Learning how to send Bitcoin from one wallet to another might seem like a complex task, but it’s not. The process is quite similar to sending money via PayPal or Venmo, with just a few different steps. This article will guide you through the process of sending Bitcoin using a Coinbase account as an example.
How to Send Bitcoin to Wallet Address
Step 1: Access your Coinbase account and click on the “Pay” link located on the left side of the screen.
Step 2: Navigate to the “Send” tab and select Bitcoin from the list of available assets.
Step 3: Choose “Wallet Address” and input the recipient’s wallet address in the designated box. Wallet addresses are typically easy to copy and paste or can be scanned using QR codes. Select the Coinbase wallet you want to send Bitcoin from, then specify the amount you wish to send in USD or BTC. You can also add a note if desired.
Remember to consider the network fee, which will be deducted from the total amount you send. Therefore, ensure you top up the value of the send accordingly. Note that Coinbase waives network fees for transactions between Coinbase users.
Step 4: Click “Continue” to proceed to the confirmation screen. Enter the verification code sent to you via your two-step verification method. Click “Confirm” when you are ready to send the Bitcoin.
The transaction should be completed within 10 minutes, although during busy periods on the Bitcoin network, it may take up to an hour.
How to Send Bitcoin to an Email Address
If you prefer not to send Bitcoin directly to a wallet address, you can send it to an email address instead. The steps are similar to those outlined above, but in Step 3, you select “Email Address” and enter the recipient’s email address. The recipient will receive an invitation via email to log into the Coinbase system and provide their wallet address. Once they do this, the Bitcoin will be transferred.
Receiving Bitcoin
Receiving Bitcoin is straightforward. After logging into your Coinbase account and clicking the “Pay” link, switch to the “Receive” tab and choose Bitcoin from the list of assets. Your wallet will automatically receive the Bitcoin. All you need to do is provide the sender with your address or QR code.
Conclusion
Transferring Bitcoin between users is not free unless both users have a Coinbase account. Fees are paid to miners for confirming the transaction and maintaining the security of the blockchain. There may also be additional fees from the wallet provider. Sending and receiving Bitcoin is as simple as deciding the amount and destination. Practicing with small transactions can help you gain confidence in no time.
Frequently Asked Questions (FAQs)
Yes, it is safe to share your Bitcoin wallet address. It can only be used to send money to your wallet.
What happens if I send Bitcoin to the wrong wallet address?
If you send Bitcoin to the wrong wallet address, you may not receive your Bitcoin, and it could be lost forever.
How long does it take to send Bitcoin?
Typically, sending Bitcoin takes no more than 10 minutes. However, during busy periods on the Bitcoin network, it can take up to an hour.
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