Sunday, February 25, 2024

All You Need to Know About Cryptocurrency Transfer , Blockchain Networks, Cryptocurrency Contract Addresses and Crypto Bridges

Wallet to wallet transfer supposedly simple but need to understand and get use to to avoid losing your coins. Following are types of transfer and procedures:

1. Transfer coin in the same network

Transfer from  a originating wallet  to a destination wallet:

a. On the destination wallet, locate and copy the wallet address of the coin you want to receive ,

b. On the originating wallet, locate the the coin you are initiating to send and paste in the destination wallet address and the amount of coin to be send,

c. Double check the information such as are the two wallets set to the same network, is the destination address correct and the quantity of coin to be send are right , then hit send.

2. Transfer coin from one network to a different network

a. If the network of the cryptocurrency to be transferred on the originating wallet is different from the network of the destination wallet, you need to make sure the network of the coin you are transferring from the originating wallet is the same as the network of the coin in the destination wallet. The way to do that is use a bridge app (such as Synapseprotocol, Stargate etc).

b. On the bridge app, connect your origination wallet and proceed to bridge the coin to the coin of the same network as the destination wallet. 

c. After step b, the network of the coin in the originating wallet is set to the network of the coin of the destination wallet.

d. Now you can use the procedure described in "Transfer coin in the same network" above for your coin transfer.


The followings are articles you can read to understand block chain networks, coin contract address and crypto bridge. These knowledge are needed to add a block chain network and coin to a wallet, also how to bridge a coin to a different network:

A beginner's guide to the different types of blockchain networks

https://tradeideablog.blogspot.com/2023/12/a-beginners-guide-to-different-types-of.html

How to add a crypto network to Metamask wallet?

https://tradeideablog.blogspot.com/2023/12/how-do-i-add-network-to-metamask.html

How to find a crypto token address?

https://tradeideablog.blogspot.com/2023/12/how-to-find-crypto-token-address.html

How to display a crypto token in Metamask wallet?

https://tradeideablog.blogspot.com/2024/02/how-to-display-tokens-in-metamask.html

8 Best Crypto Bridges for Cross-Chain in 2024

https://coincodex.com/article/33034/best-crypto-bridges/


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