8 Common Reasons Why Someone Might Send Crypto to Another User

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Cryptocurrencies have expanded their utility over the years. From the first time 10,000 Bitcoins (BTC) were used to buy two boxes of pizza in 2010, now you can use different types of cryptocurrencies, gas tokens and stablecoins alike, for almost all sorts of transactions. These include buying, selling, sending, receiving, staking, and swapping crypto. People can also trade crypto similar to stocks. 

Reasons Why Someone Might Send Crypto to Another User

And in case you’re wondering why users send crypto to other users, or if you’re interested to learn how to do it quickly, we’ve fleshed it out for you below.

1. Remittances

Gone are the days when over-the-counter (OTC) remittance centers and typical payment platforms that require several hours to a few days to complete a transaction are the only options for sending remittances. Crypto has made it possible for users to conveniently send and receive funds regardless of their distance or location from the other user, whether using a crypto exchange, crypto payment app, or an external wallet.

2. Splitting bills

An increasing number of merchants and businesses have started accepting cryptocurrencies for payments. Whether it’s a popular volatile crypto like BTC or a stablecoin like Tether (USDT), this has encouraged more enthusiasts to develop crypto projects that make sending cryptocurrency payments rapidly and easily possible for users. As a result, more users have started splitting bills or paying back their friends in crypto.

3. Salary or professional fee

An article says more businesses have started offering to pay workers in crypto to lure younger professionals. This makes sense as more people get attracted to crypto, especially young adults aged 18 to 29.

Meanwhile, some employers and small and medium-sized enterprises have realized how much time and effort they can save by paying out salaries or professional fees using crypto.

Considering crypto platforms that only require a QR code, mobile number, or a wallet address to complete a transaction, there’s no need to rely on banks or platforms that require you to fill out forms asking for bank details, sender and recipient information, and the like that may sometimes take over 10 minutes. Not to mention some take days to release vast amounts of money.

4. Gift

Just like monetary gifts, some users send friends or loved ones cryptocurrency as a gift. In fact, a survey in 2021 found that 26% of Australians and 10% of Americans planned to give crypto as a festive gift in the same year.  

5. Shopping

Crypto users can now shop for items, such as clothes, household goods, or even cars, using their coins or tokens through specific merchants. For instance, Shopify now allows digital sellers to accept crypto payments. The same goes with eGifter, an online gift provider, which accepts payments in BTC, Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), and Litecoin (LTC).

6. Dining

Some restaurants and fast-food chains, such as Domino’s Pizza, Subway, and Burger King, also accept payments in crypto. This makes another reason for users to send assets directly to the restaurant’s wallet or to split a bill with the people they dine with.

7. Availing of a service

Can you imagine paying crypto for a haircut in 2010? Well, it’s becoming more normal nowadays. More and more salons, massage parlors, and car wash providers have also started accepting crypto in exchange for their services.

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8. Global convenience

Using crypto makes it easier for users to send money to another user overseas. You can send money to someone without lining up on OTC international money transfer services through a crypto exchange, crypto payment app, or crypto wallet.

For example, with Kasta, a crypto payment app for beginners, you can get the recipient’s QR code or mobile number to complete a cross-border transaction within a few seconds.

How to Easily Send Crypto to Another User

When you use the right platform, sending crypto to another user is quick, easy, and convenient. If you’ve never done it before, we’ve laid out a guide for you below using how the process works in the Kasta app as an example.

Sending to another Kasta user

  1. Log in to the app.
  2. Go to the home screen and tap the Send icon.
  3. Enter the mobile number or scan the Kasta QR code of the recipient.
  4. Choose the cryptocurrency you’d like to send (e.g., BTC).
  5. Enter the amount of BTC you’d like to send.
  6. Proceed and enter your pin code to confirm the transaction.
  7. If the payment is successful, the other Kasta user will receive the payment within a few seconds.

Sending to an external wallet

  1. Log in to the app.
  2. Go to the home screen and tap the cryptocurrency you’d like to send from the list of assets (e.g. BTC).
  3. Tap the Withdraw icon.
  4. Manually paste the wallet address or scan the QR code of the recipient.
  5. Enter the amount you’d like to send.
  6. Enter your pin code to confirm the transaction.

How Much Does It Cost to Send Crypto to Another User?

It depends on the platform you use. Many platforms require a certain percentage of the amount you sent as a transaction fee. On the other hand, with Kasta, swap fees only apply when the recipient accepts the payment in a different cryptocurrency (e.g., sent in BTC and received in ETH). This means you can send crypto for free when the recipient accepts the payment in the same cryptocurrency you used (e.g., sent in ETH and received in ETH).

Final Thoughts

These are just some of the many reasons crypto users send their coins or tokens to another user. And whatever your reason may be, the good thing is, with all the platforms, options, and resources available, sending and receiving crypto is easier now than ever.

Just be sure to choose a platform that suits your requirements, whether it’s easy UI/UX, proper security measures, a list of crypto available, the turnaround time to complete a transaction, etc.

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