Peer-to-peer transfers — sending or receiving crypto directly, without an exchange or bank as an intermediary — are one of the most fundamental capabilities a self-custody wallet unlocks. The process is straightforward, but a few details are worth getting right every time.
Key Takeaways
- Sending crypto requires the recipient’s wallet address (or a scanned QR code) and confirmation of the correct network for the asset being sent.
- Receiving crypto simply requires sharing your own wallet address — no approval or account linking is needed on your end.
- Multi-chain wallets support numerous different blockchain networks, which means double-checking network selection matters.
- Transaction fees (paid in the network’s native token) apply to sending crypto, and vary based on network congestion.
- As with any crypto transfer, confirmed transactions can’t be reversed, making careful verification essential before hitting send.
Our Take
The genuine power of peer-to-peer crypto transfers is also exactly why the responsibility for getting the details right sits entirely with the sender. There’s no equivalent of a bank’s fraud department to catch and reverse an address typo or a network mismatch after the fact.
For anyone new to self-custody, building the habit of a small test transaction before sending a significant amount to a new address is a cheap, worthwhile precaution against a costly, irreversible mistake.
FAQs
Do I need to approve anything to receive crypto?
No — receiving crypto just requires sharing your wallet address with the sender. No approval is needed on the receiving end.
What happens if I send crypto to the wrong network?
Funds sent on a network that doesn’t match the recipient wallet’s supported network for that asset can become permanently inaccessible.
📎 Source: Coinbase Learn — How to send or receive crypto using Coinbase Wallet
