Moving Bitcoin Off An Exchange

Moving Bitcoin from an exchange to a self-custodial wallet is the single most important security action a Bitcoin holder can take. Here’s exactly how it works.

Step one: get your receiving address from your hardware wallet or self-custodial wallet. In the wallet app, tap or click Receive. Copy the address — a long string of letters and numbers — or display the QR code.

Step two: log into your exchange account. Find the Withdraw or Send section. Select Bitcoin.

Step three: paste your wallet address into the withdrawal address field. Before confirming, verify the first and last four to six characters of the address match what your wallet shows. This is the most important check — some malware replaces copied addresses with attacker addresses.

Step four: enter the amount. For a first transfer, start small — send a test amount of $10 to $20 first. Verify it arrives in your wallet before sending the full amount.

Step five: confirm the withdrawal. The exchange may ask for two-factor authentication or an email confirmation. Complete those steps.

Step six: wait. Bitcoin transactions typically confirm within ten to thirty minutes. Once confirmed, the Bitcoin appears in your wallet and is under your control — not the exchange’s.

A few notes: exchanges sometimes have withdrawal limits or fees. These are typically small and worth paying for the security upgrade. Some exchanges require identity verification before allowing withdrawals — this is standard.

Once Bitcoin is in a self-custodial wallet, no exchange collapse affects it. The Bitcoin is secured by your private key. Full stop.

Tomorrow: a story — the person who moved to self-custody the week before FTX collapsed.

— The Daily Bit