When you hear the word “deposit”, you might think of money that you put into a savings account at a bank. In the cryptocurrency world, a deposit is slightly different.
A deposit on Coinbase is when you send cryptocurrency to your Coinbase account. It’s as simple as that!.
Sending cryptocurrency to your Coinbase account is sometimes called making a deposit because you are “depositing” funds into your account. Just like when you make a deposit at a bank, the funds go into your account and are then available for you to use.
The main difference is that banks hold fiat currency (like USD) while Coinbase holds cryptocurrency.
If you’re new to Coinbase, one thing you might be wondering is how to make a deposit. The process is actually quite simple and only takes a few steps.
First, log into your Coinbase account and go to the “Dashboard” page. On the Dashboard, there will be a section called “Your Accounts”.
Here, you will see all of the different cryptocurrencies that are available to be deposited into your Coinbase account.
Next to each cryptocurrency, there is a “Deposit” button. Click on the button for the cryptocurrency that you want to deposit.
For this example, we will use Bitcoin (BTC).
A popup will appear with some important information about making a BTC deposit. Take some time to read through this information and make sure you understand it before continuing.
When you’re ready, click on the “Continue” button at the bottom of the popup.
On the next screen, you will be shown your BTC wallet address on Coinbase. This is the address that you need to send your BTC to in order to make a deposit.
You can either copy this address or click on the “Copy Address” button to automatically copy it to your clipboard.
Now, open up your personal BTC wallet (the one that holds the BTC that you want to deposit). Within your wallet, find the “Send” or “Withdraw” function and paste in the BTC wallet address from Coinbase that you copied earlier.
Enter the amount of BTC that you want to send over and then confirm the transaction.
Depending on which BTC wallet you are using, it might take a few minutes for the transaction to appear in your Coinbase account (it usually takes around 10 minutes). Once it does appear though, congrats! You have now successfully deposited BTC into your Coinbase account!.