How do I send and receive Bitcoin to and from my wallet?
While the details for sending and receiving Bitcoin may vary from one wallet to another, most wallets share some common characteristics. Most wallets use labels or icons to highlight its send and receive functions.
How to Receive Bitcoin to Your Wallet
Tap the button or icon for receiving on the Bitcoin wallet app on your device, and you will be shown a Bitcoin address to share with others that will allow you to receive Bitcoin. This address may be represented as a series of alphanumeric text characters, or encoded into a square-shaped barcode known as a “QR code.” Most wallets will allow you to see your wallet address in both text and QR code format. The text representation of the Bitcoin address makes it easier to copy/paste into a text message or email, while the QR code allows another person or device to instantly scan the address off of your phone’s screen and ensure an error-proof method for knowing where to send your funds.
Most wallets treat addresses for receiving Bitcoin as “one and done,” meaning that if you have already received funds to an address, the wallet will generate a new one the next time you try and receive.
You can still receive Bitcoin at “old” addresses linked to the same wallet, but the wallet will usually default to the preference of providing a new address for each new transaction.
How to Send Bitcoin from Your Wallet
When you want to send Bitcoin, tap the “send” button in your Bitcoin wallet application. Most wallets will prompt you to copy/paste the text of the receiver’s address or allow you to scan the QR code from the screen on the receiver’s wallet.
Pending and Completed Bitcoin Transactions
Whether you are sending or receiving, you can check the status of pending and completed transactions in your wallet. The number of “confirmations” refers to how many blocks have been mined since a miner first included your transaction on the blockchain. The “transaction ID” is a unique identifier that allows you to demonstrate the transaction has been completed to anyone, as long as they have access to their own Bitcoin wallet.
Remember, Bitcoin transactions are FINAL and cannot be reversed. If you are just starting out, we recommend sending only a small amount of Bitcoin until you get comfortable.
The sending and receiving process for each cryptocurrency wallet is different. We recommend that you review the instructions for sending and receiving cryptocurrency on the specific wallet’s website.
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