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How to Send and Receive Bitcoin

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Sending and receiving Bitcoin is much simpler than you might think. You only need a Bitcoin wallet to send and receive Bitcoin at lightning speed!

By Glory Adebajo

The most well-known cryptocurrency with a sophisticated operating system is, without question, Bitcoin. Since its launch in 2008, Bitcoin has grown to become the largest in terms of market capitalization. For the most part, users use Bitcoin to send and receive money. Thus, learning how to send and receive Bitcoin is crucial to your cryptocurrency experience. In this article, we will walk through the steps to send and receive Bitcoin.

How to send Bitcoin to another wallet

Sending Bitcoin is more complex than sending cash to a traditional bank account. But you can get a quick grip on the entire process. You need a Bitcoin wallet address. A Bitcoin wallet address is a string of case-sensitive combinations of numbers and letters of about 26-35 characters. A Bitcoin wallet address is also available as a QR code that can be scanned and translated into the wallet address. There are many networks with differing wallet address cryptography; sending Bitcoin to the wrong address or network may result in the permanent loss of your Bitcoin.

 You can send Bitcoin using many networks, such as Bitcoin, BNB Beacon Chain (BEP-2), BNB Smart Chain (BEP-20) and Ethereum (ERC-20). The transaction fee varies with the network, but BEP20 and BEP2 are the cheapest of the networks. The speed of transactions also depends on the network. The transaction fee is the reward given to validators of the transaction on the blockchain. The big question is, how do I transfer Bitcoin to another wallet? Here are five quick steps to follow when sending Bitcoin or crypto generally.

  1. Choose a Bitcoin wallet: You need a Bitcoin wallet to send Bitcoin to another wallet. You can use a hardware (cold) wallet or a software (web-based, hot) wallet. Hardware wallets are small plug-in devices you can connect to your PC when needed. Software wallets are apps that you can download from app stores.

Read more: Hot wallet vs. cold wallet, what’s the difference?

The best wallets to use in 2023

  • Exodus wallet
  • Coinbase wallet
  • Frontier  wallet
  • Trust wallet
  • Zengo wallet

  1. Set up your wallet: Blockchain places a premium on security, which is why each wallet is protected with a unique private key. A wallet's private key is an anonymous string of letters and numbers used to access the wallet's address. Keep your private key secure; never give it out to anyone you don't know. Most wallets have an additional layer of security in the form of a login password.

Buy and send Bitcoin instantly; no verification is needed except when setting up an exchange-based wallet.

  1. Navigate to the send option: You can send funds by clicking the "send" button in your wallet and then entering the recipient's wallet address or scanning their QR code. Make sure you choose the right network. Before hitting the send button, double-check that you have typed in the correct address and network. 
  2. Select the amount of Bitcoin you wish to send.

  1. Confirm receipt: Most Blockchain transactions are completed in seconds; the receiver should receive the Bitcoin in a few minutes.

Quite easily done!

How to pay someone with Bitcoin: All you need is the receiver's Bitcoin wallet address and the network, and you are good to go by following the steps above.

How to receive Bitcoin

When compared to sending Bitcoin, receiving Bitcoin is a breeze. The sender needs the correct wallet address information to avoid Bitcoin loss.

 To receive Bitcoin, you should follow these steps.

  1. Log into your Bitcoin wallet.
  2. Click the receive button.
  3. Select a network.
  4. Copy the wallet address or QR code.
  5. Check the wallet address and network.
  6. Send your wallet address or QR code and the network to the person sending the Bitcoin.
  7. Copy the transaction hash and confirm your transaction on a Bitcoin explorer.

Bottom line

If you follow the steps and check that the address and network are correct before sending, sending and receiving Bitcoin is a simple process that anyone can perform. If you are the receiver, you need to give the sender your correct wallet address and network type.  Bitcoin transactions are completed almost immediately without the need for rigorous ID verification.

Further Reading

Investopedia

Bitcoin.comSupport

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