Today’s generation has become more welcoming to cryptocurrency. In fact, many individuals already use crypto for daily transactions, such as splitting bills, remittances, paying back a friend, shopping, dining, availing services, and more. Some merchants also provide an option for customers to pay in crypto, while some others use them for salaries and professional fees.
And if you’re searching for the fastest way to transfer crypto coins to a friend or to an external wallet using your mobile phone, here’s a short guide for you.
Why Do Users Send Crypto Instead of Cash?
Unlike cash or fiat currencies like Euro and the U.S. Dollar, crypto assets are not controlled by intermediaries such as financial institutions, banks, or government organizations. They’re also digital and are not affected by physical borders, so with crypto, sending assets to another person outside your country is easy.
Which Platform Can I Use to Send Crypto?
You can send crypto using various crypto and financial technology (FinTech) platforms. These include crypto payment apps, crypto exchanges, crypto wallets, peer-to-peer (P2P) marketplaces, and FinTech apps. You can also use a crypto ATM, gift card, or online voucher from digital providers to send crypto.
How Does It Work?
It’s good to note that the process of sending crypto may vary in some ways for each platform. One of the easiest ways is by using a crypto payment app since they’re often designed mainly for sending and receiving crypto payments. Many of them only take just a few taps to finish. Usually, they only require a mobile number, QR code, and/or a wallet address to complete a transaction.
How to Send Crypto with Your Mobile Phone
To provide you the specifics on how it works, we’ll use the process of sending crypto in the Kasta app, a crypto mobile platform that allows users to send crypto for free to fellow app users.
So let’s say you want to send $500 worth of Tether (USDT) to a friend overseas. Here are two ways to do it in the app:
a. Sending crypto to another Kasta user
1. Log in on the app.
2. Deposit USDT to the app.
3. Go to the home screen and tap the “Send” icon.
4. Scan the Kasta QR code or enter the phone number of the recipient.
5. Select USDT from the currency list.
6. Enter the amount you’d like to transfer. In this case, $500 worth of USDT.
7. Continue with your pin code to confirm the transaction.
8. And you’re done! The payment will reflect in the recipient’s wallet.
b. Sending crypto to an external wallet
1. Log in on the app.
2. Deposit USDT to the app.
3. Go back to the home screen, and tap USDT.
4. Tap the Withdraw icon.
5. Scan the QR code or paste the wallet address of the recipient.
6. Enter the amount of USDT you’d like to send. You may also choose from the percentages available (10%, 25%, 50%, and 100%).
7. Enter your pin code to confirm the transfer.
How Fast Does it Take to Send Crypto?
Again, it depends on which platform you use. For some, it takes just a few seconds, for others minutes, for a some it may take a few hours.
How Much Does It Cost to Send Crypto?
Transaction fees may also vary for each platform. For instance, in the Kasta app, you can send crypto for free to another Kasta user when they receive it in the same currency (e.g., you sent USDT, and they received the payment in USDT). However, if they use the Easy Swap Engine, a feature that allows them to receive payments in a different currency, swap fees will apply.
The amount of swap fees depend whether the user has locked up $KASTA tokens in the app or not. Those who’ve locked up tokens in the app enjoy discounted swap rates as low as 0.376%.
The Bottom Line
Crypto is slowly but surely becoming a part of people’s daily lives. Thankfully, many FinTech and crypto platforms have developed features that enable users to make the most of their crypto, including using them for daily transactions. And with regards to sending crypto using your mobile phone, it could be as easy as completing a bank transfer with the right platform.
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