Bitcoin Basics – Sending & Receiving Bitcoins
Setting up Wallets and Buying your 1st Bitcoin were covered in previous articles. See the Basics for Beginners Section of this website. Scroll down the section to see previous articles. This article assumes you have already decided on which wallet is best for you and have purchased a Bitcoin (or a partial Bitcoin). If you have accomplished these 2 things, you are past the hard parts.
Help Available: If you need help with the above items, click on the “Hire us/Contact us Tab”. We can walk you through the process.
OK – You have bought a Bitcoin and want to send it to your wallet 1) in the cloud, 2) on your computer or tablet or 3) on your phone. Receiving is very easy as you will find out below.
You can request a person send Bitcoin to your wallet address simply by giving them your wallet address. Bitcoin transfers take 30 minutes to an hour. It may show up quickly but, it is not spendable until confirmed several times. How can you be sure someone really sent Bitcoin to you? Request the transaction ID (Txid). It is like a package tracking number.
Verifying that a transaction was sent is the subject for another day and, we can help you with that, if it is ever necessary. I have only had to do it once. Unlike packages, Bitcoin transactions rarely (read “it’s nearly impossible to ) get lost in the mail.
Below pictures are from my MultiBit Bitcoin Wallet. Depending upon the wallet you use, there may be small differences. Feel free to send BTC to my address. 🙂 Yes – that’s my address in the pictures below. People can send to your wallet but, cannot take from it. (Read Wallet Article which discusses computer security)
- You can simply send or email “Your address“ to the person sending you Bitcoin.
- If you are sending Bitcoin to yourself from an exchange or another wallet, this is the address you would “Send to”.
- Use the “Amount” area to request funds. Enter the BTC and it will compute the amount. Or, enter the amount and it will compute the BTC.
- The “Lable” area is for notes. “Please send me o.1 BTC and I will send you _____.”
- The “New” button lower left allows you to generate a different address for each transaction if you choose to do so.
Sending Bitcoin to a person, a business or a Coin Exchange (like a stock exchange) is just as easy. You can send any amount – anywhere in the world. And… it only costs pennies – typically about 2 cents.
There will be a Tab called “Send”. Click on it.
- First, get the address of the person, business or coin exchange where you want to send the Bitcoin.
- Copy and Paste the address into the “Address” Box.
- Put a Note in the “Lable” box if you want a reminder or to tell the receive something, like… who is sending them Bitcoin.
- Enter the “Amount” – Bitcoin or $. (Wallets in other countries are set in their currency).
- Double check – then, click send.
- Careful, once you hit send, you cannot change your mind.
Two thing special about Bitcoin are: 1) You cannot write a bad check or go over your credit card limit. You can only spend what you have and 2) Once money is sent, it cannot be cancelled. The are two important security features that makes the Bitcoin “blockchain” technology desirable. It is why major bank, credit card and brokerage companies are currently spending millions of dollars right now. It will increase their security of information and funds and reduce fraud.
Like Bitcoin wiki https://en.bitcoin.it/wiki/Main_Page
Come back for our next article on “Where to Spend Bitcoin”.