How to Successfully Send Bitcoins to Another Bitcoin Wallet
Posted on July 3, 2014.
Bitcoin use a peer-to-peer payment system which are created as a Bitcoin miner records and verifies each payment for a transaction fee. Therefore to make use of your bitcoins in order to buy a product or service, you will need to send your bitcoins somewhere else to make the payment. Alternatively you can transfer your bitcoins to another party.
As we have mentioned previously, a bitcoin transaction requires a miner to deem the transfer of bitcoins as valid. The miner will take a transaction fee once successfully completed. This fee is nothing compared to sending money through a conventional bank.
In order to familiarise yourself with the process Sure Bitcoin recommend setting up a second wallet for you to practice sending transactions between the two accounts. Or you can send a small amount of bitcoin to a friend or colleague to learn how it is done.
Here are five simple steps to help you successfully send your bitcoins to another Bitcoin wallet:
- To send bitcoins to another wallet you will need to ask the receiver for their address. This unique address will be about 35 characters long and will consist of random numbers and letters. You can create an address in the receive section of your bitcoin wallet and give that address to whoever wants to send you bitcoins.
- You will then need to access the wallet that you use to store your bitcoins on. Different wallets have different interfaces but each wallet should have an option to ‘Send Bitcoin’.
- Copy and paste the receiver’s unique address that they gave you on step one into the designated ‘To:’ field. The address should look something like this 1CB77fkWxWtPrVKUwH3fPV9KAaxFhPRuX8
- Enter the amount of bitcoin that you would like to issue and click send.
- Lastly you will need to wait for the payment to be verified. As each bitcoin transaction needs to be verified by a miner, transactions can take up to a few hours to appear in the receiver’s wallet but most transactions take around 20-30 minutes to verify. Once the transaction has been verified, the receiver’s wallet will show the bitcoins.
There you have it – five simple steps to successfully sending bitcoins to another wallet! If you get stuck at any point do not hesitate to contact Sure Bitcoin as we’re happy to deal with all your enquiries!