How To Send Bitcoin
Sending BTC If your BTC is in an account on an exchange site, there should be a “Send” or “Withdraw” option somewhere. Use it, input an address into the recipient field, and you're done. To send BTC from an address the private key of which you own, you need software to generate and sign a transaction. Bitcoin ATMs typically charge between 7-10% for buying/selling bitcoins, a fee worth paying for some of us. But to use a Bitcoin ATM, you need to find it first which is the tough part because of the low number of Bitcoin ATMs around the world. You can buy Bitcoins and send them to your wallet (we’ll cover that in a second). But if by money you mean fiat currency, such as a Dollar, Euro, or Yen, then the answer is no. While on some exchanges you can link your credit card or bank account, that link is to the exchange and not to your wallet. To send funds from your wallet, you need the recipient’s receive address or QR code. To request, you can share your address or QR code with the sender. Note: your bitcoin and bitcoin cash address will change each time you request but your ether address will stay the same. Using Your Transaction Feed. To find out whether bitcoins work as real money yet, we bought one and tried to use it to acquire pizza and martinis. And instructed my online bitcoin wallet to send.709 of a bitcoin to the.
How to Transfer Cryptocurrency From one Wallet to Another (i.e. how to Send/Receive or Withdraw/Deposit Bitcoin, Ethereum, and Other Cryptos)
To send or receive cryptocurrency, first you need a cryptocurrency wallet, then you need to put in the public address of the recipient to send (or give your public address and have someone else put it in to receive).
Often this can be as easy as scanning the QR code related to the receiving address and typing in the amount you want to send, but in cases where you don’t have a QR code then copy and pasting the public address is the next best bet.
From there you just choose the amount you want to send, follow any other wallet-specific instructions (for example adding funds for fees if necessary), and then hit send (or your wallet’s equivalent).
Once that is done the transaction just needs to settle on the blockchain (how long that takes can differ between blockchains and depend on how much you paid in fees).
If you are anxious, you can always check the status of the transaction on the blockchain by using the block explorer of the coin you sent.
Below I’ll walk through the process in a bit more detail to make sure you fully understand each step.
TIP: The above process is sued to send/receive crypto, withdraw/deposit crypto, and buy things with crypto… it is how crypto transactions work regardless of what their purpose is 😉
Sending and Receiving Cryptocurrencies
This process of sending and receiving cryptocurrencies like Bitcoin, Litecoin, Ether, etc. can differ slightly between wallets (as each coin has its own set of wallet options in which that cryptocurrency can be stored), but in general:
- Log into a wallet you have funds in.
- Go to the send/receive screen (by clicking the tab or button that says this or shows the proper icon).
- Choose whether you want to send or receive cryptocurrency. TIP: In general you must only send and receive like-coins. Meaning, you can only send/receive Bitcoin-to-Bitcoin, Litecoin-to-Litecoin, etc. (you can’t, for example, send Bitcoin to an Ethereum wallet or even Bitcoin to a Bitcoin Cash wallet).
- For sending: Enter the public wallet address of the recipient and choose the amount to send (make sure to account for transaction fees; you’ll need enough coins in your wallet to pay the fee). After you confirm the numbers, triple-checking them to avoid silly mistakes then hit “send transaction” (or the equivalent) and verify the transaction one last time (confirming your public address and their public address is correct). TIP: you can write a note with your transaction to let the recipient know what transaction is for. TIP: Using a QR code to copy an address helps avoid potential mistakes.
- For receiving: You don’t have to do anything except share your public wallet address with the sender. If you are in person, you can do this by letting them scan a QR code (if your wallet offers that).
If you are still uncertain, just look up the FAQ for the wallet you are using to verify you have the steps down. Check out the video below for more.
Tips and Tricks For Crypto Transactions
Below are some more tips and tricks for crypto transactions.
Send a test amount to new addresses: Before you send a lot of crypto, try sending a little bit as a test to make sure everything is working.
Using exchanges to send coins: For sending between exchanges you’ll want to use the withdraw and deposit buttons on the exchange next to the token you want to send. You must follow directions carefully, as sometimes you’ll need to follow specific directions. For example you might need to include a message, and sometimes you can only send whole numbers of coins. You may also need to use your authentication codes.
TIP: A wallet’s public address (or “public key”) looks like this: BTC Wallet: 1Bn9PjWsFwfwLLEbhagQE9ksUSBcT2jLTm, ETH Wallet: 0xf902fd8B2AEE76AE81bBA106d667cCF368C2f9A1, LTC Wallet:LdRi8Md4bU8iCv3gkHv4NfvMoitV3AXF6u… Private keys look different. You should never share your private key, but as you can tell from our share above, sharing your public wallet address is not a problem. So again, do share the public address that looks like that (the worst that can happen is someone puts coins in it), but never share your private key or password (as that is like handing a stranger your wallet).
Crypto-to-crypto exchange: You can use a platform like Shapeshift to turn one type of cryptocurrency into another. That can be helpful if you have Bitcoin, but want to do a transaction in another coin.
Why didn’t my transaction go through? After you have sent some coins (AKA tokens AKA cryptocurrency), you’ll need to allow some time for the transaction to go through. It can be nearly instant, or it could take a few minutes, or if traffic is high, it could take hours. In most wallets, you can view pending transactions. Remember, the transaction will be added to the coin’s public blockchain (a digital ledger of transactions), so you’ll always be able to see an encrypted version of it. See Etherescan.io for an example of a website that let’s you view every public action on a blockchain.
What it looks like in a bitcoin wallet.
Bitcoin is the easiest way to transact at a very low cost.
Mobile payments made easy
Bitcoin when used on a mobile device allows you to pay with a simple two-step scan-and-pay. There's no need to sign up, swipe your card, type a PIN, or sign anything. All you need to receive Bitcoin payments is to display the QR code in your Bitcoin wallet app and let the other party scan your mobile, or touch the two phones together (using NFC radio technology).
Security and control over your money
Bitcoin transactions are secured by mathematics and energy. Cryptographic signatures prevent other people from spending your money. Energy spent by proof of work (PoW) prevents other people from undoing, rearranging or losing your transactions. So long as you take the required steps to protect your wallet, Bitcoin can give you control over your money and a strong level of protection against many types of fraud.
Works everywhere, anytime
Similarly to email, you don't need to ask recipients you're sending bitcoin to, to use the same software, wallets or service providers. You just need their bitcoin address and then you can transact with them anytime. The Bitcoin network is always running and never sleeps, even on weekends and holidays.
Fast international payments
Sending bitcoins across borders is as easy as sending them across the street. There are no banks to make you wait three business days, no extra fees for making an international transfer, and no special limitations on the minimum or maximum amount you can send.
Choose your own fees
There is no fee to receive bitcoins, and many wallets let you control how large a fee to pay when spending. Most wallets have reasonable default fees, and higher fees can encourage faster confirmation of your transactions. Fees are unrelated to the amount transferred, so it's possible to send 100,000 bitcoins for the same fee it costs to send 1 bitcoin.
Protect your identity
How To Send Bitcoin From Coinbase To Binance
With Bitcoin, there's no credit card number that malicious actors can collect in order to steal from you. In fact, it's even possible in some cases to send a payment without revealing your identity, almost like with physical money. You should, however, take note that some effort can be required to protect your privacy.