Sending and receiving Bitcoin is easy when you know how, but because Bitcoin is digital and valuable, sending and receiving it can be nerve-wracking, especially if you’ve never done it before.
Bitcoin is the future of money, and the programs to be built on it will become the infrastructure of the financial world.
But the fact is, right now it’s a little bit clunky and technical to send and receive Bitcoin, especially if you compare it to sending and receiving an email or a PayPal transaction.
If you need a helping hand for how to send or receive your first Bitcoin, however, read on.
How To Send and Receive Bitcoin
The first thing you should get is a Bitcoin wallet that will host your private and public keys. You can get many different types of wallets, but the most common types are software wallets downloaded onto your desktop, or a specially built hardware wallet that cryptographically secures your Bitcoin.
Software wallets are very secure, but hardware wallets are more secure, and I would recommend using them instead of a software wallet.
Software wallets are free, however, and if you don’t think spending $50-100 on a hardware wallet is worth it, then the software wallet will probably be ok. I just prefer the extra level of security the hardware wallets offer.
If you do prefer to use a software wallet, I recommend Blockstream Green wallet.
Blockstream Green wallet was created by some Bitcoin Core developers – the people behind many Bitcoin innovations. The wallet uses multi-signature innovation and timelock smart contracts, ensuring it is the most secure of software wallets. It also connects to hardware wallets.
Whichever wallet you decide to go with it will make sending and receiving Bitcoin much easier.
All wallets allow you send and receive Bitcoin easily. Once you have a wallet it will keep track of your Bitcoin balance, which might be held on several different addresses.
Your Bitcoin wallet will show you your transaction history, and although the interface is different on all wallets, they pretty much follow the same pattern.
Buying Bitcoin From Your Wallet
Some wallets allow you to buy Bitcoin from within the wallet application. It is usually a little more expensive this way, as like everything you pay for convenience.
To do so, your wallet will have a ‘Buy Bitcoin’ tab, which you just press, and follow the instructions to purchase the Bitcoin.
Some wallets will automatically send it to your wallet address, but some will ask you to generate an address and copy paste it into the receive Bitcoin page.
If this is the case, simply follow the instructions.
Receiving Bitcoins In Your Wallet
Once you’ve bought some Bitcoin, it will be stored in the exchange wallet you bought it at. It’s not advisable to store your Bitcoin in these exchange wallets for long as they’re susceptible to being hacked.
Receiving Bitcoin is easy. Whether you’re sending it yourself or somebody else is sending it to you, just give the sender the public address and they can send it to you, and it will arrive.
Remember Bitcoin transactions are irreversible, so if you copy paste the public address, treble check it’s correct, because if it’s wrong your Bitcoin could go missing forever.
If it’s right, which it should be, the Bitcoin will definitely arrive in your wallet interface.
Sending Bitcoin From Your Wallet
A similar process to receiving. Make sure the person gives you the correct public address, ask him to check again, once he verifies it, click ‘Send’ and then copy paste the public address into the ‘Receiving Address’ tab, type in the amount you wish to send, and click send.
Depending on your wallet, it might ask you to verify on your hardware wallet device, or if it uses a 2FA etcetera. Carry out the procedure, verify the address matches on your device (2FA), and confirm.
The Bitcoin will then go to the address you sent it to.
Send Receive Bitcoin From Your Smartphone Wallet
You can get smartphone wallets, of course, and these are probably the easiest way to send and receive Bitcoin. However, remember your Bitcoin is valuable, and your smartphone is more susceptible to a hack.
If you choose to use a smartphone wallet, don’t keep too much on it, and always use 2FA.
Bitcoin Doesn’t Need Third Party Verification Because It Can’t Not Go To Destination
Bitcoin is a financial revolution. There I said it. Many people don’t like to use the word revolution, but Bitcoin is going to disrupt the financial industry no end.
Sending and storing value has always taken a long time and cost a lot of money, but with Bitcoin set to change all that, it’s a good idea to get ahead of the curve.
Sending and receiving Bitcoin isn’t difficult, but can be nerve-wracking. It’s not as straightforward as sending an email, yet.
And because there’s no expensive third party, it’s critical you treble check everything, every time, even when you’re comfortable sending and receiving Bitcoin.
Anyway, I hope this helped, and welcome to the Bitcoin Revolution.
Author: Pablo Clarke
Can I send Bitcoin without a wallet?
You can, but it’s much trickier. To send Bitcoin to someone without a wallet you’ll need to connect with a service that allows the transfer of Bitcoin with text message or email. It’s not advisable though.
Can I mine Bitcoin from my smartphone?
You can’t mine Bitcoin with your smartphone, but it is possible to connect to a mining pool that pays you for your processing power. The mining pool you connect with will mine cryptocurrencies and pay you in Bitcoin, but it’s not advisable, because the battery power you use won’t be covered in the minimal amount of Bitcoin you might be paid.
Can I get rich from Bitcoin?
You can get rich from Bitcoin, but most people haven’t. Anybody who expects to get rich, especially from a little investment, will likely be disappointed. Bitcoin isn’t a get rich quick scheme, and should be seen as a risky and volatile asset that could bring gains for anybody who can stomach volatility.
How can I get free Bitcoin?
Nothing is really free, because even when you earn free Bitcoins you’re giving up your time, which is precious. But you can earn free Bitcoins. If you are a gamer, there are games like Bitcoin Bounty Hunt which allows you to shoot your way to Bitcoin riches. Or you can save your Bitcoin in an interest bearing account and earn some BTC interest. Be careful with these, and only go with legitimate companies, though.