If you bought Bitcoin through Binance, this is where your Bitcoin would be sent. If you also bought Bitcoin on another exchange – let’s say Coinbase – and wanted to send it to Binance so you could purchase another cryptocurrency with it, this is the address you would copy and paste to do so. But there is a problem with this. Bitcoin ATMs: Unlike traditional ATMs where you can withdraw currency from a bank account, a bitcoin ATM is a physical center that allows you to buy or sell bitcoins with fiat money. As of writing, there are over 4990+ crypto ATMs across 76 countries and you can use the website Coin ATM Radar to find a bitcoin or other crypt currency ATM near you.
Every so often at Coinmama, we get a question that makes us scratch our heads, rethink how we explain things, and go back to Bitcoin basics. Recently that question was “Can you tell me how to add money to Bitcoin wallet?”
The head scratching came from not being sure exactly what question was being asked. Was the user wondering how to buy Bitcoin or was he asking how to load his wallet with fiat (that is, with paper currency)? After some lively office debate over coffee and a few chocolate bars, we were reminded of something often repeated by teachers: if one person has a question, someone else is probably asking the same thing. And because here at Coinmama we like to think of ourselves as crypto teachers, we decided to tackle both questions and a few bonus topics as well.
First let’s rewrite the question:
Before you can ask “Can you tell me how to add money to Bitcoin wallet?” you need to ask, “Can I add money to my Bitcoin wallet?” The answer, much like our relationship with Coinpapa, is “It’s complicated.”
These addresses can be generated automatically through exchanges and online wallets. It’s as simple as the pressing the “new address” button and within seconds a new Bitcoin address will appear. Sending bitcoins to these addresses makes it possible to transfer payment for a service, send money to a friend, or deposit at an online sportsbook. You can process payments and invoices by yourself or you can use merchant services and deposit money in your local currency or bitcoins. Most point of sales businesses use a tablet or a mobile phone to let customers pay with their mobile phones. Once you have an account with one of them, you can transfer dollars to the exchange’s bank account, and then your user account will be credite. Next you will be able to purchase bitcoins at the current market rate through the exchange. After that, you can withdraw your bitcoins to a bitcoin wallet you control.
Let’s back up. A crypto wallet is a cross between your bank account and your mailbox for cryptocurrency—it’s the place where you can send, receive, and store coins, and it’s also where you can see a record of all of your transactions. But a crypto wallet is, by its very nature, for cryptocurrency.
So the answer to the question depends on what you mean by money. If by money you mean Bitcoin or other cryptocurrency, then yes! You can buy Bitcoins and send them to your wallet (we’ll cover that in a second). But if by money you mean fiat currency, such as a Dollar, Euro, or Yen, then the answer is no. While on some exchanges you can link your credit card or bank account, that link is to the exchange and not to your wallet. In other words, you cannot add fiat to your crypto wallet.
How do you buy Bitcoin?
If our user was actually asking how to add (or buy) Bitcoin to their wallet, well that we can easily answer!
Step 1: get a bitcoin wallet
You can’t get cryptocurrency without a crypto wallet, so if you don’t already have one, that’s your first step. There are many, many crypto wallets you can choose from. Some live online, some live offline, some can be used to store several different cryptocurrencies, some only one or two. Many experienced crypto buyers spread their coins out over more than one wallet. The key to choosing a wallet is to do your research: learn which wallets support each coin, read the reviews, and then download the wallet or wallets of your choice.
Step 2: place an order
If you’re registered with Coinmama, once you have a wallet you can easily buy Bitcoin with your credit card, debit card, or SEPA bank account. (If you’re not registered, you can do that here.) Simply choose the amount of crypto you’d like to buy, add your payment details, and go to step 3!
Step 3: enter your wallet address
Here’s where things get interesting. Every wallet has both a public key and a private key, or two very, very long strings of numbers and letters. The public key is what other people can see: it’s what appears on the blockchain, and it’s also what you can give out in order to receive cryptocurrency. The private key is the password to your wallet. (Don’t lose it, because it can’t be reset, and don’t give it to anyone you wouldn’t also give your bank password to.) In order to send (or add) Bitcoin to your wallet, you will need to enter your public key—or wallet address, so that Coinmama can send you your coins. Once you do that, your work is basically done! You’ll just need to confirm your wallet address by email before you can sit back, relax, and wait for the Bitcoin to be added (or sent) to your wallet.
Coinmama’s Takeaway
At Coinmama, we’ve been around crypto long enough that we forget some people are new to it. It’s nice to get a head scratcher every once in a while, to remind us that for many people, crypto basics are not so basic, and to give us an excuse to answer questions we don’t normally get to answer 🙂
Click here to read our Beginner’s Guide to Bitcoin and Crypto
Remittance is a billion dollar business, with over 400 billion dollars sent annually. Sadly for Australians across the sea, sending money home can cost an estimated 12% on top of the amount transferred. If you sent $200 home every week you would spend over $1000 a year just for supporting your family.
Using bitcoin exchanges like CoinJar (a company that lets you buy bitcoin and also sell bitcoin) you are able to:
- Convert your Australian Dollars to bitcoin.
- Transmit that bitcoin to your home country immediately.
- Convert bitcoin to currency quickly and easily at an exchange in your home country.
Below we’ll go through some bitcoin basics, and how to use it for remittance.
We’ve used CoinJar as an example, but you can use this same method with any exchange.
What is bitcoin?
Bitcoin is a digital currency with a global value, low fees and fast transactions. You can quickly buy or sell anywhere in the world with low transaction fees. Learn more about bitcoin here.
Sending money with bitcoin
1. Buy bitcoins with CoinJar
First set up a CoinJar account, then complete a cash deposit. Once this is done simply convert your cash to bitcoins.
2. Send your bitcoins
In your CoinJar, select ‘send bitcoin’. Then input the bitcoin amount you are sending and the wallet address at the other end. (Not sure what a wallet is? We will give you more information below)
3. Convert at the other end
At the other end the person takes the bitcoin they’ve received and converts it at a local exchange.
The tricky stuff
Wallets
A wallet is what you use to store bitcoins. There are many options for bitcoin wallets, you can host your own or use an exchange (like CoinJar) and use their wallet feature to cash out. Learn more about wallets here.
Converting at Exchanges
Check out the best exchange options in your home country here. They list the bitcoin exchanges Coins.PH in the Phillipines, btc38 in China and Bitcoin in India. You can also find individual sellers at local bitcoins.
You can even set up an account with a bitcoin exchange in the other country and arrange for the withdrawal on behalf of your family, skipping the rremittance fees without your family having to handle bitcoin.
Compare the options
We had a look at the fees for sending $100 to from Australia to India.
| WESTERN UNION | BITCOIN | |
|---|---|---|
| Amount Sent | $100.00 | $100.00 |
| Fee | $10.00 | $3.10 |
Western Union
Sending $100 costs $10. According to their websites, there may also be fees at the other end, as well as a currency conversion fee.
Bitcoin
Sending $100 costs $3.10 in total. $2 to convert to bitcoin and $1.10 to convert back again. (This is based on CoinJar rates and some of the listed exchanges rates are actually lower than this!)
Send Money Using Bitcoin
If you were to send $100 every week you would save $358.80 by the end of the year, which means $358.80 worth of Christmas presents you can send back as well!
To find out if bitcoin remittance will save you money, check out BTCTransit. It will pull current exchange rates and list all available exchanges in the sending and receiving country.
Pros: If you find the right exchange and take the time to set up a good pipeline you might be able to save yourself some money and some time.
Cons: It can be difficult working out which exchange is right for you, and every country is different. Initial set up may require more work than traditional exchange.
Bitcoin is a powerful tool that if used correctly can give you power over your money. It is an emerging technology so start small with your experiments, take the time to do some research and be careful. With that being said this is a great chance to learn more about this revolutionary technology and maybe save some money.
Send Money Using Bitcoin Atm
If you currently use bitcoin for remittance let us know @getcoinjar
To Note
We urge you to do your own research to find an exchange in your home country you are happy with. Every exchange and country is a little bit different.
We are not affiliated with the above exchanges or websites and accept no liability for your dealings with them.
How To Send Money Using Bitcoin Atm Machine
It is also important to check the pricing at other websites,and be aware of the fluctuating price of bitcoin. If you are remitting then try to convert to cash at the other end as quickly as possible.