How to send and receive digital currency?

Sending, receiving and exchanging digital currency is easier than ever before. OPOLO wallets give you one platform where you can send, receive, manage, and even exchange different cryptocurrencies all in one place. How? Just keep reading and find out for yourself.

When you want to send or receive cryptocurrency, it is important that you first get a cryptocurrency wallet. Once you have your wallet set-up and ready to use, you will first need to type in the public address of the one receiving the digital currency or give your public address to the recipient, who will put it into his/her cryptocurrency wallet to receive.

This is a very simple task, some wallets have a QR code scanner for this purpose, and on others, you can simply copy and paste the address. After this, chose the amount that you want to send (some wallets require additional information, add as asked), and then press send (or whatever your wallet has named the send button).

For the user, this is as much as they need to do. Once the transaction is made, it is sent to the public ledger, also known as a blockchain, for verification. When, the transactions are verified through cryptography, they are unable to be reversed.

Advice for the anxious user:

If you are one of the anxious types of people and are worried about the status of your transaction, you can check the status of it on the blockchain using block explorer of the coin you have sent. Certain wallets have this feature built in to their wallets as well.

Let us talk about the process in more details for the more novice individuals:

It is important to note that managing, receiving, and sending digital currencies may differ in some wallets. As each has its unique system. However, almost all hardware wallets have the following process in general:

  1. First, log in to your hardware wallet
  2. You will see an icon that says send, receive, or transfer. Click on that button
  3. Choose the required option. Whether you want to send, receive, or trade cryptocurrency. One thing to remember is that you can receive and send only to similar coins. For example, litecoin to litecoin, bitcoin to bitcoin, and so on, this means you cannot send litecoin to a bitcoin wallet and vice versa.
  4. For senders: First type in the public address of the person you are sending the digital currency to and then select the amount you would like to transfer (some wallets may charge a transaction fee, so make sure you have the needed amount). After your type in the required information, double check them for complete accuracy. You do not want to send crypto to the wrong person now would you? Because once a transaction is made, you can not reverse it. After doing so, press send, after which you confirm your transaction one more time.
  5. For receivers: Receivers only need to send their public wallet address to the sender. This can also be done through a QR code in some devices.

Tips for happy digital asset sharing:

  • Before sending a large amount of digital currency, first, do a test run and send a small amount of cryptocurrency. This is to make sure that you are indeed sending your digital currency to the right receiver.
  • Try not to use third party applications and services, as many of these applications and services are frauds. Only use verified and well known systems for your transactions.
  • When buying a new wallet, look for certifications. These certifications are proof that the given statements about the product in question are indeed true.

Why did the transaction not go through?

New users of digital currency are often asking this question on the web. They usually get their problems sorted on their own. Because there was a never a problem, to begin with. Sometimes your transactions requires patience, sometimes these transactions are instantaneous. All of this depends on the server traffic. Remember how miners are supposed to confirm each transaction that occurs? Well sometimes there is an overwhelming number of transactions, and it may take some time for the miners to come towards yours.

So just remain patient; your job was done the moment you made the transaction. However, for the transaction to be complete, it needs to be uploaded on the blockchain, and this can sometimes take a certain amount of time. The time can range from a minute to several hours. There is no need to worry!

OPOLO hardware wallets let you exchange Cryptocurrencies

Most individuals exchange coins through a third party. Which means that there is a middle man making money off each exchange that you do. It is like giving free digital currency to someone for a task you can do yourself. OPOLO wallets allows you such power that you do not need anyone but your own wits to manage your digital currency.

You can exchange your cryptocurrency on the wallet and its application. The feature is built into the OPOLO wallet.  

Why choose OPOLO:

OPOLO hardware wallets is relatively new in the market. But it already has a better user interphase and secure element than many others. First of all OPOLO wallet feels like an android device, thanks to its 3.2inch touch screen and interphase. The relatively big screen makes it a hundred times easier to log into your device as well as manage your cryptocurrency.

OPOLO hardware wallets is the only crypto wallet to have an EAL6+ security certification for both software and hardware. Most wallets only have EAL5+ or less certification, and it is never for both the software and hardware. OPOLO wallets also has the capability to send, receive, manage and exchange your digital currency on one platform.

Moreover, OPOLO hardware wallets has a 124 character long passphrase and key phrase option. Which means you can set a very long security passkey.

For more details click here.

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