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Cryptocurrency for Beginners

What is a Bitcoin withdrawal address? Get one in 5 mins⏱

2 min read
Many beginners make the mistake of treating cryptocurrency exchanges like regular regulated banks. However, exchanges will not refund you if you accidently send cryptocurrency to the wrong person.

What is your Bitcoin withdrawal address?

When cryptocurrency exchange, broker or wallet asks for a withdrawal address, they are usually referring to the “receive address” of a BTC wallet which is not associated to the current account that you are using.

A Bitcoin withdrawal address is usually used to :

  1. Send Bitcoin to another person
  2. Send your Bitcoin to a different platform(Exchange or wallet)

In either cases you need to provide a BTC public key or a receive address to direct the funds to another BTC wallet or account.

 

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So, just like when sending money to another account in a bank, you will need to provide the public key, which is a 21 digit code or QR code.

Therefore, if you are sending BTC to yourself and the exchange is asking for a withdrawal address,

You “simply” need to enter the receive BTC address of your EXTERNAL WALLET.

And if you don’t have another cryptocurrency wallet, you will have to CREATE ONE.

 

What is my bitcoin withdrawal address?

The Bitcoin withdrawal address (a.k.a public key) is the address which leads to a Bitcoin wallet which can be on another account or platform.

Where to find my bitcoin withdrawal address
Where to find the bitcoin withdrawal address

So, just like your online bank account, you need to provide another bank account number to do a withdrawal. Your bitcoin address works the same way.

A BTC withdrawal address is usually a secondary wallet from a different platform like Exodus.

Where can I find my bitcoin withdrawal address
How to get a Bitcoin Withdrawal address with Exodus

And if you are sending Bitcoin to another person, it could be another crypto exchange.

 

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Types of  BTC withdrawal addresses:

Why do you currently need one

Cryptocurrency Brokers like CoinMama usually request a withdrawal address for your cryptocurrency because they do not have the infrastructure to store Bitcoin on their platform.

 

So once you get clear on what you need it for, then you’ll get one step closer to being ready when cryptocurrency trading, investing or general business opportunities come along. E.g pay a staff member or company

  1. To buy Bitcoin on a cryptocurrency exchange
  2. To send Bitcoin to your secondary Bitcoin wallet
  3. To send Bitcoin to another person
  4. To pay a company
  5. To send Bitcoin from an exchange to another platform.

 

How do you create a Bitcoin withdrawal address in under 5 mins?

Most beginners make the mistake of creating a new wallet on another cryptocurrency exchange.

However, the safest long-term solution is to have an offline wallet like Exodus.

 

Click here to create download Exodus to your desktop computer or the mobile app

(it’s completely free, no kyc is required and they have been around since 2008)

 

Where can I find my bitcoin withdrawal address
How to get a Bitcoin Withdrawal address with Exodus
  • Step 4: Copy the 21 digit number
Where to find my bitcoin withdrawal address
Where to find the bitcoin withdrawal address
  • Step 5: Paste it in the box requesting the withdrawal address or give it to the person requesting your withdrawal address to send you

 

Why understanding how this works will benefit you

Many beginners make the mistake of treating cryptocurrency exchanges like banks.

They will not refund you if you accidently send cryptocurrency to the wrong person.

A man recently attempted to sue Coinbase because they didn’t give him a refund after his phone got hacked.

The same thing applies for withdrawals, exchanges will not refund you if you send Bitcoin to the wrong address

 

PRO: Tips to transfer Bitcoin safely

  1. ALWAYS check the first and last two digits of the withdrawal address to make sure you entered the full address
  2. If you are sending Bitcoin to another person, use the QR code instead of pasting the number to AVOID TYPOS
  3. If it’s your first time, I recommend using the desktop version as some mobile apps trim down some important functions.

 

Conclusion: Opportunities

The more efficiently you can withdraw Bitcoin, cryptocurrency or any blockchain token from an exchange, the higher the odds of making profit as opportunities trading and investing opportunities arise arises.

 

Now that you have your withdrawal adddress, click here if you want to learn : How Safe is Cryptocurrency Trading

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