How to Send Bitcoin
Ever wondered how to send Bitcoin? Sending Bitcoin (BTC) is a straightforward process. You will require three things; a crypto wallet, some Bitcoin, and the recipient's address. You will also have to ensure you have some extra funds to cater to the transaction fees.
Depending on your crypto wallet, the process of sending the cryptocurrency could be slightly different. However, the steps are generally the same for most wallets. For the sake of this article, we'll be using the Bitcoin.com wallet to send the cryptocurrency.
How to send Bitcoin: Four simple steps
Step 1: Access the wallet
You’ll first have to access the Bitcoin.com wallet before you can transfer the cryptocurrency. Once there, tap the “send” button to access the list of supported cryptocurrencies. From the list, select the coin.
Step 2: Enter the recipient's address
A BTC address is an alphanumeric string. This will sometimes look something like: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy.
To enter your recipient’s address, you have the option of copying it to your clipboard and then pasting it in the send field. You can also scan the QR code of their address using your phone's camera. This will automatically fill it in. Not all wallets have the QR code technology.
Step 3: Enter the amount
Enter the amount you wish to transfer. Double-check to ensure you are sending the right amount. If you transfer less, you will incur extra network fees for sending the rest. If you transfer more, well, it's your loss.
Most wallets allow users to toggle between seeing the send amount as BTC or showing it in their local currency.
Step 4: Confirm the transaction
Once you are sure all the information you’ve provided is correct, tap or toggle the send button. And as simple as that, you've sent the cryptocurrency to your intended recipient. Some wallets may require users to select the network fee before confirming the transaction. The transactions may be trustless, but they do cost a network fee.
Network fees are funds paid to miners and validators for validating and adding transactions to the next block in a blockchain. They act as an incentive for miners and validators to confirm transactions.
Many BTC wallets allow users to customize the network fees when sending the cryptocurrency. Bitcoin.com wallet, for example, has three fee settings as well as the option to set custom fees.
The "Fast" speed is the default speed and will have your transaction confirmed in less than 30 minutes. The "Fastest" speed will have your transaction confirmed in less than 20 minutes, but you'll pay a higher fee. Then there is the "Eco" network fee option that will save you some cash, but will result in your transaction getting confirmed in less than 60 minutes.
Transactions with higher fees tend to be picked up faster by miners because they have higher profitability. They are therefore confirmed faster. For wallets that allow users to customize network fees, you can opt for faster transaction processing by paying a higher fee.
Sending BTC is an easy process. However, if you are not careful about the information needed for the process to be successful, including using the correct recipient address and filling in the right amount, it can easily become one of your biggest mistakes or regrets.
The process is irreversible. If the coins go to the wrong address, you are never getting them back. You should always be careful while transacting in crypto assets.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.