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Process of sending and receiving bitcoins

In this digital era, people use bitcoin for multiple purposes. Some people use bitcoin for business or personal transactions, and some people use it for investing, trading, accepting payments through eCommerce websites, etc. But the primary purpose of making bitcoin is to create a currency that everyone can use. Other third-party services charge a high amount with limited features, but bitcoin has a lot of features. Fiat currency is just a medium of exchange, but you can do multiple things by using a single digital currency of bitcoin. Now every beginner looks at bitcoin as an investment or trading purpose. Beginners start buying bitcoin through exchanges, but most do not know how to send or receive bitcoins. So, in this article, we will discuss the process of sending and receiving bitcoins. So, without wasting time, let’s understand the processing.

Must need a wallet: –

We use a purse or physical wallet to store fiat currency or cash; similarly, we need a digital wallet to store virtual coins in the digital world. Therefore, you must need a bitcoin wallet before sending or receiving bitcoins. There are a lot of bitcoin wallets on the internet, such as web wallets, offline wallets, mobile wallets, exchange wallets , and blockchain wallets. Exchange wallets are the most straightforward interface for buying or selling bitcoin but check before choosing an exchange to provide and receive service.

If you do not have bitcoin, then buy it or receive it:

After choosing a bitcoin wallet, you will have two options: – 1) First is to buy bitcoins with fiat currency, and 2) second is to request someone else to transfer bitcoins to your bitcoin wallet. Because you have an empty bitcoin wallet, and first, you need to deposit bitcoins into your wallet.

There are multiple ways of buying bitcoins. Exchanges are the most straightforward method because you can buy bitcoins in a few clicks. First, create an account on the exchange by filling in your personal information, and deposit funds into your exchange wallet. Next, choose bitcoin and click on the buy button. After setting the amount of bitcoin, place your order. You can now see the bitcoins in your wallet.

Receive bitcoins: –

You have successfully purchased bitcoins through the exchange, but most exchanges do not receive or send services. It would help if you had a separate bitcoin wallet to send and receive bitcoins. Choose a new bitcoin wallet and login into your bitcoin wallet. There will be two options, send and receive. Click on the receive button, and it will show your bitcoin public address and QR code that you can share with the person to whom you want to receive bitcoin. They will scan the code and will send you bitcoins. You can also find a local bitcoin seller who wants to sell bitcoins in exchange for cash. There are a lot of websites that help to find these types of local buyers and sellers.

The process of sending bitcoins:

Now you received bitcoin or purchased bitcoins to your wallet account. You have bitcoins in your wallet, and you want to send them to another wallet or another person. The process of sending bitcoin is also simple. Open your wallet where your bitcoins are stored, click on the send button, and click on the send button. A new window will display that will show a form. Enter the wallet address to which you want to transfer bitcoins. Enter the number of bitcoins, and it will display the fees for the transactions. Now click on the send button. You can check your transaction on blockchain whether it is complete or not. It will show your unconfirmed transactions until the miner validates them, and when confirmed, it will display green with text authorized or terminated, and you can also check your bitcoin balance in your wallet.

Steps of sending and receiving in a nutshell:

  • Choose a bitcoin wallet that may be online, offline, or an exchange wallet.
  • If you want to send bitcoin, then you must have bitcoins in your bitcoin wallet. You can buy bitcoin through an exchange or wallet, or you can receive bitcoins by sharing your wallet address or QR code with another bitcoin user.
  • Now you have bitcoin in your wallet. Click on send button or (withdraw button in exchange if you are using the exchange wallet), and a form will display.
  • Fill in the public wallet address to which you want to send bitcoin.
  • Enter the number of bitcoins you want to send, or you can also fill the amount in fiat currency, and it will automatically count the bitcoins.
  • Click on the send button.
  • Bitcoin miners will validate our transaction and confirm within an hour, and it also depends upon the fees you are paying.

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Jakaria Farhan

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