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manuj’s blog

January 25, 2022

How to Add Money to Blockchain Wallet

Two debit cards and a smartphone with a bitcoin image on the screen

Did you know there are more than 2000 cryptocurrencies in circulation right now? All thanks to the blockchain revolution. Out of which, you might be interested in bitcoin, ethereum, or even dogecoin. 

However, if you want to store, send, receive, and manage your digital assets on the blockchain, you’ll need a blockchain wallet. 

In this article, we will learn how to add money to your blockchain wallet. But before that, let’s quickly cover why you need a blockchain wallet and how it works. 

Why Use a Blockchain Wallet?

If you are thinking about getting into cryptocurrency and you want to store your coins safely, then a blockchain wallet is the safest way. 

With a blockchain wallet, you can deposit and withdraw bitcoins or other altcoins. This can be done without having to provide your personal information to exchanges or third parties.

When you use a blockchain wallet, you also don’t have to worry about security. These wallets have multiple layers of security — making it virtually impossible for someone to hack into your account. 

Also read: How to Start an Online Business 6 Critical Questions Answered

How Do Blockchain Wallets Work?

New Blockchain wallet users are required to create an account where they will be given a public key (which is like your username) and a private key (which is like your password). 

The private key functions like your personal bank PIN — do not lose it or share it with anyone. The public key is how you receive funds from another blockchain wallet user.

With the new blockchain wallet, you can then pay for goods and services by transferring the appropriate amount of crypto to their public address (i.e., their public key). 

You can also transfer funds from your wallet to another person’s blockchain wallet. But you must have their public address of course. 

When you send funds from one blockchain wallet account to another, the transaction details are recorded in the blockchain ledger. And a permanent database containing all confirmed transactions on the network. Which basically serves as a distributed database of all of the transactions that have ever occurred on the network. 

Steps to Add Money to Your Blockchain Wallet 

Step 1: The first step is to have a blockchain wallet account. You can create a free blockchain wallet by registering with an email account and verifying your account.

Step 2: You will need to have access to the public address of the wallet in which you want to add funds. This can be found in the “receive” section of your blockchain wallet.

Step 3: Next, you need to find the bitcoin deposit address of your desired blockchain wallet (where you want to send your bitcoins from) on another blockchain wallet that holds bitcoin.

Step 4: Copy/Paste this bitcoin deposit address into the “destination address” field of your blockchain wallet and click “send.” This will initiate the transaction.

Finally: Blockchain wallets utilize a sophisticated system for identifying transactions and bringing funds into or out of their network. 

Once your bitcoins are sent (into another blockchain wallet), they will appear in your destination blockchain wallet in approximately 10 minutes.

Steps to Add Funds to Blockchain Account Using Credit Card

Step 1: Select the amount you will need to buy a cryptocurrency

Step 2: Submit your ID for verification

Step 3: In this section, you must enter your Bitcoin address.

Step 4: Finally, enter your credit card information.

Step 5: The coins will then be delivered to your wallet.

Steps to Withdraw Bitcoin From Blockchain Wallet to Bank Account

Step 1: First, open the blockchain website account. 

Step 2: Blockchain now requires a valid transfer account address identity.

Step 3: After entering the identity address, press the send button.

Step 4: The transaction will be emailed to the client.

Wrapping Up 

Blockchain is one of the safest online bitcoin wallet systems. With blockchain, you can only access your account if you enter your password correctly, in addition to having two-factor authentication activated. 

Blockchain wallet makes it easy for people to send and receive money on the internet, from any part of the world, at any time.

With that, I hope this article was helpful and you were able to add money to your blockchain wallet.

Must read: What Does Elon Musk Think About Cryptocurrency

Looking to invest in cryptocurrency? It’s a volatile asset though — would be wise to conduct thorough research. 👇

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