Bitcoins fall under the category of digital currency which is utilized in a peer-to-peer payment system. Userâ€™s records are created and payments are verified for transaction fee. Bitcoins are not backed as paper currency or gold and hence are considered null value unless they are sold. They are utilized to buy any service or product. In order to send bitcoins to others and complete a transaction, users are required to pick and wallet. Â It is the users responsibility to accrue bitcoins by buying them, mining new bitcoins, or by receiving from others.Where Can I Buy Bitcoins and Sending money to bitcoin address is simple and can be completed in few steps.
To Send Bitcoins To Others
There may be variation in sending money from one wallet to the other based on the software. The basic procedure in sending money to bitcoin address is the same. To send money to bitcoin address would be very similar to sending money through online banking. The users should have already registered for a wallet and it is through the wallet that the transaction would take place. Users can follow the below mentioned step in order to send money to bitcoin address.
The users are to open up the software wallet and navigate to wallet menu. The user is to click on the â€œsendâ€ tab or click on â€œsend/trade bitcoinâ€. The next important step is to type the bitcoin address of the recipientâ€™s wallet. The user can copy, paste, type or drag and drop the recipients QR bitcoin address.
In order to track the bitcoin transaction, the user should choose a label. The â€œsendâ€ button is clicked in order to complete the transaction. The users should bear in mind that the transaction isnâ€™t reversible. It also takes about an hour for confirmation of the transaction by the network. The recipient and the user would be able to view the completion of the transaction.
Sending Bitcoin Through Paper Wallet
For users who desire to send money to bitcoin address by utilizing a paper wallet. The user first needs to transfer the bitcoins to software wallet from physical wallet. When bitcoins are in software wallet they can be sent to any other wallet with the usual basic procedure. The transaction is simple and can be completed in minutes.
Using a Hosted Wallet for Bitcoin Transfer
Making use of a hosted wallet to send bitcoins is similar to the usage of software wallet. Hosted wallets are similar to the transactions made through online banks. But the main aspect users need to be careful about is that the insurance and security in a hosted wallet is minimal as in actual online bank. In case the service or website which hosts your wallet disappears, all bitcoins which are stored in the hosted wallet would be lost.
To send money to bitcoin address is simple and similar to any online banking or transaction. The user needs to click on the accounts link present in the navigation bar. They need to click on send button for digital currency wallet. There would be send dialog, where the user needs to select the wallet address for the respective website. The amount field must be filled with the amount to be send and click on continue. This is the procedure for coinbase website.
Sending money to bitcoin address may have slight variations from web source to web source. The procedure is sending bitcoins are same and do not vary. There are many sites which explain with pictorial representation about sending bitcoins.
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