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How to transfer Bitcoin from Coinbase to BlockFi ?

Many of you would be wondering, how to transfer your cryptos from coinbase fiat wallet to blockfi wallet address. Don't worry in this article I will show you the step by step guide to transfer crypto from coinbase app to your blockfi wallet safely.

If you don't have account opened with coinbase or blockfi, don't worry you can open it quickly from here : Open a crypto exchange account with Coinbase and a crypto wallet account with BlockFi.

Is Coinbase a good app or wallet ?

The Coinbase exchange application is the place for people looking to trade cryptocurrencies. It is an easy to use, secure and allows users to buy crypto using US dollars or other fiat currencies. Users can securely store their crypto on Coinbase and you don’t have to worry about managing your wallets private keys. Coinbase has two different type of exchanges, Coinbase and Coinbase pro. Both of these apps have their own unique features. Coinbase mobile app and its website are available in 100+ countries and coinbase stock is available to the public on the US stock market after its successful IPO launch.

Coinbase wallet is a separate app that allows consumers to custody  their own crypto. You do not need a Coinbase exchange account to use the Coinbase wallet. Coinbase Wallet assists its users in managing their private keys and store their cryptos directly on their mobile device, not with a centralized exchange. You cannot use your Coinbase wallet to connect with your bank account to trade cryptos with US Dollars or any other fiat currencies. Coinbase wallet app is available to use anywhere in the world.

Coinbase provides free of cost service for their USD wallet and Hosted Cryptocurrency wallet. This means coinbase will store your dollars and cryptos for free (only cryptos that are currently available on Coinbase can be stored and transferred). Coinbase app or wallet not charge for transferring cryptocurrency within the their platform, but you need to pay network fees for transferring crypto from coinbase to any other crypto wallet or exchange.

Is BlockFi a wallet or exchange ?

BlockFi is a crypto exchange and wallet that is available worldwide. It offers you to earn interest on your crypto assets by opening a crypto interest account with them. They also provide services like crypto backed loans and fee-free trading. Just like other cryptocurrency exchanges, you can fund you blockfi account with USD or any other stable coins.

The BlockFi interest account is one of the best cryptocurrency staking options that offer APY that are competitive with other cryptocurrency staking platforms.

With nearly 4% APY on Bitcoin and 7.5% on other stable coins, the blockfi provides one of the most best crypto interest accounts on the market. The company is valued at over 3 billion USD from its most recent Series D funding and has gained attention from cryptocurrency and non-crypto audiences.  

1. Setting up Coinbase 

Login in to your coinbase or coinbase pro account and click on send/receive button as highlighted in the below image.

A small pop-up shows up with send and receive option, click on send and enter the amount of BTC you want transfer to blockfi crypto wallet. Make sure you enter the correct blockfi wallet address (which I will show in coming steps). You can transfer the crypto of your choice by selecting the appropriate cryptocurrency from the drop down list.

2. BlockFi part

Sign-in to your blockfi wallet (also called as the crypto interest account) using your credentials and click on the Fund button as shown below.

It will show you a pop-up to choose which crypto you want to receive from coinbase app. In my case its Bitcoin, so it will open a window with Bitcoin address, you should enter the same address in the address field of coinbase app as mentioned in step 1.

Instead of copying the address, you can make use of the QR-code as well. But make sure you do follow all the steps I explained above (in some exchanges they also ask you to enter crypto specific tags, in that you can choose the option no tag needed on that exchange).

After following all the steps, you can start sending crypto from your coinbase app to blockfi wallet and within couple of seconds you can see the crypto received on your blockfi wallet. Keep in mind that coinbase charges you a fee for transferring the crypto from their app to any third-party wallet, so make sure you send good amount of crypto at once instead of doing repeated transfers to avoid extra charges.

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