If you’ve just started using cryptocurrency, the prospect of learning to send Bitcoin might sound scary. Perhaps you’ve heard tales of people transferring Bitcoin to the wrong address and losing thousands.
The good news is that it’s relatively easy to send Bitcoin. This article will tell you everything you need to know about how to safely and securely transfer your coins to another person.
- You Need a Bitcoin Wallet
If you want to buy and send Bitcoin, you’re going to need a Bitcoin wallet. A Bitcoin wallet is where you keep your coins, and this is also the app you’ll use to send them securely.
There are many different types of wallets out there. When you buy Bitcoins from a cryptocurrency exchange, your coins are stored in an online wallet linked to your account.
This means that you can easily send coins through an exchange without downloading or buying additional software or hardware. With that said, this is the least secure method of storing your coins.
If you want to store a serious amount of Bitcoin, you should consider investing in a hardware wallet.
- The Information You’ll Need
To send Bitcoin instantly, all you need is the recipient’s public Bitcoin address. The recipient will need to use their Bitcoin wallet to generate this code. Then you simply input the code on your end and enter the amount you want to send.
Some mobile Bitcoin apps can allow you to input the Bitcoin address by scanning a QR code. This works well as it ensures you haven’t made a mistake when copying the address over.
- How to Complete the Transfer
Once you’ve put in the address and the amount you want to transfer, you simply hit send, and the transfer will go through. Sometimes the transfer will appear instantly, but if the Bitcoin network is busy, it may take a little longer.
Once you make the transfer, you’ll get a blockchain ID that you can use to verify that the transaction is processing. If you’re worried that something has gone wrong, check the blockchain logs for your transaction.
- Double Check the Details First
You must double-check the details before you send a transaction through. If you send Bitcoin to the wrong address, or if you send the wrong amount of coins, there’s nothing you can do.
Bitcoin is an entirely decentralized system meaning no one has the authority to help you if you make a mistake. It might make sense to only deal with small amounts of Bitcoin, to begin with until you’re more comfortable using the system.
Don’t Worry – It’s Easy to Send Bitcoin
As you can see, it’s easy to send Bitcoin even for beginners. As long as you use the correct public address of the recipient’s wallet and you send the correct amount of coins, you shouldn’t run into any problems.
If you want to learn more about other cryptocurrency-related topics, take a look at some of our other blog posts.