In this article, we’ll explore the step-by-step process of sending Bitcoin, including creating a wallet, finding your public key, and sending the transaction. Whether you’re looking to buy goods and services online or simply want to transfer funds to another user, understanding how to send Bitcoin is an essential skill for any cryptocurrency investor.
Send Bitcoin Via Wallet
There are different methods to send Bitcoin. The common method that most people follow is to send Bitcoin via wallet. In this method, you should do the following steps after you buy Bitcoin.
1. Create a Bitcoin Wallet
Before you can send Bitcoin, you will need a digital wallet to store your coins. There are several types of wallets available, including desktop, mobile, hardware, and paper. Each wallet has its advantages and disadvantages, such as convenience, security, accessibility, etc. Choose a wallet that fits your needs and set it up by following the instructions provided by the wallet provider.
Most wallets require the same basic information, like a username and password, and will generate a unique Bitcoin address for you to use. Read more about how to choose the best crypto wallet.
2. Verify Your Wallet
Many wallet providers will require that you verify your identity before you can send Bitcoin. Typically, you will need to provide a set of personal information, such as your name, address, phone number, and government-issued ID. This verification process can take some time, so be patient and follow the instructions carefully.
3. Get the Recipient’s Bitcoin Address
Once your wallet is set up and verified, you can start sending Bitcoin. The first piece of information you will need is the recipient’s Bitcoin address, which is a unique string of characters that identifies the recipient’s wallet.
You can obtain this address by asking the recipient directly or scanning a QR code that contains the address. You should note that it’s your public and private keys that are used in this process. So, if you are the recipient of Bitcoin, ensure to give the sender the right key.
4. Enter the Amount of Bitcoin You Want to Send
After you have obtained the recipient’s Bitcoin address, you can enter the amount of Bitcoin you want to send. Take note that Bitcoin transactions are irreversible and non-refundable, so double-check the amount before sending it. You will also need to pay a transaction fee, which varies depending on the size of the transaction and the congestion of the Bitcoin network.
5. Send the Bitcoin
Finally, you can send Bitcoin. The process will vary depending on the wallet provider, but you will typically need to confirm the details of the transaction, including the amount and the transaction fee. Once you have confirmed the transaction, it will be broadcast to the Bitcoin network, where it will be validated and added to the blockchain. The transaction can take several minutes to several hours to confirm, depending on the level of network congestion and the transaction fee you paid.
Send Bitcoin with ATM
Using an ATM is an easy way to send Bitcoin to someone else. It’s very similar to using a regular ATM. However, there might not be as many Bitcoin ATMs as regular ones. You need to check CoinATMradar to find the nearest Bitcoin ATM (called BTM) to your location. Then, follow these steps:
- Enter your wallet’s address or QR code into the BTM machine to access your Bitcoins.
- Select ‘Send’ and enter the wallet address of the recipient.
- Enter the amount of Bitcoin you want to transfer.
You should note that sending Bitcoin via BTM has some fees depending on the amount of Bitcoin you transfer. Since you may have to pay a 5 to 20 percent exchange fee to the ATM, it is usually not a cost-effective way to send Bitcoin to someone. However, it’s easy and straightforward.
Furthermore, you may need to provide your ID to proceed with the Bitcoin transfer. Therefore, always carry your ID. You can also turn Bitcoin into cash using an ATM, which also has some transaction fees.
How much can I send through a Bitcoin ATM?
You may wonder if there is any limitation for sending Bitcoin through BTM. You should note that Bitcoin ATMs have a currency limit, which means that the amount of Bitcoin you can transfer may change over time due to the fluctuation in the price. Although the limit might be different for ATMs in different countries, it may not exceed $8000 per day.
Send Bitcoin via the Mobile App
You can send Bitcoin using your mobile phone. For this method, you need to have your wallet’s app on your mobile. So, download the app first and then follow these steps:
- Open your Bitcoin wallet app.
- Tap the ‘Send’ button.
- If you have different cryptocurrencies in your wallet, select Bitcoin (BTC) as the asset to send.
- Enter the recipient’s wallet address to send.
- In this step, you should specify how much Bitcoin you want to send. Therefore, enter a number.
- Click ‘Continue’.
- You can double-check the amount of Bitcoin you want to send. So check everything for the last time, then click ‘Send’.
You should note that you can’t redo this process, so it’s essential to check everything twice to ensure you are sending the right amount of Bitcoins to the right person.
Send Bitcoin via an Exchange
Another easy method to send Bitcoin to someone else is using a crypto exchange.
1. Create an Account on a Cryptocurrency Exchange
The first step is to create an account on a reputable cryptocurrency exchange platform. Some popular exchanges include Coinbase, Binance, and Kraken. You will need to provide personal information and go through a verification process before you can start trading.
2. Add Funds to Your Account
Once your account is set up, you will need to deposit funds into it. Most exchanges allow you to fund your account using fiat currency, such as USD EUR, or other cryptocurrencies.
3. Buy Bitcoin
After you have deposited funds into your account, you can use them to purchase Bitcoin. You can either buy Bitcoin at the current market price or place a limit order and wait for the price to reach a specific level before executing the trade.
4. Transfer Bitcoin to Your Wallet
Once you have bought Bitcoin, you will need to transfer it from the exchange to your personal cryptocurrency wallet. This is a crucial step as keeping your funds in an exchange for extended periods can be risky.
5. Find Your Wallet Address
In your cryptocurrency wallet, you will find a unique address that acts as your account number. Copy this address.
6. Withdraw Bitcoin from Exchange
Go to your exchange account and navigate to the withdrawal page. Paste your wallet address and specify the amount of bitcoin you want to withdraw. Double-check that the address is correct before proceeding.
7. Confirm Withdrawal
Depending on the exchange, you may need to go through a two-factor authentication process or enter a verification code sent to your email or phone number. Once confirmed, the Bitcoin will be sent to your wallet.
8. Monitor the Transaction
It may take some time for the Bitcoin to reach your wallet, depending on network congestion and other factors. You can track the transaction using a blockchain explorer or within your cryptocurrency wallet.
Bottom Line
Sending Bitcoin may seem complicated at first, but it is a straightforward process once you understand the steps involved. By setting up a Bitcoin wallet, verifying your identity, obtaining the recipient’s Bitcoin address, entering the amount of Bitcoin, and paying the transaction fee, you can send Bitcoin from one wallet to another securely and conveniently.
Remember to follow the security best practices and keep your private keys safe to avoid any potential security risks. As you gain more experience with Bitcoin, you can explore other features like buying, selling, and trading cryptocurrencies. Have fun and stay curious!
FAQs
No. A bitcoin transaction is an irreversible process. Since you cannot undo this process, it is essential to check the details of the transaction before confirming it. If it’s not OK, you can cancel the process but if you click or tap on ‘Send’, your Bitcoins will be sent to the given address and you can’t take them back.
No, there is no limit on the amount of Bitcoin you can send or receive in a transaction, as long as you have enough funds in your wallet and pay the required network fees. However, in some cases, the method you choose to send Bitcoin may have some limitations. For example, sending Bitcoin with an ATM has some limitations.
No. Technically the recipient should give you an address to send Bitcoin and this address leads you to their wallet. Therefore, you cannot send Bitcoin to someone who doesn’t have a wallet to store the coins.
