How Do I Send Bitcoin To Someone?
When it comes to sending and receiving Bitcoins, there are a few steps you should know to make sure that the Bitcoin goes to right place. To send someoneBitcoins you only need 2 things:
- The recipients Bitcoin wallet address
- Access to your Bitcoin wallet (through your private key)
Bitcoinwallets are essentially computer software that allows the user to store, send and receive Bitcoins.
Setting up a Bitcoin Wallet
To demonstrate how to send bitcoin to someone In this guide, we'll be using one of the most popular wallets as an example which is Coinbase. Coinbase is suitable for beginners since it is easy to use and the platform makes it easier to buy and sell Bitcoin or other different cryptocurrencies. It is possible to make your Coinbase wallet even more secure by allowing Google Authenticator as a 2-Factor Verification Method which is located under settings then on security in your account. It is worth mentioning that Coinbase will hold onto your private key which will mean you’re not in complete control over your cryptocurrency.
All wallets are different from each other, but you mainly just need to know their walletaddress if you want to send Bitcoin to someone. Most wallets will let you select a transaction fee you are willing to pay. With Coinbase, you will have to navigate to the send tab on your Coinbase account. Then, select the wallet you want to send Bitcoin from, after that, enter the recipient’s Bitcoin address and the amount you want to send them. To initiate the transaction, click on send funds. Please check that you have entered the correct amount as once the Bitcoin has been sent, you cannot undo the transaction.
How to receive Bitcoin
When you have set up your wallet, receiving Bitcoin is actually really simple. All you have to do is find your Bitcoin address and share it with whoever is sending you the Bitcoin. Using Coinbase as an example, you will log in to your Coinbase account, navigate to the accounts tab. It will then display your accounts then you click on receive to receive the Bitcoin. Your Bitcoin address will also be displayed and you can share this to someone that wants to you Bitcoins.
Bitcoin wallets all have their own look, features, capabilities and security functions. Nevertheless, all of the wallets will use Bitcoin addresses as a public account number where Bitcoin can be sent. It is worth noting, you should always research the wallet you are going to use and take advantage of the security features it offers. Most people recommend using the Coinbase wallet, especially for beginners as it is easy to use. However, there still many wallets out there that may offer stronger security or be more suitable for you. Check out of other guide for a more detailed review of the different types of Crypto wallets available for you to send Bitcoin.
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