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Crypto Wallets
In an age where digital currencies are becoming commonplace, users continuously seek more efficient ways to manage and exchange their crypto holdings. Tangem Wallet positions itself as a user-friendly solution, allowing for seamless crypto swaps within its app. As we delve into the mechanics of using Tangem Wallet for cryptocurrency exchanges, we will also examine the implications of this approach within the broader context of finance and blockchain technology. The lessons learned from Tangem’s methodology could serve as an instructive guide for those interested in the transformative potential of cryptocurrencies, especially beginners in the Crypto Is FIRE (CFIRE) training program.
Tangem Wallet offers a diverse functionality aimed at simplifying user transactions. Central to this discussion is the ability to swap cryptocurrencies, highlighted by a step-by-step guide on exchanging Tether (USDT) for Ethereum (ETH). This functionality operates through third-party exchanges, allowing users to perform swaps effortlessly. A key argument presented in this guide is tangibly illustrated as the swapping mechanics are thoroughly dissected. Notably, the procedure encompasses choices regarding swap amounts, token management, associated fees, and cross-chain capabilities. Strikingly, Tangem does not impose its own fees for swaps; rather, users are subject to fees dictated by external exchanges and applicable blockchain transaction fees.
“Swapping crypto in your Tangent Wallet is literally that simple. You can either do it in the app or connect it to a decentralized exchange.”
Exploring the strengths of Tangem Wallet’s approach reveals several compelling features.
User-Friendliness: The interface allows users to swap tokens with just a few clicks, inviting even novice users to participate in the crypto exchange landscape without feeling overwhelmed. The process is streamlined; users tap on the desired tokens, select swap options, and complete the process with minimal effort.
No Inherent Fees: As highlighted, Tangem does not charge fees for swapping tokens. This can be particularly appealing for users who frequently trade and want to avoid the additional costs that often accompany exchanges.
Cross-Chain Compatibility: The ability to swap tokens across different blockchains expands the options for users. As cryptocurrency continues to evolve, users may favor platforms that provide seamless transitions between various networks, which Tangem appears to accommodate.
Decentralized Exchange (DEX) Integration: Tangem Wallet can connect to decentralized exchanges, offering users broader options for swapping cryptocurrencies that may not be available directly via the app. This tactical integration with DEXs like Pondex and Uniswap represents an innovative approach that ties into the decentralized finance (DeFi) ethos.
Despite the robust functionality, there are limitations to consider:
Dependency on External Exchanges: Tangem’s reliance on third-party exchanges signifies that users’ options are confined to the offerings of these exchanges. This significantly limits the possible token swaps relative to more established exchanges that host a wider selection of cryptocurrencies.
Network Fee Constraints: While Tangem does not charge swap fees, network fees can still become a hurdle, especially when swapping between blockchains. This reality may deter some users who are sensitive to variations in transaction costs.
Complexity in Advanced Transactions: For users seeking more advanced trading strategies or sophisticated swaps, the simplicity promised by Tangem might not meet their higher expectations. The lack of layered trading options could frustrate more experienced traders.
Token Limitations: The wallet does not allow swapping for all tokens, thereby necessitating alternative methods for users wanting to trade specific assets. This could lead to unnecessary complexities in navigating the crypto landscape.
“Now, not all cryptocurrencies can be swapped in the Tangent Wallet… you’re limited to whatever you can swap in the Tangent app.”
When examining Tangem Wallet’s swapping functionalities, it’s worth highlighting how this model intersects with the growing cryptocurrency ecosystem, especially within frameworks like DeFi. The procedure to swap cryptocurrencies both within the Tangem app and through DEXs speaks volumes about the adaptability and versatility required among users.
Decentralization in Action: By incorporating DEXs, Tangem Wallet users can conduct transactions without needing to undergo KYC, aligning with the decentralized finance movement which prioritizes user privacy and control.
Real-World Use Cases: Successful models such as Uniswap or PancakeSwap demonstrate how popular DEXs can help users partake in swaps with reduced fees, transparency, and enhanced liquidity—an essential observation for everyday traders and those engaged in DeFi.
Innovative Approaches: DeFi protocols may also leverage techniques such as liquidity pools and yield farming, which are beyond the scope of this lesson but emphasize growing opportunities within the financial paradigm.
Future Developments: With blockchain technology constantly evolving, Tangem Wallet’s offerings could evolve beyond mere swaps to embrace more sophisticated financial products and services, reflecting what the future of digital finance may entail.
“Cross-chain swaps always take longer because it has to exchange it, so this could take upwards of 15 minutes if you click on this arrow.”
The implications of Tangem’s capabilities extend well beyond its immediate functionality. As the cryptocurrency landscape continues to shift rapidly, the lessons gleaned from Tangem Wallet could inform the development of other solutions and services.
Evolving Financial Technologies: The emergence of automated trading, algorithmic models for asset management, and continued decentralization may shape financial interactions significantly.
Regulatory Considerations: Future regulatory measures may impact how applications like Tangem operate, especially in aspects such as KYC requirements and transaction transparency, which remain ongoing discussions among regulators.
Social Impact: The democratization of finance also means more individuals can access the crypto market, potentially disrupting traditional financial institutions and reshaping societal notions of currency and value exchange.
In conclusion, the intersection of user needs, technology, and regulatory frameworks will greatly influence how tools like Tangem Wallet adapt and innovate.
From my perspective, the evolution of cryptocurrency management tools exemplifies the robust potentials embedded within blockchain technology. The user-centric functionalities offered by platforms like Tangem Wallet can significantly demystify the process of trading and holding cryptocurrencies.
Such platforms empower users to take control of their financial futures and minimize reliance on traditional banking systems. However, they also open conversations around the need to foster an education-first approach, particularly within programs like Crypto Is FIRE (CFIRE), ensuring users understand the implications and responsible practices associated with cryptocurrency handling.
The exploration of Tangem Wallet’s features illustrates the promise that user-friendly interfaces hold in making cryptocurrency accessible to a broader audience. As we witness the convergence of technology, finance, and decentralized principles, platforms like Tangem are at the forefront of this transformation, offering insights and tools that could redefine our financial landscapes. With continued evolution, the community-driven nature of cryptocurrencies may usher in a fresh wave of financial opportunities and democratization in transactions.
Continue to Next Lesson: Join us as we explore deeper into the world of DeFi and the innovations on the horizon that will shape the next generation of financial solutions.
In this lesson, we will guide you through the process of swapping cryptocurrencies using the Tangem wallet. Understanding how to swap your crypto efficiently is crucial for maximizing your investments, especially as digital assets become more mainstream. This skill is not only applicable in traditional finance but also within the vibrant and rapidly evolving world of cryptocurrencies and blockchain technology. As we delve into this topic, you’ll discover just how valuable this knowledge can be while navigating the intricacies of crypto swapping.
Cryptocurrency Swap
In traditional finance, a swap often refers to an agreement between two parties to exchange cash flows or financial instruments. In the crypto world, a cryptocurrency swap involves exchanging one type of cryptocurrency for another. Understanding this concept is fundamental since swaps can facilitate portfolio adjustment and liquidity needs in the crypto market.
Third-party Exchanges
In traditional finance, third-party exchanges enable trades between securities. The same holds true for crypto swaps, where wallet apps like Tangem employ third-party exchanges to facilitate transactions. Recognizing the role these exchanges play helps newcomers understand the potential costs and mechanisms involved in crypto swaps.
Network Fees
Network fees in traditional finance might pertain to transaction fees charged by banks or brokers. In the realm of crypto, network fees are costs associated with processing transactions on a blockchain. Grasping the concept of network fees is paramount for newcomers, as it directly impacts the total cost of swaps and transactions.
Cross-Chain Swap
A cross-chain swap enables users to exchange tokens between different blockchain networks. In traditional finance, one might think of foreign exchange trading between distinct currencies. Mastering the concept of cross-chain swaps broadens one’s perspective on interoperability in blockchain technology, a vital principle as the market continues to expand.
Decentralized Exchanges (DEXs)
DEXs enable peer-to-peer trading without intermediaries, akin to traditional exchanges where buyers and sellers meet. These platforms offer increased privacy and security, especially since they often don’t require personal identification. Familiarity with DEXs expands your potential to trade various tokens securely and efficiently.
KYC (Know Your Customer)
In traditional finance, KYC regulations are designed to prevent fraud and money laundering. On the other hand, many decentralized exchanges bypass these regulations, allowing users to swap tokens without undergoing identity verification. Understanding the implications of KYC is crucial, especially for those prioritizing privacy and autonomy in their crypto transactions.
Smart Contracts
Smart contracts are self-executing contracts with the terms of the agreement directly written into lines of code. In traditional finance, contracts are legally binding documents, whereas smart contracts automate processes in the crypto space. Learning how smart contracts function is essential, as they underpin many decentralization mechanisms and services in the blockchain ecosystem.
The Tangem app simplifies crypto management, providing users an intuitive interface for swapping tokens. It acts as the bridge between users and third-party exchanges, which adds an element of dependency in terms of available tokens to swap. Understanding this limitation helps users know what to expect when using the app and allows for more effective planning of their trades.
Swapping crypto is as simple as a few taps on the Tangem app. After selecting the specific tokens, users can see the fees before confirming the swap, ensuring they know exactly what they are spending. This clarity in transaction costs links back to the importance of being financially literate and cautious in both crypto and traditional finance.
Understanding fees is essential for maximizing the value in cryptocurrency transactions. Just as in traditional finance, recognizing how fees can impact overall returns is crucial for successful investing and trading. With this awareness, you can strategize swaps to minimize costs, akin to understanding brokerage fees in stock trading.
Using a DEX expands a crypto trader’s toolkit, much like having access to multiple trading platforms in traditional finance. It offers a unique edge where users can maximize the assets they hold and trade without going through extensive verification processes. This flexibility is increasingly relevant as the demand for programmable transactions and contract-driven trading solutions rises.
Mastering cross-chain swapping enhances the utility of digital assets—akin to diversifying investments across multiple asset classes in traditional finance. By understanding this concept, investors can leverage various networks, maximizing opportunities that different blockchains offer.
The Tangem app exemplifies centralized features with decentralized principles. The app serves as a user-friendly interface, while the underlying technology operates on decentralized exchanges. This amalgamation provides a seamless introduction to newcomers, but it’s pivotal to recognize the dependency on third-party services, which may pose risks.
In crypto, swaps are executed via smart contracts without the complexities associated with traditional finance. This streamlined process is appealing, capitalizing on automation for efficiency. Users can often complete transactions within minutes, unlike traditional currencies that may require longer transaction times due to regulatory and banking processes.
Fees in crypto can often be less predictable than in traditional finance—especially due to fluctuating blockchain fees. Understanding how these work helps mitigate risk and optimize individual transactions. Investors need to be reflectional about both base and transaction fees to approach swaps strategically.
The rise of DEXs mirrors the evolution towards decentralization in various sectors. While traditional finance often requires intermediaries for trust, DEXs cut out the middleman, fostering a trustless environment. This paradigm shift not only alleviates costs but also augments privacy, a hike in demand that is expected among today’s digital-savvy investors.
Cross-chain swaps epitomize the era of interoperable blockchains. As the market matures, the ability to exchange assets across chains seamlessly may reshape asset management strategies. Just as investing in diverse mutual funds in traditional finance provides growth potential, cross-chain trades offer flexibility and strategic maneuvering.
While there were no specific charts or graphs in the transcript, the process of using the Tangem wallet could certainly benefit from visual aids. For instance, flowcharts illustrating the swap progression or infographics outlining fee structures could provide useful reference points.
Example 1: Simple Swap
A user decides to swap 100 USDT for ETH via the Tangem app. After confirming the fees (let’s say 1% for the exchange, plus a blockchain fee of the originating network), the user knows their NET ETH received is 0.098 ETH.
Example 2: Utilizing a DEX
A trader on a decentralized exchange swaps 1 ETH for a lesser-known token, Pork, with an expected price impact of 2%. If they swap 1 ETH and the price fluctuates, they could receive anywhere from 47 to 49 Pork tokens, emphasizing the necessity of understanding market volatility.
Example 3: Cross-Chain Swapping
A user swaps 1 ETH on the Ethereum network for MATIC on the Polygon network through a DEX. If the transaction takes longer than expected and fluctuates due to gas fees, it’s an important reminder of the unique elements involved in cross-chain transactions.
Historically, the emergence of platforms that facilitate crypto swapping—like Tangem—has illuminated the vast potential of decentralized finance. As we embrace this shift from traditional banking systems, we witness how crypto swapping can compare and contrast with conventional currency exchanges, where brokers and fees dictate the speed of transactions.
In current markets, we can see substantial implications for investing, with services like Tangem and DEXs allowing quicker reactions to market movements. Whether you’re swapping Tether for Ethereum or conducting cross-chain transactions, these tools democratize access to digital finance.
One primary cause-and-effect relationship can be seen in how swap fees impact trading volume. As fees rise, the likelihood of executing trades may diminish—a commonality in both traditional and crypto markets. Understanding how this dynamic could lead to lower volume and potential systemic risks is crucial for all investors.
Moreover, the introduction of rugs or scams in crypto markets can deter user participation, swaying the demand for decentralized exchanges that prioritize transparency and user-friendly fee structures.
Limited Token Availability
Not all tokens are available for swap within the Tangem app. Users may encounter tokens they wish to exchange that aren’t supported by the platform.
High Fees
Fees can unexpectedly escalate, particularly during peak network congestion. This scenario could deter users from executing their desired swaps.
Using DEXs
Connecting the wallet to decentralized exchanges allows for a broader range of token availability and can often lead to finding better rates.
Fee Awareness
Proactively monitoring network conditions and understanding fee structures can empower users to time their swaps strategically, reducing costs.
A common misconception in crypto is that all transactions are instant. Understanding that various factors—such as network congestion and fees—can delay transactions is essential for a smooth experience.
Swaps Simplified
Swapping cryptocurrencies is a straightforward process within the Tangem app; however, awareness of available tokens and associated fees enhances decision-making.
Importance of Third-party Exchanges
The reliance on third-party exchanges bridges the functionality of Tangem but can limit token options, necessitating knowledge of alternative platforms.
Watch the Fees
Both network and exchange fees can cut into profits; maintaining awareness of these costs ensures smarter trading strategies.
Understanding DEXs
Using decentralized exchanges can broaden your trading capabilities, providing a platform with potentially lower fees and a more diverse selection of tokens.
Master Cross-Chain Swapping
Cross-chain swapping is an advanced concept that allows flexibility in trading across different networks, emphasizing the necessity to navigate the evolving crypto landscape.
Adaptability in Trading
Investors should stay adaptable, researching diverse platforms and methods that cater to their crypto needs, reflecting the dynamic nature of digital currencies.
Educate Continuously
The crypto landscape changes rapidly; continued education through resources like the Tangem playlist can keep you adept and informed.
As we conclude this exploration of swapping cryptocurrencies within the Tangem wallet, remember that the world of crypto is vast and ever-expanding. Armed with this knowledge, you’re better positioned to navigate the exciting challenges ahead.
Dive deeper into your Crypto Is FIRE (CFIRE) training plan as we explore the next topic, helping you sharpen your understanding of blockchain technology and its myriad possibilities! Stay curious and keep learning!
How To SEND & RECEIVE Crypto Using Tangem Wallet – YouTube
Transcript:
In this video, I’ll show you how to send crypto from your Tangent Wallet to any crypto exchange or any other crypto wallet. Plus, I’m going to show you how to receive crypto in your Tangent Wallet from any exchange or any other crypto wallet. So let’s get right into it. So I want to show you how to send crypto to your Tangent Wallet first.
But before we do that, I want to go over a couple of important notes. Otherwise, things can get pretty confusing. First off, this entire send and receive process is really the same regardless of the exchange or wallet you’re using. For example, if I want to send crypto from Coinbase to my Tangent wallet, it’s going to be the same process as sending crypto from Kraken to my Tangent wallet.
And it’s the same for wallets. If I want to send crypto from MetaMask to Tangent, it’s going to be pretty much the same process as sending crypto from Phantom to Tangent. And it also doesn’t really matter what kind of crypto you’re sending. It’s really the same steps. Secondly, anytime you’re sending crypto from an exchange to a wallet, or from a wallet to an exchange, or from one wallet to another wallet, you have to ensure that you’re sending it to the same network that it is currently on.
For example, Ethereum’s main native coin is ETH and ETH exists both on Ethereum and Solana networks. But if you were to send ETH on Ethereum to a Solana wallet address, then you would lose your ETH. So we have to know what network our crypto is on before we send it. And don’t worry, I’ll show you how to check that once we get to that step.
And lastly, you have to have the network’s native coin to pay for any transaction fees. So if I want to send ETH to another wallet or maybe a meme coin that’s on Ethereum to another wallet then I need to have at least a little bit of ETH in my wallet to pay for the network transaction fees.
So with Tangent specifically if you’re trying to send crypto from your Tangent wallet using the Tangent app but the send button is grayed out on whatever crypto you’re trying to send, it’s likely because you either don’t have any of that network’s native coin or you just don’t have enough. And don’t worry, I’ll touch on all these points as we go through each step, but I just wanna make sure that you are aware of all these points because these are some of the most commonly asked questions when sending and receiving crypto regardless of what wallet you’re using.
Also, side side note you can get 10% off your Tangent order using the code in the description of this video. Maybe you’re buying your first Tangent wallet or you’re buying another one or you’re buying a new product that Tangent is releasing.
That code in the description will get you 10% off your entire order so definitely make sure to take advantage of that. All right let’s get started. For this video I’ll use several examples that way you can apply these steps to whatever exchange or wallet that you’re using. But first, I want to send crypto to my Tangent wallet from an exchange.
So this first one, I will be sending crypto from my Coinbase account to my Tangent wallet. So first, I’m going to sign into my Coinbase account and you can sign into whatever crypto exchange that you’re using because again, these are going to be the exact same steps for the most part. On Coinbase, you wanna go to My Assets. This is where all your crypto is held.
On other exchanges, it might say portfolio or wallet or something like that, but I’m going to click on My Assets. And then if I scroll down, I want to send Solana to my Tangent wallet. So I can see I have $20 worth of Solana right here. So I’m going to tap that.
And then if I go up here and I hit this transfer button, this will give me a few options, send crypto, receive crypto, deposit cash and withdraw cash. I want to send crypto because I’m sending Solana out of my Coinbase account to my Tangent wallet. So we’ll tap send. Now you can enter your native currency, for me it’s USD, or you can hit this little button right here and it’ll change it to the crypto price.
But I like to use my native currency because it’s just easier for me. So I want to send $20 of Solana to my Tangent wallet. And next we need to select the recipient, which is our Tangent wallet. So we’re going to tap that. And here we need to enter our Tangent wallet public address. So let me show you how to get that. All right, so to get our receiving address or public wallet address, we’re going to need to open up our Tangent wallet app.
And notice that I do not have Solana listed under my coin section so we need to add Solana to our home page here so to do that go ahead and tap manage tokens and whatever token that you’re trying to receive in your Tangent wallet you could just search for it right here and enable it but since Solana is right here I’m just going to tap it and then just toggle this little guy to enable Solana and then tap save changes and now Solana is on my home page. Notice I already have $32 worth of Solana but that’s besides the point
what we want to do is get our receiving address for Sol on the Solana network. So I’m going to tap Solana and you can see here it says Solana that’s the main network. Now to get our receiving address we want to tap the receive button and here is our Solana public address. It is this long string of characters right here and that’s what we’re going to paste into our exchange or our wallet or whatever we’re sending from. We want to paste this address.
Now you can also do this on your mobile app so if you’re using say the Coinbase app in your phone you would just hit copy and then you’d we’re sending from, we want to paste this address. Now you can also do this on your mobile app. So if you’re using say the Coinbase app in your phone, you would just hit copy and then you’d go back over to your Coinbase app and paste it into the recipient address on your Coinbase app.
But since I’m doing this from my computer, I’m just going to hit the share button and then share it with my MacBook Air, which is where I’m transferring my crypto and once I shared it with my MacBook I just go into my files open file and it should be in my downloads so it’s going to be right here this text document I’m going to open that up and this is my Solana receiving address for Tangem I’m going to copy that go back to my Coinbase account where I was doing the transfer and I’m going to paste this address
into the recipient spot here. Okay just tap that and then if we hit preview send this will just give us some details. This is the address that we’re sending it to. This is the network that we’re sending it on so we know it’s the correct network and the amount of we’re sending it to. This is the network that we’re sending it on. So we know it’s the correct network.
And the amount of time it’s going to take is an estimated less than one minute. And then this includes the network fee, which is going to be approximately one cent. So if everything looks good, go ahead and hit send now. And I have this set up on a 2FA. So I had to enter the digits from my authenticator app, and that’s it.
We just sent $20 worth of soul to our Tangent wallet. You can go ahead and hit done, and then if we go and open up our Tangent wallet, we should see that it will arrive. All right, so I go back to my Tangent wallet here on the Tangent app, and as you can see, I now have 52.55, which is 20 more dollars than I previously had.
That took about, I don’t know, 10 to 15 seconds to arrive in my Tangent wallet. And it’s literally that easy to send crypto to your Tangent wallet from any exchange. All right, now let’s say I wanna send Solana from my Phantom Hot wallet to my Tangent Cold wallet. So to do that, I’m just going to open up the Phantom app here on my desktop device. Again, you can do this on your phone if you prefer to do that, I’m just going to open up the Phantom app here on my desktop device.
Again, you can do this on your phone if you prefer to do it on your phone. It’s the exact same steps. And again, this is going to be the same step as sending crypto from Coinbase to Tangent. So we have Solana here. You can tap on Solana or you can just hit that send button, but we’ll tap on Solana. Then we’re going to tap send.
But we’ll tap on Solana. Then we’re going to tap send. And then this is where you need to enter your Tangem public address or receiving address. It’s the same address you use for Coinbase. It’s the same address that you’re going to use anytime you want to send Sol to your Tangem wallet. And since I still have that pulled up, I’m just going to go back to it.
I’ll copy it again. Then just come back to my Solana wallet. And I’ll paste my Tangem public address, AKA the receiving address here. And then again, you can enter, this is the sole amount. Since I don’t know what the amount of sole is, I like to use my native currency. So I’ll tap this little button here and say, I want to transfer $19.
99, which I guess I don’t have enough. So if that happens, if you want to transfer $19.99, which I guess I don’t have enough. So if that happens, if you want to transfer everything from your wallet, you can just hit max. Otherwise you can type in the exact amount. I want to transfer all the Solana I have.
So I’m going to hit max and then tap next. And then again, this is your transaction details. So this is the address you’re sending it to, the network right here, Solana, and then the network fee, which is only, I mean, it’s less than a couple cents. If everything looks good, go ahead and hit send. And then once this sends, again, it’s only going to take 10, maybe 15 seconds to arrive in your wallet.
Now, if the transaction fails fails it fails a lot with Solana most other networks you’ll be good but if it fails you just have to send it again until it’s sent. And again if I open up my Tangent wallet now I can see I got another about $20 so now I have a total of $72 in my Tangent wallet and that’s because I sent $20 from Coinbase and approximately $20 from my Phantom Wallet.
All right, now just for example’s sake, let’s say you wanted to receive Ethereum in your Tangent Wallet. Again, it’s the exact same steps that I just took you through. But instead, you would tap Ethereum and you would tap receive. And then you would want to use this address to send your crypto to. And sending crypto to your Tangent Wallet is literally that easy. The most important thing is that you get your public or receiving address from your Tangent Wallet.
So it doesn’t matter, again, it’s the same steps. It doesn’t matter where you’re sending your crypto from, whether it’s Coinbase, Binance, Gemini, Kraken, it’s all the same steps. If you wanna send Solana, you click on Solana and the exchange that you’re using, you hit the send button, and then you paste your Tangent Wallet public address for the Solana coin.
So same thing if you’re using Ethereum or whatever network you’re using. The most important thing is that you copy your public address from your Tangent Wallet. As long as you know how to do that, you can send crypto from anywhere to your Tangent Wallet. Okay, now I’m going to show you how to send crypto from your Tangent Wallet to your crypto exchange. That way you can cash it out to your Tangent Wallet. Okay, now I’m going to show you how to send crypto from your Tangent Wallet to your crypto exchange.
That way you can cash it out to your bank account or whatever you want to do. And it’s pretty much the same steps, but kind of in reverse. So instead of getting our Tangent Wallet public address, we want to get our exchange’s public address, which is really just our wallet, and paste it into the Tangent Wallet.
So I’m going to show you how to do that. But instead of using Coinbase for this example, I’m going to use Kraken and I’m going to send some Solana to my Kraken account from my Tangent wallet. Okay, so sign into whatever exchange that you’re using. Again, I’m using Kraken and here I just want to go again to the transfer crypto tab and I want to do a deposit.
If I were sending crypto out of Tangent, I would hit withdraw, but want to do a deposit. If I were sending crypto at a tangent, I would hit withdraw, but I’m making a deposit. And then of course I want to choose the correct token. I’m sending Solana to my Kraken account. So I’ll tap Solana and there is no other network that Sol is on, it’s only Solana.
But for example, let’s say we were sending Ethereum to the Kraken account. As you can see here, there are a bunch of different networks so you just want to make sure that you’re using the correct network and your wallet the Tangent wallet will tell you what network that your crypto is on.
So if it was on ETH’s native network I would click Ethereum and that would be the address that I’m sending it to but I’m sending Solana. So this is our deposit address also known as the public address, the receiving address and that’s what we want to copy and we’re going to paste it into our Tangem wallet.
Now what I like about Tangem is that you can just open up the app again and then tap on Solana because that’s what I’m sending and then this time we’re going to hit this send button. Now I could paste the address if I wanted to send the address to my phone. But if I just hit this little QR code reader up here and give Tangent access to my camera, I can just scan the QR code and then that will get the address. So this is my Kraken address and that is where I’m going to send my crypto.
So I’m going to hit next and you can again choose a sole amount but I want to choose the USD amount. So I want to send $20 worth of Solana to my Kraken account. So I’ll type in 20 and then I’ll hit next and then this is our network fee that we’re going to pay right here, which is like 3 cents. So if everything looks good, go ahead, hit send.
And I’ll have to scan my card here to approve the transaction. And it’s that easy. The Solana is on the way to the Kraken account now again the Solana network kind of sucks sometimes so if your transaction does not go through with Solana only then you’ll just have to submit the transaction again now the time it’ll take your crypto to arrive in whatever crypto exchange that you’re using will depend on a couple of things first it depends on the network you’re using. So Ethereum will take longer usually than
the Solana network for example. And then it also just depends on what crypto exchange you’re using. So my Solana did not arrive instantly in my Kraken account. It took about three minutes but again depending on the network, the type of token you’re sending, it could take upwards of one hour. Bitcoin can be even longer.
So don’t freak out if it doesn’t show up instantly. You just have to wait until it arrives. It’ll get there eventually. All right, so depending on what exchange you’re using, you just want to go to your portfolio or your wallet or whatever. For Kraken, I just hit the home button. And as you can see, I’ve got just about $20 worth of Solana in my wallet. And now what I want to do is cash this out to my bank account.
of Solana in my wallet. And now what I want to do is cash this out to my bank account. So before I can do that, I need to convert this into my native currency, my fiat currency, which is USD. So to do that, I want to hit sell. And obviously what I’m going to do is sell this for some USD. So I want to sell all of it. And the fee is 28 cents. And I’ll receive a total of $19.38. That looks good.
Go ahead and hit confirm. And it’s pretty much sold instantly so I go ahead and close out of there. Now you can see I’ve got $19.38 in my Kraken account. Now what I can do is withdraw this into my bank account. So I’ll just tap on the US dollar and I’ll hit withdraw and I want to use ACH because I have my bank account hooked up to my Kraken account and I want to withdraw all of it.
I need to select the account that I want to withdraw to so I’ll select my account and then I’m going to go ahead and hit withdraw USD. Again it’s going to come up with all the details, my bank account name, the withdrawal amount, and all of that good stuff. If everything looks good go ahead and hit confirm and that’s it depending again on the exchange you’re using your withdrawal should arrive in your bank account usually within one to three business days so just keep an eye on your bank account and you should see that crypto come through well i guess it’ll be fiat but you get
what i mean all right now let’s say i want to send some crypto from my tangent wallet to my phantom hot wallet so to do that again just open up whatever hot wallet you’re using whether that’s Metamask or Trust Wallet. Metamask does not support Solana so that’s why I’m using Phantom. But this time we want to hit receive.
Again we want to get the public address from the wallet that we’re sending crypto to. So in this case, Phantom Wallet. So I hit that receive button. Here we have a few different options. I am sending Solana to this wallet. And again, I can just use the QR code to send Solana to this wallet instead of copying the address. And that’s exactly what I’m going to do.
So you get your Tangent Map here, tap on the token that you’re sending, to do. So you get your Tangent map here, tap on the token that you’re sending, tap send, and we’re going to scan that QR code again. So I’ll do that, hit next, and then I want to send $20 worth of Solana to my Phantom wallet. So I’ll go ahead, type in the $20, tap next.
It’s going to tell us our network fee which is about three cents again and then if everything looks good tap the send button and scan your Tangent card and it’s that easy you just sent crypto out of your Tangent wallet to a hot wallet that’s all there is to it. I mentioned earlier that the send button would be grayed out if you don’t have that crypto in your Tangent wallet.
So I added the BNB to my tokens page, which I own $0 worth of BNB as you can see here. So if I go tap on BNB and try to send, obviously that button is grayed out because I don’t own any BNB. So there’s no way I’d be able to send, obviously that button is grayed out because I don’t own any BNB. So there’s no way I’d be able to send it and I would have no way to cover the transaction fee.
Now there are some other options that are available. Obviously I can receive BNB even though I don’t own any because I’m using another, an exchange or a wallet to send it if I have it funded in that exchange or wallet. But I will not be able to send it until I get it funded in that exchange or wallet.
But I will not be able to send it until I get some BNB into my Tangent wallet. And that’s all there is to sending and receiving crypto using your Tangent wallet. Anyone can do it. The most important thing is that you know how and where to get your wallet’s public address. So if you’re sending crypto to a crypto exchange, you know where to get it on the crypto exchange.
If you’re sending it to your Tangent wallet, obviously you know where to get it on the crypto exchange. If you’re sending it to your Tangent Wallet, obviously you know where to get it with your Tangent Wallet or any other wallet. The public address is the most important thing.
As long as you have the platform or the wallet’s public address, then you know how to send crypto to it. So it doesn’t matter what exchange you’re using or what wallet you’re using. You can use this tutorial to get it done. It’s super simple. There’s no need to overcomplicate it. Now, sending and receiving crypto is just one aspect of using the Tangent Wallet.
If you have any more questions about the Tangent Wallet, how to use it or its features or whatever it may be, make sure to check out my Tangent Wallet playlist right here where I cover literally everything you need to know about the Tangent Wallet. I’ll see you there. Peace.