Receiving Bitcoin
By simply providing the Bitcoin address to the sender, you can receive Bitcoin from anyone. The Bitcoin address can be found in your Bitcoin wallet.
Open your Bitcoin wallet to find your Bitcoin address, regardless of whether it’s an app or a centralized cryptocurrency exchange. Each Bitcoin wallet is different but your Bitcoin address will always appear somewhere in the wallet.
Here’s an example of a Bitcoin address:
13jKOyAFhjVRiWyg1PTPVjweFBAyUyBui9
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You can copy your Bitcoin address from your Bitcoin wallet to your clipboard. You will then need to send the address to the sender via email or text or other messaging apps.
Many wallets will also give you a QR-code version of your Bitcoin address. To get your address, the sender will scan your QR code.
Is it safe to share my Bitcoin address?
Your Bitcoin address can be safely shared with family members, friends, and acquaintances. Your Bitcoin address alone is not enough to steal your bitcoin. They would need your address as well as the private key. You should also know that anyone who has access to the Bitcoin network can see your Bitcoin address. Anyone with the address can find out how much Bitcoin is at that address by entering the address into a Bitcoin block editor like this.
They can also view every transaction you have made with that address. You can choose to create a new Bitcoin address if you don’t wish people to see this information.
TIP: To protect your privacy, you should use a new bitcoin address for each transaction.
Sending Bitcoin
It is easy to send bitcoin. All you have to do is choose the amount and decide where it will go. You will need to identify the recipient’s address.
To send bitcoin, you can simply copy the address of the recipient to your clipboard and then paste it into the send field in the Bitcoin wallet app. Most wallets let you toggle between showing the send amount in bitcoin (BTC), or your local currency.
What is the Bitcoin network fee?
Network fees were originally used to discourage people from flooding the network with transactions. Although that original purpose is still valid, network fees are used mainly to encourage miners and validators to add transaction blocks to the network. Many Bitcoin wallets let you customize the Bitcoin network fees that you pay for bitcoin transactions.
Bitcoin transactions are subject to a small fee that is charged by miners for confirming them. Miners, who optimize for profit, will pick up transactions with higher fees sooner. This means that transactions with higher fees are more likely to be added to the next batch or ‘block’ of transactions. You can choose to pay a higher fee for faster transaction processing. You can also opt for a lower fee if you aren’t in a hurry to get your transaction confirmed. You should be cautious as a low fee can cause your transaction to take too long or even get stuck for several days. You won’t lose bitcoin if you set the fee too low. You will have to wait for 72 hours before your bitcoin is released.
How are Bitcoin fees calculated?
Fees are expressed in satoshis per byte. A satoshi, the smallest unit of bitcoin that can be divided into divisible units, is 0.00000001 BTC. This is one hundred millionth of a Bitcoin. Each transaction is composed of data. This is measured in bytes. Complex transactions require more data, which is why they are more costly. This means that transactions with higher values (involving more Bitcoin) require more data and therefore higher transaction fees.
How can I set the BTC network fees in my Bitcoin wallet?
Again, this depends on your wallet. Many centralized cryptocurrency exchanges do not allow you to control the network fees. They charge a predetermined fee that is usually higher than the actual fees. They make money when customers withdraw bitcoin. This is a common revenue-generating strategy for cryptocurrency exchanges.
However, most non-custodial wallets allow you to adjust the fees you attach to Bitcoin transactions. For example, the Bitcoin.com Wallet has three fee settings and the ability to add custom fees. Your transaction will be confirmed within three blocks of the default speed (“Fast”), so it should take no more than 30 minutes. You’ll be charged a higher fee if you change it from “Fastest” to confirm your transaction in the next two blocks (which will take less than 20 minutes). You can save some money by changing it to “Eco”, but your transaction will most likely be confirmed in the next six blocks. This is usually less than 60 minutes. Advanced users have the option to set a custom fee. A tool such as Bitcoinfees to ensure that you are choosing the right fee for current network congestion.
