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How to Send and Receive Crypto

September 27, 2023

Learn how to send and receive Bitcoin, Ethereum, Dogecoin, Tether and other cryptocurrencies to your SpectroCoin crypto wallet in this step-by-step beginner’s guide.

How to Send and Receive Crypto

Step 1. Create SpectroCoin Crypto Wallet

SpectroCoin crypto wallet supports over 50 top cryptocurrencies, providing robust security measures, 24/7 customer support and cold storage.

To accept and receive cryptocurrencies, you need to have a crypto wallet. If you already have a SpectroCoin account, you can skip this step. To create a SpectroCoin crypto wallet, follow these steps:

  1. Create a SpectroCoin account.
  2. Verify your account.
  3. Use your SpectroCoin crypto wallet.

Step 2. Receive Crypto Assets

Each cryptocurrency in your wallet has its unique address, so to receive a particular currency, you need to provide a sender with a related wallet address.

Suppose you would like to receive Ethereum, aka Ether, then your steps are:

  1. Login to your SpectroCoin account.
  2. Go to the “Deposit” page.
  3. Select the Ether wallet.
  4. Choose the way you would like to share your Ether wallet address. You can copy and share an address in any messenger, show a QR code personally, or share the address via Facebook, Twitter, Gmail or other email providers. You can also share your email address connected to your SpectroCoin account with another SpectroCoin user so that the transaction will be free of on-chain fees.
  5. Once the payment is made, ETH will be displayed in your wallet. The transaction time depends on the network congestion, which usually takes from several seconds to several minutes.

Please note if you provide a sender with the wrong address, you won’t receive the funds. Crypto transactions are irreversible, so there is no option to cancel and get a refund.

Pay attention to the network of crypto tokens you are willing to accept. Crypto tokens exist on different blockchain networks and follow specific token standards representing those networks. For each network, crypto tokens have a particular address. Select a specific crypto asset to check supported networks and check the options in the “Network” field. For example, if you want to accept Compound (COMP) or The Sandbox (SAND), you should ask a sender to transfer you COMP or SAND of the ERC20 token standard, as currently SpectroCoin supports these tokens on the Ethereum network.

Currently, we support Bitcoin, Ethereum, Ripple, Stellar, Cardano, Tron, Algorand, Bitcoin Cash, Dash, Polkadot, Litecoin, Near, and Solana networks for their native currencies. Additionally, we support Ethereum and Tron networks for USDT and USDC. The rest of the ERC20 tokens at SpectroCoin are supported on the Ethereum network.

Step 3. What to Do with Received Assets

SpectroCoin users have various options for how to manage their crypto funds:

  • HODL — you can keep your assets securely in the wallet for the long term, as valuable crypto assets usually grow in value over long periods:
  • Withdraw — you can withdraw assets by using Perfect Money, Payeer, Advcash, Skrill, SEPA, Faster Payments, Bankera, Pacific Private Bank, Amazon Gift Card, mobile top-ups or SpectroCoin vouchers in USD, EUR and GBP;
  • Spend — you can request a physical or virtual SpectroCoin crypto debit card and pay worldwide in offline and online stores;
  • Send — you can send funds to bank users with a dedicated IBAN account.

Step 4. Send Crypto Assets

If you want to send crypto assets to another crypto user, you should take the following steps:

  1. Login to your SpectroCoin account.
  2. Go to the “Withdraw” page.
  3. Select a crypto asset you would like to transfer.
  4. Specify the network, the receiver wallet address, the withdrawal amount and the fee wallet. You can also attach a short memo to your transaction. If you want to transfer assets to another SpectroCoin user, you only need their email address connected to their accounts.

Pay attention to the networks SpectroCoin supports to transfer funds to the correct address. Otherwise, the receiver won’t get money.

Get Help

If you need help or more details, please don’t hesitate to contact SpectroCoin 24/7 customer support via LiveChat on the website or through email at [email protected].

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