How to send crypto to another wallet

What you need

• The recipient's wallet address. A long string of letters and numbers that the recipient gives you.
• The right network. The same network the recipient will receive on.
• A memo or destination tag, if the recipient asks for one.
• Enough for the network fee. Every transaction costs a fee that goes to the network.

The wallet address

A wallet addressWallet addressA string of letters and numbers you give out to receive crypto, much like a bank account number. is like a bank account number. Bitcoin addresses start with 1, 3 or bc1. Ethereum addresses start with 0x and are 42 characters long.

In Icelandic online banking, you enter the recipient's kennitala and the bank checks that it matches the account. On a blockchain there is no such check. If the address is valid but wrong, the crypto goes there and you won't get it back. Many wallets catch typing errors, but no wallet knows whether a valid address belongs to the right person.

How to get it right:

• Copy the address or scan a QR code. Never type it in by hand.
• Check the whole address after you paste it, not just the first and last few characters.
• Remember that some malware swaps an address you copy for a scammer's address. That is why checking matters.

The right network is everything

The same cryptocurrency can exist on more than one blockchain networkBlockchain networkThe blockchain a cryptocurrency or token is recorded and sent on, such as the Bitcoin network or the Ethereum network.. StablecoinsStablecoinA cryptocurrency designed to keep a steady price, usually by tracking the US dollar or another currency. such as USDC, for example, are issued on Ethereum, Solana and many other networks. The sender and recipient must use the same one.

ERC-20ERC-20A standard for tokens on the Ethereum network that lets every wallet and service receive and send them in the same way. is a good example. It is a standard for tokensTokenA digital asset created with a smart contract on another cryptocurrency's blockchain, rather than on a blockchain of its own. on the Ethereum network, introduced in 2015. Shiba Inu (SHIB) and Chainlink (LINK) are both ERC-20 tokens. The catch is that Ethereum addresses look exactly like addresses on many other networks, such as Arbitrum, BNB Smart Chain and Polygon. So an address can look right even if the recipient is using a different network.

If you send on the wrong network, the transfer can be lost. Sometimes it can be rescued, for example if the receiving wallet is your own and supports the other network, but often it can't. A crypto exchange that receives a transfer on the wrong network may be able to recover it, but it has no obligation to.

The rule is simple: always check which network the recipient wants, and choose exactly that one. Moving crypto between networks takes a separate service called a BridgeBridgeA service that moves crypto or tokens between two blockchain networks, usually by locking the asset on one network and issuing an equivalent on the other.. An ordinary transfer won't do it.

Memos and destination tags

Some crypto exchanges use a single shared address for all their customers. To know who a deposit belongs to, they need an extra number attached to the transaction, a kind of reference.

On the XRP Ledger this is called a destination tag. It is a number that tells the exchange which customer should be credited. If it is left out, the XRP arrives at the exchange's address but not in your account, and you have to contact its support team. Some addresses also reject transfers without a destination tag. Other networks have a similar field, often called a memo.

So when you send XRP, or a similar coin, to a crypto exchange, check whether a destination tag or memo is shown with the address. If it is, you need to fill it in. When you send to your own wallet, you usually don't need one.

Network fees

Every transaction costs a network feeNetwork feeA fee paid to a crypto network, not to a bank or company, for including your transaction in a block., which goes to the people who run the network, not to the service you are sending from. The fee depends on the network and how busy it is. On the Bitcoin network it depends on the size of the transaction in bytes, not on the amount.

On the Ethereum network the fee is called GasGasThe unit that measures the computing work a transaction or smart contract needs on Ethereum, which sets how high the network fee is. and is paid in ether. If you send ERC-20 tokens from your own wallet, you therefore also need a little ether to pay the fee.

If the fee is too low, the transaction may wait a long time to get into a BlockBlockA batch of transactions added to a blockchain in one go, together with a reference to the block before it.. Crypto exchanges usually set their own fee for withdrawals.

Confirmations

After you send, the transaction is broadcast to the network and waits to be included in a block. Once it is in a block, it gets one more ConfirmationConfirmationA sign that a transaction has been included in a block; each new block added on top counts as one more confirmation and makes it more secure. for every block added on top. The more confirmations, the more secure the transaction.

Speed varies between networks. On the Bitcoin network, a block is added roughly every ten minutes on average, and Bitcoin.org recommends six confirmations for high-value transfers. Each crypto exchange decides how many confirmations it waits for before crediting your account.

You can follow the transaction in a block explorerBlock explorerA website where anyone can look up transactions, wallet addresses and blocks on a blockchain. by looking up its transaction IDTransaction ID (TXID)The unique identifier of a transaction, a long string of letters and numbers that anyone can look up in a block explorer..

Test with a small amount first

The first time you send to a new address, it is a good idea to send a small amount first. Wait until it has arrived, then send the rest. It costs one extra network fee, but it is cheap insurance against an expensive mistake.

Watch out for address poisoning

Address poisoning is a scam aimed at people who copy addresses from their transaction history. The scammer creates an address that starts and ends with the same characters as an address you have used. They then send you a tiny amount, or worthless tokens, so the fake address appears in your history. If you copy it from there next time, you send your crypto straight to the scammer.

A study presented at the USENIX Security conference in 2025 counted around 270 million such attempts on Ethereum and BNB Smart Chain over two years. The losses came to at least 83.8 million US dollars.

The defence is simple: never copy an address from your transaction history. Get it directly from the recipient, or from a saved address book you have verified, and check the whole address. Read about common crypto scams too.

Transactions can't be reversed

There is no undo button on a blockchain. Once a transaction is confirmed, only the recipient can send the crypto back. Neither developers, miners nor the service you sent from can reverse it.

This is also why scammers want to be paid in crypto. If anyone pressures you to send crypto right away, whether it is an "investment adviser", a "bank employee" or a new friend online, stop and think.

How it works at Myntkaup

At Myntkaup, you can send every supported coin except USDC to your own wallet. Each coin is sent on its native network:

The same networks are used when you deposit crypto to Myntkaup, and crypto deposits are free. Withdrawals to your own wallet carry a network fee, which varies by coin.

USDCUSDCA stablecoin issued by the US company Circle that tracks the US dollar, so one USDC should always be worth about one dollar. is the account's base currency and can't be sent on-chain, in or out. If you want to take your USDC balance out, you withdraw it as krónur to an Icelandic bank account.

Every withdrawal is confirmed with your app PIN and by email. Unusually large withdrawals may need a manual security check before the crypto is sent. Step-by-step guides are on the Myntkaup help centre↗. If you don't have a wallet of your own yet, start with What is a crypto wallet?

Closing thoughts

Sending crypto is simple once you know what to check: the right address, the right network, a memo or destination tag if one is requested, and enough for the network fee.

Copy the address from a trusted source, check all of it and send a small amount first. The transaction can't be undone, so it is worth taking an extra minute.