Sending a Basic Transaction
Sending a transaction is fast and easy on the Algorand blockchain. Not only are transactions extremely fast, they're also inexpensive; at the time of writing this tutorial, transactions only cost 1/1000th of an Algo (0.001). You can use transactions to send Algos or Algorand Standard Assets to other people, wallets, or exchanges. You can even send assets between accounts within your Algorand Wallet.
Before you begin this tutorial, you must meet the following requirements:
- You must have an account created in your Algorand Wallet.
- Your account must have Algos, which are required to pay for the transaction fees.
- You need a recipient. Who are you sending your assets to? This could be in the form of an address, another account in your wallet, etc. We'll dive into this more below.
Sending a Transaction
For this tutorial, we're going to simply send .5 Algos from one of my Algorand Wallet accounts to another. However, creating and sending a transaction is the same regardless of where you're sending it.
1. Start by Navigating to your account view. Tap on the asset that you'd like to send. In this tutorial, we are going to send Algos.
2. From the asset view, tap the red Send button.
3. You should now see the transaction page.
While you can simply fill out the respective fields, we'll take a look at each individual field and the options associated.
This is the amount you're going to send. For Algos, the smallest amount you can send is a micro-Algo, or 1/100,000th of an Algo. As a convenience mechanism, you can also tap Max to send your full balance (minus any transaction fees).
This is the recipient of the transaction. Transactions can be sent to any valid Algorand address. We have 4 options for how to fill in this field.
- Accounts - This is how you can easily send transactions to your other Algorand Wallet accounts.
- Contacts - Select this option to send to a contact that you've stored in your Algorand Wallet.
- Address - Here's where you can simply paste in a valid Algorand address.
- Scan QR - This option allows you to scan an address QR which will populate an address
Regardless of the method used, always verify you have the correct address entered before proceeding.
This is where you can attach a note if you'd like. This might be a personalized message to the recipient or a reminder to yourself why you're sending this transaction. Just remember, transactions are public, and anyone could potentially see these notes.
4. Once you've filled out your transaction fields, tap Preview to verify your transaction.
5. Once you've verified your transaction, tap Send Asset to send the transaction to the network.
6. After sending the transaction, the transaction will remain pending in your transaction history while the blockchain processes it.
7. And that's it! Depending on your notification settings, you'll see a transaction confirmation as well. You can see the updated balances back on the Accounts view.
To recap, we started out with 1 Algo in the account called "New Account (Demo)" with the goal in mind of distributing some it to my other account (called "Demo"). We sent 0.5 Algos to the first account which cost 0.001 in transaction fees.
- When sending transactions to exchanges, please review the warnings in the Transacting with Exchanges tutorial first.
- When sending transactions to new addresses or wallets that you've never transacted with before, we recommend sending a small test transaction first. Once you've verified that the address was successful, you can send the full amount with greater confidence.
- Always use copy and paste (or QR scan) when entering an address. Never type it in manually, as this is extremely error prone and can cause loss of funds.