How to replenish a Blockchain wallet (Blockchain.com) or withdraw funds in cryptocurrency and fiat money (rubles, dollars, etc.)
Blockchain Wallet is one of the most requested online cryptocurrency wallets. It does not require downloading and installing applications, allowing you to work directly from the browser. It is functional enough and has a good reputation among millions of users. Today, the Btcnewsweb.com editorial team will tell you how to deposit and withdraw cryptocurrency from the Blockchain.com wallet. This is not difficult to do, but there are a number of nuances that you should pay attention to.
General information about the wallet
Blockchain.com is a non-custodial cryptocurrency wallet supporting coins such as Bitcoin, Bitcoin Cash, Ethereum, Stellar, USD Digital, Algorand, Tether, Wrapped Digital Gold. Work with fiat currencies USD, EUR, GBP is also supported.
Non-custodian wallet – encryption is used on the client’s side, which means that only the owner has access to funds. At the moment of wallet creation, a unique master seed is generated. The user’s password acts as a key to unlock the wallet when it is necessary to perform an operation in it. Developers do not know user passwords and do not store them. However, Blockchain.com servers store an encrypted copy of each wallet, allowing the user to access their funds from any device.
You can perform basic operations with a wallet (send and receive cryptocurrency on Blockchain.com) without verification. Identity verification is required in order to trade over $ 1000 per year through the built-in exchanger, earn on cryptocurrency landing pages or take secured loans, and participate in the Airdrop program.
How to deposit / withdraw from Blockch landing ain.com using fiat money
More recently, the Blockchain wallet allows you to buy cryptocurrency from a credit or debit card directly through the wallet. You need to go to the “Buy / Sell Cryptocurrency” section in the top menu, select the desired coin, enter the purchase amount. The function is available only after verification. Work with fiat currencies such as USD, GBP and EUR is supported.
There are many other ways to replenish a wallet using fiat currencies (rubles, dollars, etc.) or withdraw funds from it to your card / electronic wallet:
- Exchangers. Provide a variety of exchange directions. When withdrawing cryptocurrency, you will need to provide the details of the card or electronic wallet and send coins to the address issued during the creation of the application. And in order to replenish the wallet, the opposite is true – you need to provide the address of the Blockchain wallet, and transfer the payment in fiat money to the required details.
- Crypto exchanges (e.g. Binance, Currency.com, EXMO, FTX, Cex.io, Stormgain, Crex24 and others). If the cryptocurrency exchange supports the deposit and withdrawal of funds in fiat money, then it can be used to easily replenish the Blockchain Wallet or withdraw funds from it.
- Payment systems (e.g. Payeer, Capitalist, AdvCash). They support accounts in some popular cryptocurrencies and make it possible to freely transfer them to another wallet. The same thing works the other way around.
- p2p exchangers (e.g. Cryptolocator, LocalCryptos, LocalBitcoins, Paxful, Bitpapa and others). Peer-to-peer services make it possible to buy / sell cryptocurrency in any convenient way, be it a card, EPS, bank transfer or even cash.
All methods are equally well suited for interacting with a Blockchain wallet, you just have to choose the one that suits you best.
How to fund Blockchain Wallet with cryptocurrency
The easiest way to deposit is to transfer coins from a third-party wallet to the address assigned to your wallet in the Blockchain system. To do this:
- Log in to the wallet.
- On the top panel, click the Request button.
- A window for receiving cryptocurrency will open.
- Select the desired cryptocurrency from the drop-down list (currently available options are Bitcoin, Bitcoin Cash, Ethereum, USD Digital, Stellar, Algorand, Tether, Wrapped Digital Gold).
- From the second drop-down list, select the wallet you want to receive funds to. The fact is that Blockchain Wallet allows you to create several wallets within one account at once for different purposes.
- Below you can see the QR code. Using a mobile wallet, you can quickly activate it and easily transfer money to the desired account.
- If the use of a QR code is not relevant, then you can copy the address in text form just below and paste it into another wallet for transfer (or send it to a counterparty). For example, the address for receiving cryptocurrency Bitcoin (BTC):
It is possible to create a payment link to request coins to your address. When clicking on this link, the user will immediately see a window for sending funds if he is authorized in the Blockchain wallet.
How to withdraw cryptocurrency from Blockchain Wallet
To withdraw funds and transfer them to a third-party wallet, go to the Send section. Before that, you need to find out and copy the target address.
In the window that opens, do the following:
- Select the currency to send.
- Select the wallet from which the funds will go.
- Paste in the address. If you have a webcam, you can also scan the QR code from your mobile device.
- Enter the amount of the transferred cryptocurrency (you can enter the amount in crypto or in fiat money, the conversion at the rate is carried out automatically).
- The Description field allows you to create a note about the transaction that will only be visible to you.
- An important point is the choice of the network commission. More about it below.
After entering all the required information, click “Continue”. Carefully check the correctness of the information entered, since it is impossible to cancel a transaction already sent to the blockchain.
Selecting the transaction fee
For a transaction to go through and be added to the blockchain, it must be processed by miners supporting the network with powerful computing equipment. For the fact that miners spend a lot of time and energy on this work, they get paid: a reward for each block. This reward includes a fixed amount (6.25 BTC at the moment) plus all transaction fees included in the block.
Thus, for miners, those transactions where the commission is higher are priority. They will be processed as quickly as possible. The current optimal commission depends on the workload of the blockchain, that is, the number of transactions accumulated in the queue (mempool).
The Blockchain wallet automatically calculates the optimal fee amount. You can increase it if it is important to you that the payment is made quickly. It is not recommended to lower it, because then the transfer may not interest miners and hang in the mempool for several days.
We have considered most of the possible ways to deposit and withdraw cryptocurrency from the Blockchain wallet. There are also more rare ones. For example, you can earn interest by borrowing your USD Digital cryptocurrency or take part in the airdrops that appear from time to time on the built-in Airdrop platform. Most of the additional methods differ in that they require Silver or Gold verification. As for the standard sending of funds or replenishment of the balance, these actions are available to absolutely everyone and without any requirements.