Tech

Crypto Transfers and Payments for Newbies: An Overview

Crypto Transfers and Payments

Crypto transfers and payments may seem like very technical tasks, especially for newbies. However, you can think of them like sending an email, but instead of a message, you’re sending digital assets. And just like with email, you can send crypto to anyone with a compatible wallet address, regardless of their location or time zone. It’s relatively easy, especially if you’re using a simple-to-navigate platform.

The Difference Between a Crypto Transfer and a Crypto Payment

Both crypto transfers and crypto payments involve the movement of digital assets from one wallet to another, but they serve different purposes.

A crypto transfer usually happens between individuals or entities, which may or may not involve a financial transaction, such as the exchange of cryptocurrency for cash (a.k.a. fiat currency). On the other hand, a crypto payment involves a transaction where coins or tokens are used as a means of payment for goods or services. Digital assets are used to pay for something, and the ownership of the assets is transferred to the recipient. 

Crypto transfers are usually done for the purpose of moving crypto between wallets, while crypto payments are used for purchasing goods or services.

5 Common Platforms You Can Use to Send Crypto 

You can use several types of platforms to transfer crypto and/or make crypto payments. These include:

1. Crypto payment apps

A crypto payment app allows users to send and receive crypto as a form of payment. These apps are designed to facilitate easy crypto payments for day-to-day transactions (e.g., sending money to friends or family, paying for goods and services, or making online purchases). 

Some crypto payment apps, such as Kasta, also offer the ability to convert crypto into cash, which can be useful for users who need to make purchases in their local currency.

2. Crypto exchanges

These platforms are popular for buying, selling, and trading cryptocurrencies, but they usually have features for transferring crypto. 

3. Crypto wallet

Crypto wallets are software applications that allow users to store, manage, and transfer their coins and tokens. Some wallets are designed to store a specific type of crypto, while others can hold multiple types of cryptocurrencies.

4. Crypto ATMs

Crypto ATMs are similar to traditional ATMs, but instead of dispensing cash, they allow users to buy and sell some of the most popular crypto like Bitcoin (BTC),  Ethereum (ETH), and Tether (USDT). Some crypto ATMs also offer the ability to send crypto or withdraw cash.

5. Peer-to-peer (P2P) platforms

P2P platforms allow users to buy and sell cryptocurrencies directly with other individuals, without the need for an intermediary such as an exchange.

How Fast Does It Take to Send Crypto?

It may depend on the specific platform you use. Some platforms process transactions within a few seconds, while others may take several hours. 

It’s good to note that several reasons may affect the length of time it takes to send crypto such as the type of crypto you use and technical difficulties or bugs on the platform. If your transaction was delayed, reach out to the platform’s customer support as soon as possible to address the issue and seek a solution.

On the Kasta app, crypto transactions are usually processed within several seconds.

How to Make Crypto Transfers and Payments 

Let’s use the process of making crypto payments and crypto transfers in the Kasta app as an example:

a. To a Kasta user

  1. Log in to the crypto payment app.
  2. Tap on the Send icon on the app’s home screen.
  3. Enter the recipient’s mobile number or scan or upload their QR code.
  4. Proceed to the next screen and select a cryptocurrency (e.g., Bitcoin).
  5. Enter the amount of Bitcoin you wish to send.
  6. Complete the transaction by entering your pin code.

b. To a non-Kasta user

  1. Log in to the crypto payment app.
  2. Scroll down to view the list of assets and select the crypto you want to send (e.g., Bitcoin.
  3. Tap on the Withdraw icon.
  4. Paste the wallet address of the recipient or scan their QR code.
  5. Enter the amount of Bitcoin you wish to send.
  6. Complete the transfer by entering your pin code.

Final Thoughts

The crypto realm is constantly evolving and expanding, with new platforms and technologies emerging on a daily basis. Sending crypto is easier now than ever, and although challenges and limitations are still at hand, the benefits of using crypto for payments and transfers remain attractive to many users.

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About the author

Tom

Tom

Tom is a gizmo-savvy guy, who has a tendency to get pulled into the nitty gritty details of technology. He attended UT Austin, where he studied Information Science. He’s married and has three kids, one dog and 2 cats. With a large family, he still finds time to share tips and tricks on phones, tablets, wearables and more. You won’t see Tom anywhere without his ANC headphones and the latest smartphone. Oh, and he happens to be an Android guy, who also has a deep appreciation for iOS.