How to Send Bitcoins?
The value of cryptocurrencies is shooting up higher than we might have imagined. The
most famous cryptocurrency, Bitcoin, is facing fierce competition from Etherium, which
has shown a rise in its price about 2500 percent since its advent in 2017.
People are discussing everything around it like how to buy bitcoins, how to sell
bitcoins, how to send bitcoins, how long does it take to send bitcoins or how
to send bitcoins to an address, and so on.
There are multiple ways in which we can move bitcoins from one person to another.
Let’s explore the methods in which we can send bitcoins and how to get them before.
#1 How to get a bitcoin wallet
The first and most important part of sharing bitcoins with another is to set up a bitcoin
wallet. This wallet lets you do things that you usually do with a real pocket wallet. You
can send receive or store bitcoins using this wallet. It is necessary to have a bitcoin
wallet before you can go ahead and buy any.
There are three types of bitcoin wallets based on your need and choice, which are:
● Hosted Wallets – This kind of bitcoin wallet comes with an exchange platform,
which means other than receiving or sending bitcoins, you can also buy or sell
them by viewing the various listings in the market.
The drawback of this type of wallet is that third parties generally operate these
wallets. So, you will have to entrust your valued bitcoins with a third party for all
the while.
● Software wallets – Software wallets are just applications which store your
bitcoins in the device and can be easily accessed by you at any point in time. You
can send or receive bitcoins using this kind of wallet.
These wallets can sometimes be susceptible to possible hacking if you are not
using a secure internet connection. Say, if you have connected your device to a
public Wi-Fi network and it’s not encrypted, there are high chances for hackers to
take advantage of this situation.
● Physical wallets – It is a paper ledger for your bitcoins. You can send or receive
bitcoins using these wallets. The drawback is after you receive bitcoins from
someone or buy them, you will need to import them into a hosted wallet online or
any other software to be able to spend it.
Now that you have set up your bitcoin wallet, you need to get a bitcoin address.
#2 How to get a bitcoin address
We often mistake to think that the wallet stores our bitcoins, but it is not so. It saves a
set of keys to access your bitcoins. There are private and public keys added to your
bitcoin wallet.
A private key is used as a digital signature of the owner, while the public key is a
password used for trading them. The bitcoin address is like the account number for your
bitcoins. This address can be used for sending and receiving bitcoins.
#3 How to get bitcoins
● How to buy bitcoins – Buying bitcoins straightway is the easiest way to get
bitcoins, but it is a pinch in the pocket. You can buy bitcoins at any exchange
platform using debit or credit cards, bank transfers, or any other mode of
payment.
● How to get bitcoins for services – Many merchants and companies accept
bitcoins and pay their employees in bitcoins.
● How to get bitcoins by crypto mining – if you are aware of the process,
nothing can get better than mining bitcoins yourself. Crypto or bitcoin mining is
also an essential part of the existence of bitcoins. If we do not mine enough
bitcoins, the circulation of it gets directly affected, and so does the market for
cryptocurrencies.
● How to get free bitcoins from bitcoin faucets – there are numerous
websites for gaming, marketing, shopping, and others that use bitcoin faucets as
an effective method to get visitors hooked for more extended periods.
You can receive bitcoins by doing various odd online jobs as well, like taking surveys,
reading books, testing websites, and also retweeting posts. The value of bitcoin received
from these are extremely tiny, in a fraction of bitcoins, but it is a good deal if you can
hold and build the bitcoins over a long time.
With the introduction of new applications, platforms, and websites, bitcoins can be
moved in different ways. We often come up with questions like how to send bitcoins
to PayPal or how to send bitcoins on cash apps or how long does it take to
send bitcoins in Coinbase.
We have our answers to all of them, right here.
#1 How to send bitcoins using software wallets – this process of sending bitcoins
is very similar to that of any other online checking account. Follow the steps below to
send bitcoins to someone from your wallet.
● Go to the ‘Trade/Send’ bitcoins options from the main menu of your wallet
● Add the address of the recipient of the bitcoin you shall be sending. In some
wallets, they also let you use the recipient’s QR code instead of the address
● Add or choose a label for the transaction so that it is easier to track it in the future
● In the ‘BTC’ section, put in the value of bitcoins that you want to send
● Check for the correctness and click on ‘Send’ to complete the transaction
● It is not possible to reverse the deal once you have hit the ‘Send’ button.
#2 How to send bitcoins using a hosted wallets – sending bitcoins from a hosted
wallet is almost the same as in for software wallets. But, in the case of these wallets, it is
crucial to have a secure connection. In case of any incorrect input, there are chances you
can lose all your bitcoins as third parties mainly operate these.
#3 How to send bitcoins using paper wallets – Having a paper wallet is a physical
form of the cryptocurrency. Once you have imported your bitcoins to your software
wallet from the physical one, you can quickly transfer them following the below steps-
● Type the unique combination of letters and numbers of your paper wallet into the
software wallet, and you can also use the QR code
● Import the private key of your paper wallet to the software, and it is no different
than the concept of checkbook and debit card.
● Then proceed with the transaction just like you would for software wallets.
#4 How to send bitcoins on Coinbase – It is effortless to send bitcoins using
Coinbase. Just follow the below-mentioned steps-
● Go to the ‘Accounts’ section at the bottom of the Coinbase screen
● Check your current balance by tapping ‘BTC Wallet.’
● Then, click on the ‘Send’ button on the top right corner
● Enter the number of bitcoins you would like to send. Eg. $2, $10, etc.
● Enter the recipient’s bitcoin address or QR code
● Click on ‘Send’ once again to complete the transaction
Conclusion
Bitcoin is one of the cryptocurrencies which is increasingly becoming a mainstream
investment option. With this rise in its popularity, people from all across the globe have
started exploring the opportunities it brings along.
It is advisable to be careful while sending, receiving, or even trading bitcoins owing to its
highly volatile nature and pricing. We hope to have answered your problem ‘how to
send bitcoins,’ well.
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