Sending & receiving bitcoin is different than withdrawing money from an ATM or swiping a credit card at a shopping center. It’s a bit different than PayPal or Visa card. It’s a bit technical. It requires a bit more knowledge about Crypto blockchain and off-chain transfers. But after learning it for the first time, the process for transferring bitcoin becomes easier.
Let’s Say:
You’ve purchased some bitcoin, but have no idea what to do now. Ultimately, you may want to send it somewhere and maybe receive it again from anywhere else. While you are unable to do all this process if you have no idea about it. It’s not as simple as swiping the credit card at Pizza hut to enjoy a delicious mid-night deal. It requires sheer knowledge, but don’t fret. We will provide you with the knowledge you want to send and receive bitcoin instantly.
Jump to the process:
A bitcoin wallet, whatever it is, will surely have at least one private key and a pair of a public keys. Your private key guarantees your ownership of funds and allows you to spend the funds allied with your public address. It is similar to the pin code of a debit or credit card so you must keep it secret. Thus, your public key enables you to receive bitcoin transactions. It works as a cryptographic code that is joined to a private key. Anyone can send bitcoin to your public address but you require the private key to unlock the wallet. Your private key work as proof that you are an owner of bitcoin received.
Reasons for Bitcoin transactions
There are various reasons to transfer bitcoin from one wallet to another. In often cases, the same person is a sender and the receiver. You may want to:
- Send bitcoin between your exchange wallets
- Send bitcoin from your PC to mobile or hardware wallets
- Send bitcoin from mobile wallet to exchange wallet or vice versa
Bitcoin payments are also building trust among businesses and leading brands. You may want to purchase something with bitcoin or someone may exchange something tangible with your bitcoin. There are a lot of reasons to conduct bitcoin transactions.
How to Send Bitcoin?
The sending method of bitcoin is dependent on the wallet you are using; the procedure is following:
- Firstly, a wallet is needed to store, send and receive bitcoin. That’s maybe a mobile wallet or an exchange wallet. You can also choose a desktop wallet. There are two choices “Send or receive”. Click or tap Send.
- Select bitcoin to send it. There may be a swap in the first and second steps in some wallets.
- Put in your public key or the public address of your recipient. That’s maybe a QR Code or a series of random characters. Scan the QR code or copy and paste the public address into the recipient field. Using a QR code is recommended.
- Type the amount you want to send. Usually, the option is given to type in the amount in dollars. There’s a big difference between 1 USD and 1 BTC. Sometimes a QR code has mentioned with the requested amount, so you won’t need to manually input the amount. However, always double-check the amount before sending it.
- Be sure to double- or triple-check the recipient’s address. Make sure you completely trust the source from which you got the address. Just to confirm that the address you are sending to is associated with your required recipient.
- These transactions are irreversible
- Click Send at the end — and your transaction is completed.
Along with triple-checking the recipient’s address, some other things are there that you must ensure as a beginner. Send a small test transaction of small value. Don’t take risk of a large amount on the first go. Ensure that the recipient address is authorized and properly corresponding. Bitcoin can’t be sent to Ethereum address. Pay heed when it comes to selecting cryptocurrency — don’t send BTC to a BCH address or vice versa.
How to Receive Bitcoin?
Receiving bitcoin is a bit easier, Follow:
- Open your wallet & select Receive.
- Share your public address. That’s maybe a QR code or a string of characters.
- Rest is all dependent on the sender.
Anyone can send you cryptocurrency by having your public key.
