Well, you might have bought some Cryptocurrencies, say Bitcoin. Next, what do you plan to do with them? You may probably want to send them to someone or buy something. Yet, another scenario could be someone who wants to send you Bitcoin. So, in any of these situations, you need a digital wallet and must be aware of how to send and receive Bitcoins. No worries.

Sending and receiving bitcoin is very simple. This blog delves into the scenarios where you need to send and receive bitcoins, how to send bitcoin, how to receive bitcoin, and more. Let’s get started.

Why would you want to send and receive Bitcoin?

While there are multiple reasons to send and receive bitcoin or any Cryptocurrency, in most cases, the sender and receiver are the same individuals. For example, you may want to:

– Send Bitcoin between your exchange wallets

– Send Bitcoin between your mobile, desktop, and hardware wallets

– Send Bitcoin from your mobile wallet to your exchange wallet or vice-versa. There may be other scenarios. For instance, you may want to purchase something with Bitcoin or send Bitcoin to someone else. Similarly, you may receive Bitcoin, airdrops, etc., from a friend or so.

With the increasing popularity of cryptocurrency, sending and receiving bitcoin has become like an everyday ritual.

How to send Bitcoin?

Though the steps might slightly vary depending on the wallet or exchange you are using, the basic procedure is the same:

– You need a wallet to store your bitcoin. This could be a mobile wallet, desktop wallet, or hardware wallet. You will see Send or Receive options. Click ‘Send’.

– If you have multiple Cryptocurrencies, you have to select which one to send. (In some cases, steps 1 and 2 may be reversed)

– You will need the public address of the recipient. It can be a QR code or a series of random numbers and letters. Scan the QR code. Alternatively, you can copy-paste the recipient’s public address into the relevant field in your wallet. It is advisable to use a QR code.

– Type in the amount you wish to send. You will have the option to mention the denomination of this value as Crypto (like Bitcoin) or fiat (USD) currency. A scanned QR code may sometimes already have the requested amount entered, so you don’t need to manually key in. However, make sure the amount is correct.

– Before sending, double-check or triple-check the recipient’s address, particularly if you copy-pasted it. Make sure you trust the recipient from whom you got the address, and the address is for the intended recipient only. Note that these transactions cannot be reversed.

– Click or swipe ‘Send’- your transaction is on its way – You have successfully sent the
Bitcoins.

– Don’t make the mistake of sending a large amount of Bitcoin the first time. Send a small test transaction with a minor monetary value.

– Make sure the Bitcoin you are sending is going to the correct address.

– Be aware when handling similar Cryptocurrencies like BTC and BCH or ETH and ETC. Each is different.

Keep these pointers in mind until you become an expert on how to send Bitcoin.

How to receive Bitcoin?

Receiving bitcoins in your wallet is simple. It’s just a little different from the process of sending Bitcoins.

The basic steps are:

– You need a wallet to store your Bitcoins. This could be a mobile wallet, desktop wallet, or hardware wallet. You will see Send or Receive options. Click ‘Receive’.

– Share your public address with the person who wants to send you Bitcoin. It can be a QR code or a random combination of letters and numbers. Send the QR code as a
picture or allow the concerned individual to scan it in person.

-Anyone who has your public key can send you Bitcoin. Sometimes, the sender may share the transaction ID with you. This enables you to verify the transaction on a block explorer.

Mastering the basics of Bitcoin

Learning by doing is the best way to gain expertise. Follow the below steps to get accustomed to using wallets and become confident in sending and receiving Bitcoins.
– It’s recommended setting up multiple wallets and send and receive money back and
forth to yourself.

– Try using two phones, or a laptop and a phone or two mobile wallets on the same
phone.

– Practice sending and receiving Bitcoin in small amounts using both QR codes and by copy-pasting the address.

Recommended Top 3 Best Bitcoin Wallets/Exchanges

Binance

Founded in 2017 in Hong Kong, Binance is a leading Crypto exchange for altcoins. Binance supports Crypto trading in over 600 Cryptocurrencies and tokens, including Bitcoin(BTC), Dogecoin (DOGE), Ether(ETH), and its own Binance coin (BNB).

Check out some of the best benefits of using Binance crypto wallets. – Binance wallet gives you the advantages of wallet and exchange, leading you to 1000+ markets, including Cryptocurrencies of various sizes. – The wallet app allows you to buy and sell Cryptos at a commission of just 0.1%. – The wallet app implements IP address and device whitelisting, making it highly secure.

eToro

Founded in 2007 in Tel Aviv, eToro is an Israeli multinational trading and asset investment company specializing in Crypto and Forex services. In 2018, eToro was launched in the United States to cater to only the Cryptocurrency segment. Some of the advantages of using eToro wallets. – As eToro operates in a regulated environment governed by GFSC, your Crypto assets are safely stored. – In case you lose your private keys, you can regain access from the eToro support team. – It offers an excellent wallet interface to trade, with a minimum trade size of $10.

Gemini

Launched in 2014 in New York, Gemini is one of the popular Crypto exchanges among U.S. residents. Gemini is highly secure as it keeps your Cryptos in cold storage and is insured under FDIC.

Some of the reasons why Gemini wallets are recommended include:

– Gemini supports over 80 Cryptocurrencies, including the primary ones like Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Shiba Inu (SHIB), and more.

– Claims to be the most insured wallets, with insurance against unauthorized withdrawals due to hacking, fraud or employee theft.

– It offers a web portal and an app to buy and sell coins on iOS and Android platforms.

Closing thoughts

With Bitcoin transactions on the rise, it becomes imperative to be aware of how to send bitcoin to someone and also how to receive bitcoin from another party. This article covers in-depth the aspects involved in sending and receiving bitcoin.