct. If so, then authorize the transaction with your private key.
Once you’re done with authorizing, you’ll need to wait for a while for approval. It’ll get approved by the consensus eventually. So, when it does, you may have to go through a video calling session as a security measure. The Bitcoin will be sent once these steps are completed.
So, that’s all for this one. Hopefully, you have understood how you can withdraw BTC from your account. Or, do you have something else to ask us?
Well, no matter what it is, don’t forget to comment on your concerns below. We’ll try our best to offer as much information as we can in this regard!