It’s advisable to move one’s coins off exchanges IMMEDIATELY.
- When an exchange gets hacked, YOU lose your coins.
- If one does not control the private key, one does NOT own their coins.
- Be one’s own bank.
A wallet is just like it sounds; it’s a storage method for one’s coins. One may have billions of wallets, and billions of crypto addresses in each wallet as there is no realistic limit. Wallets may exist on one’s phone, desktop computer, piece of paper, or hardware such as a Ledger. Wallets allow one to send and receive coins and keep track of their status.
This tutorial will utilize Bread Wallet on either iOS or Android. The basic gist is, to send one’s Coinbase coins to one’s Bread wallet address, it’s very simple.
- Install Bread Wallet on the iOS/Google Play store.
- Choose Start New Wallet.
- It will ask you to back up one’s twelve recovery words. THIS IS IMPORTANT!
- Make sure these words are written down in CLEAR, BLOCK letters, in ORDER.
- Make sure the paper is durable. I recommend CryptoPaper.
- Store the paper in a safe spot.
- Make multiple copies and store one in a second, secure location.
- These twelve words allow one to completely recover the wallet, in the event Bread is deleted, phone is wiped or stolen.
- Once the recovery words are secured, one will now have a Bitcoin Wallet ready.
- Open Bread Wallet. At the bottom click RECEIVE.
- The QR code and address is now showing. Click on the QR code, not on the “Share” icon to copy the address to your clipboard.
- Press the home button on your device and then open up Coinbase.
- Click Accounts on the bottom left.
- Click BTC Wallet.
- On the top right, click the paper airplane.
- Click the UP/DOWN arrow combo on the right until 0 BTC and the USE MAX button is showing.
- Click USE MAX to grab all of your Bitcoin.
- Click SEND.
- LONG click in the text area to the right of the To: to paste in your Bread Wallet address.
- Top right click Send. DONE!
Give it 10 minutes, to one hour to process – sometimes the network gets clogged during high stress times. Your Coinbase Bitcoin account will show 0, then after a while, Bread will show your transferred Bitcoin! There will be a transaction fee. This is Bitcoin’s network fee to pay the miners whom confirm your transactions. This is normal and relatively minimal, although it can vary. All coins have this fee and is part of keeping the network alive and well.