If you have bought bitcoins then, of course, you are going to put it out there to work in the market. This is when transferring bitcoins is looked into. Unlike banking, cryptocurrency and their movements can only be done through prescribed software. From your paper wallet, you may want to move to an exchange wallet, a hardware wallet or a coin base. As of now, there are only two secured store bases for bitcoins which are paper wallets and cryptocurrency hardware wallets.
Once it is familiar as to how investments can be pooled in for cryptocurrencies, it is the next step which is to actually make the money work. There are two ways currently through which the bitcoins can be transferred. Them being, importing and sweeping. Importing deals with the transfer of the bitcoin which is imported and is sent to exchange. The private key remains assigned to the same paper wallet in this case and also reflects on the software wallet. Sweeping is more personalized and discreet. The bitcoins are simply sent from the paper wallet to the new bitcoin addresses. Through this, the private key will no longer be assigned.
Currently to avail of this transfer service, one must turn to portals like blockchain.info whereby following simple procedures bitcoins can be swept. Here’s how it can be done
- Register or login-in to the transfer portal. Once all credentials are on display a dashboard is ready to access. Go to settings and choose “Import Bitcoin Address”.
- Enter the paper Wallet Privater in the “Transfer funds to an existing wallet” section
- Select a wallet where you wish to send your bitcoins.
- Once the wallet selection is made, take the final step and hit on the “Import” button.
- The bitcoin will then be transferred to the Blockchain address and the paper wallet will not be required anymore.
- A secondary password will be asked for once the entire system is enabled.
That’s all that is required and one is set. The transfer is made within a few minutes of the call to action. Despite the whole process being easy and accessible, there is high risk involved in case one is not well versed. It is imperative and crucial that all information provided is true and accurate to avoid any unwanted and uncalled positions. Also, it must be kept in mind that once the transfer is initiated it cannot be stopped.