Sending and Receiving Bitcoin
Learning how to send and receive bitcoin is easy, and does not require a complete understanding of Bitcoin. This guide will walk you through the basics safely and securely.
Understanding Bitcoin Addresses
A Bitcoin address is like a bank account number - it's a unique identifier where Bitcoin can be sent. Unlike bank accounts, you can have unlimited Bitcoin addresses, and each one is completely secure.
📍 What Bitcoin Addresses Look Like
Legacy Address (starts with 1):
1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNaSegWit Address (starts with 3):
3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLyNative SegWit Address (starts with bc1):
bc1qw508d6qejxtdg4y5r3zarvary0c5xw7kv8f3t4How to Receive Bitcoin
Receiving Bitcoin is straightforward - you simply provide your Bitcoin address to the sender. Here's how to do it safely:
Open Your Wallet
Access your Bitcoin wallet - this could be TradeCircle, a mobile app, hardware wallet, or desktop software.
Find the "Receive" Function
Look for a "Receive," "Deposit," or similar button. This will generate a new Bitcoin address for you.
Copy or Share Your Address
Share the generated address with the sender. You can copy the text or share a QR code for easier scanning.
Wait for Confirmation
Bitcoin transactions typically confirm within 10-60 minutes. You'll see the transaction in your wallet once it's broadcast.
QR Codes
QR codes make it easy to share addresses without typing. Perfect for in-person transactions.
Copy & Paste
Always double-check copied addresses. Bitcoin transactions are irreversible once confirmed.
How to Send Bitcoin
Sending Bitcoin requires more attention to detail since transactions cannot be reversed. Follow these steps carefully:
Access Your Wallet
Open your Bitcoin wallet and ensure you have sufficient balance for the transaction plus network fees.
Find the "Send" Function
Look for "Send," "Transfer," or "Withdraw" button in your wallet interface.
Enter Recipient Address
Carefully enter the recipient's Bitcoin address. Consider using copy-paste or QR scanning to avoid errors.
Specify Amount
Enter the amount you want to send in Bitcoin (BTC) or your local currency equivalent.
Set Transaction Fee
Choose your fee priority. Higher fees mean faster confirmation, lower fees may take longer.
Review and Confirm
Double-check all details before confirming. Once sent, Bitcoin transactions cannot be reversed.
Critical Security Reminders
- Always double-check addresses: Bitcoin transactions are irreversible
- Start with small amounts: Test with small transactions first
- Use trusted wallets: Only use reputable wallet software
- Keep private keys secure: Never share your private keys or seed phrases
Understanding Transaction Fees
Bitcoin network fees vary based on network congestion and transaction priority:
| Fee Priority | Confirmation Time | Typical Cost | Best For |
|---|---|---|---|
| High | 10-30 minutes | $3-10 | Urgent transactions |
| Medium | 30-60 minutes | $1-3 | Standard transfers |
| Low | 1-24 hours | $0.50-1 | Non-urgent transfers |
Best Practices for Bitcoin Transactions
Sending Bitcoin
- Always verify the recipient's address
- Start with a small test transaction
- Use appropriate fee for timing needs
- Save transaction IDs for records
Receiving Bitcoin
- Generate fresh addresses when possible
- Share QR codes for accuracy
- Wait for confirmations before considering final
- Monitor your wallet for incoming transactions
TradeCircle Advantage
When using TradeCircle for sending and receiving Bitcoin:
- Address validation: We check addresses to prevent common errors
- Fee optimization: Automatic fee calculation for optimal confirmation times
- Transaction tracking: Real-time updates on transaction status
- Support assistance: 24/7 help if transactions need assistance
Ready to Start Transacting?
Now that you understand how to send and receive Bitcoin safely, you're ready to start transacting. Remember to always start small and double-check everything before confirming transactions.