Sending Bitcoin
Do you want to send bitcoins but don’t know how? This guide will help you through the whole process, step by step.
Before you can send bitcoins, you need to have some. You can buy them, receive them as payment, or get them through a process called “mining.” Once you have some bitcoins, you can put them in your digital wallet.
Once it’s in your wallet, you can choose who to send them to. They should have an alphanumeric string that represents the recipient’s bitcoin address. The transaction will then be sent in a few to the blockchain, where it will be confirmed by miners.
Don’t worry; we’ll go over each step in further depth below.
Step-by-step guide
Now, let’s go through the process of sending bitcoin step-by-step.
- Get a digital wallet
The very first step you need before sending bitcoin is a digital wallet or bitcoin wallet. This is where your bitcoins will be stored and where you can keep track of your balance. There are numerous wallets to choose from, but the most important factor to consider is security.
- Choose a recipient
Once you have a wallet, you need to choose to who you want to send your bitcoins. They will need to provide you with an alphanumeric string.
- Choose which transaction you’d like to make
There are two types of transactions: outgoing and incoming. Outgoing transactions are when you send bitcoins to someone else, and incoming transactions are when you receive bitcoins.
- Create a transaction
Once you have chosen your recipient, you need to create a transaction. This transaction will be sent to the blockchain, where miners can verify the funds transferred.
- Enter the number of bitcoins you’d like to send.
Again, you can choose to send a transaction in either BTC or mBTC. BTC is the most common transaction, but mBTC is also becoming more popular.
- Send the transaction
After you have created your transaction, all you need to do is send it. The transaction will then be sent to the blockchain, where it will be confirmed by miners.
- Choose your transaction fee
This is the number of bitcoins you will pay as a fee for processing your transaction. The higher the fee, the faster your transaction will be processed.
- Enter the address of the person you’re sending your bitcoins to.
This is their digital “wallet” where they will receive the bitcoins you’re sending them.
- Double-check
Make sure that everything is correct, then hit “Send.” Your transaction is now complete! All that’s left to do is wait for the recipient to receive their bitcoins.
- Check the status of your transaction
Once your transaction has been sent, you can check the status of it by looking at the blockchain. If the transaction is confirmed, then it will appear in the blockchain.
It’s easy to send bitcoins once you are the know-how. Follow this guide, and you’ll be able to do it in no time!
QR Codes and Bitcoin transactions
If you want to send bitcoin to someone, you need their bitcoin wallet address. You can get this by having them scan a QR code with their phone or by copying and pasting it from their wallet app.
Once you have the address, open up your own wallet app and find the ‘send’ function. Paste in the address you want to send to and enter the amount of bitcoin you want to send.
Make sure to check that you’re sending the right amount of bitcoin to the right address before you send it! There isn’t an undo button if you make a mistake.
And that’s it! You’ve just sent your first bitcoin transaction. Easy, right?
Bank account or Bitcoin wallet?
A bitcoin wallet is required to transmit or receive bitcoins. This is different from a debit card. A bitcoin wallet is like a digital version of cash. You can use it to pay for things or save up your bitcoins. There are various wallets, and they all have different features.
You can get a wallet by downloading an app on your phone or computer. There are many different ways to get a wallet. Some of the most popular include Coinbase, Blockchain.info, and Xapo.
You can also get a wallet by going to a bitcoin ATM and buying bitcoins with cash. The ATM will give you a paper receipt with a code on it. This code is your bitcoin address, and you can use it to receive bitcoins.
Receiving Bitcoin
Now that you know how to send bitcoins, you’re probably wondering how to receive them. Fortunately, it’s just as easy.
- Provide bitcoin address
Give the person your bitcoin address. This is the same thing as your bank account number or your email address; it’s a unique string of characters that identifies you on the network.
- Wait for sender to send bitcoins
The person will then send you bitcoins to that address after they receive your bitcoin address.
- Wallet app notification
Once the transaction is complete, you will receive a notification from your wallet app and you can now spend your bitcoins!
And that’s all there is to receiving bitcoin. Just remember to give out your address carefully – anyone who knows your address can send you bitcoins.
Note that if you want to buy bitcoin, you’ll need to set up a wallet first.
As you can see, sending and receiving bitcoin is easy. Just remember to be careful with your address – anyone who has it can send you bitcoins. And be sure to check that you’re sending the right amount of bitcoin to the right address before you proceed
Transaction fees
Whenever you send a transaction, you’ll need to pay a transaction fee. This is to incentivize miners to process your transaction quickly; the higher the fee, the more incentive miners have to include your transaction in the next block.
You can choose how much to pay in fees, but remember that the higher the fee, the faster your transaction will be processed.
It’s also worth noting that transaction fees are separate from the price of bitcoin. The price of a bitcoin is the amount you pay for each bitcoin, and transaction fees are the amount you pay for each transaction.
If you sell bitcoin, you’ll pay transaction fees just like you would if you were buying bitcoin.
And that’s all there is to transaction fees! Just remember to factor them in when you’re sending or receiving bitcoins.
