Block Chain - Sending and Receiving Bitcoin

Sending and receiving Bitcoin involves using your Bitcoin wallet to initiate and accept transactions on the Bitcoin network. Here's a step-by-step guide on how to send and receive Bitcoin:

Sending Bitcoin

  • Open Your Wallet: Ensure you have a Bitcoin wallet installed on your device (desktop, mobile, or web-based) and that you have access to it with your credentials (password, PIN, or biometrics).
  • Obtain the Recipient's Bitcoin Address: To send Bitcoin to someone, you'll need their Bitcoin address. It is a string of letters and numbers, typically starting with a "1" or "3" (for legacy addresses) or "bc1" (for SegWit addresses).
  • Initiate the Transaction
    • In your wallet, look for the option to "Send" or "Send Bitcoin."
    • Enter the recipient's Bitcoin address in the designated field. Make sure to double-check the address to avoid any errors.
    • Specify the amount of Bitcoin you want to send. Some wallets also allow you to choose the transaction fee (higher fees may result in faster confirmation).
    • Review the details of the transaction to ensure they are accurate.
  • Confirm and Sign the Transaction:
    • After reviewing the transaction details, confirm the transaction in your wallet. Some wallets may require you to enter a PIN or provide biometric authentication.
    • Once confirmed, your wallet will digitally sign the transaction with your private key.
  • Broadcasting the Transaction:
    • Your wallet will broadcast the signed transaction to the Bitcoin network.
    • Miners on the network will include your transaction in a block, and it will be added to the Bitcoin blockchain.

Receiving Bitcoin

  • Share Your Bitcoin Address:
    • To receive Bitcoin, you need to share your Bitcoin address with the sender.
    • In your wallet, navigate to the "Receive" or "Receive Bitcoin" section.
    • Your wallet will display your Bitcoin address as a QR code or a long string of characters.
  • Provide the Address to the Sender:
    • The sender can either scan the QR code or copy and paste the Bitcoin address from your wallet.
    • Ensure that you provide the correct address to avoid any loss of funds.
  • Wait for Confirmation:
    • Once the sender initiates the transaction and broadcasts it to the Bitcoin network, miners will confirm the transaction by adding it to a block.
    • The number of confirmations required for a transaction to be considered secure varies but waiting for at least one confirmation is generally sufficient for small transactions. For higher-value transactions, waiting for multiple confirmations (e.g., six confirmations) is recommended.
  • Check Your Wallet Balance:
    • Once the transaction is confirmed and added to the blockchain, you will see the updated balance in your Bitcoin wallet.