Sending Cryptocurrency from Bread to BlockFi

Sending cryptocurrency from the Bread wallet app on a smartphone to web based Blockfi is easy. Maybe the hardest part of the transaction is entering your PIN. I wrote this post using the Bread app version 4.13.0 Build 9 on iPhone. I used the BlockFi web application on a Mac so there is no version number.

From the Bread app I selected the currency where I have funds. You won’t see a ‘Send’ or ‘Receive’ button from the main Bread display (at least for iPhone). Once you’ve selected that currency you’ll see a transaction pop up’ window with Send’ and ‘Receive’ at the bottom of the display. Choosing Send you need to complete the To, Amount, Processing Speed fields, enter an optional memo, and to complete the transaction press Send.

At BlockFi I needed to select ‘Accounts’ and from the drop down select my Interest Account. That took me to the dashboard for that account and from there the BlockFi interface shows me the balance in the account and the distribution of funds in different currencies. You need to select the currency that you want to transfer funds to from a menu on the left side of the page. You’ll see your balance displayed prominently on the screen with a horizontal menu providing choices Fund, Withdraw and Trade. I chose Fund. BlockFi opens a popup window which displays the address for your account as text with an option to copy and and as a QR code.

Back using Bread I am looking at the Send BTC popup where I scanned the QR code for that BlockFi address using the iPhone camera to complete the “To” field. Next you need to enter the amount; be careful as Bread defaults to sending BTC. The display reports the amount of funds that you have in that account that can be transferred.
Processing speed defaults to Regular. Other options are Economy and Priority. According to the documentation Economy results in a lower transfer fee and Priority a higher fee. Bread displays a time estimate for each of these settings and at the time I did the transfer an Economy transaction estimated delivery was 1-24 hours. The Memo field is optional.

The Bread app gave me an overview of the transaction and required that I enter my PIN in order to complete the transaction.

Once the transaction is started you can view it at either Bread (see ’Activity’ on your currency page) or in BlockFi (under ‘Transactions’). I did this transaction at about 9:45 PM on the day that BTC hit a new all time high. True to the estimate Bread reported 0/6 Confirmations after 30 minutes. BlockFi reports the transaction as ‘pending’.