Bitcoin, the first cryptocurrency, is meant to be used as a means of exchange and a store of value which means that at some point you might want to withdraw Bitcoin from wherever it is you are hodling them. This article will explain how to withdraw your cryptocurrencies, which fees you might be subject to, and how to transfer your coins to others.
Withdraw Bitcoin on an exchange
To withdraw Bitcoin one must first have another wallet to send said coins to. This can be either an online wallet, software wallet, cold storage, or even paper wallet. The only thing of import is to remember the correct public address and make sure that said wallet is still secure. For why would you send coins to a wallet that is not secure or that you cannot access.
To proceed, first, find the public wallet address of the personal wallet you wish to send your coins to. Copy-paste the address and open the exchange. Go on either your Assets or Wallet area and you should find a withdrawal option; press it. Do note that nowadays more and more exchanges will require that you complete a 2fa authentication process for you to withdraw. This is done to protect your assets and should be taken seriously.
Do note that some exchanges have minimum withdrawal amounts requirements under which you will not be able to withdraw. Each exchange should mention its minimum withdrawal amount either just before confirming a withdrawal or somewhere in its documentation. If you cannot withdraw and do not find the minimum requirements another option would be to ask CS for the bitcoin withdrawal minimum.
To note, Bybit’s minimum Bitcoin withdrawal requirement is of 0.002 BTC.
Bitcoin Withdrawal Fee
When withdrawing Bitcoins several fees may apply.
The first fee that applies will always be present regardless and which platform, software, or hardware is used; it is the transaction fee. Every Bitcoin transaction must be processed by the network and is; thus, subject to a transaction fee that is dependent on the number of Bytes used and how fast the transaction should be processed. In a Bitcoin withdrawal, fees are relatively high compared to other cryptocurrencies. Every cryptocurrency has different transaction fees some bigger than others, but almost always present. Only a few cryptocurrencies are known to have no fees with some being indivisible like NEO.
Another type of fee you might be subject to would be the exchange withdrawal fee. Indeed some exchanges will charge you for withdrawing on their platform. These fees can come in two variation; either fixed or percentage wise. Fixed fees would require a fixed amount to be paid when making a transfer while percentage fees would ask you to pay a percentage of the entire transaction. Some exchanges may ask for a mix of both.
To note, Bybit does not charge any fee for withdrawing. As such only the Bitcoin network fee may apply.
How to Transfer Bitcoin?
As previously mentioned Bitcoin is meant as a means of exchange and that also means that it should be transferred to others, be it individuals, shops, exchanges, or companies. The process is relatively similar to how you did to withdraw Bitcoin.
Although how to transfer Bitcoin, or other cryptocurrencies, may depend on the software used, it should in most cases be relatively similar. Open the software you are using to transfer, click on “Send”, type in the recipient address you wish to send your coins to (either type in manually or paste the address), type in the amount, eventually choose the currency you wish to send, and choose a label to track the transaction.
Review the information before sending and make sure that the address you will send the coins to supports the cryptocurrency as that sum would otherwise be irremediably lost. Once everything is good press the Send button.
Please remember that any transfer is irreversible, so verify every information. And wait for about an hour for the transfer to be confirmed.
This concludes today’s article about Bitcoin withdrawal, we hope you learned a lot, enjoyed the read, and stay tuned for more great content.