How to Send Bitcoin to Someone?

If this is the question you have been pondering about, then we assume you have full knowledge about Bitcoin and the risk involved with Bitcoin transactions.

In this article, we will be talking about the numerous websites and mobile applications you can use to send Bitcoin to someone. We will also be answering some common questions you might stumble upon during the process. So, read along!

What is Blockchain?

Bitcoin network or the blockchain is the medium through which buying and selling of Bitcoin takes place. To be a part of this block chain you will need to create an account on any Bitcoin exchange platform, if you haven’t already.

Websites and Mobile Applications to Buy and Send Bitcoins

Bitcoin has been gaining popularity right from its inception. To fuel its popularity, there are thousands of Bitcoin exchange platforms on the internet which promise fast and secure transactions.

The website and mobile applications, mentioned below, not only let you buy and send Bitcoin but also let you store them by providing you with a Bitcoin wallet. Here is the list of websites that we think really cut the mark. Check them out yourself and choose the best one.

1. Binance
2. Crytpo Engines
3. Coinbase
4. com
5. Local Bitcoin Trading
6. Wazirx
7. Paxful
8. Unocoin
9. Coinmama
10. Crypto
11. Coingate
12. Bitfinex

Also check out bitcoin era review and explore more about Bitcoins.

Steps Involved in Sending Bitcoin to Someone

In this section of the article, we are going to show you the steps you need to follow to successfully send money to your friends, family members or even the receptionist at your local supermarket.

• Websites: There are millions of websites out on the internet that provide a trading platform for Bitcoin traders. Choose from above, the ones that fit you the best.
• Register or create an account: The majority of the websites out there require you to create an account using your email address. This account creation has nothing to do with buying and selling Bitcoins. It is just for the website to stay in touch with you by emailing new updates via emails.
• Create a Bitcoin wallet: It is in this that you will be storing all your Bitcoins in. You can either create your wallet on the websites mentioned above or buy yourself a hardware wallet. The hardware wallets are also called cold storages for Bitcoins. On owning a Bitcoin wallet, you will be provided with a Bitcoin wallet address, a private and a public key to safeguard your wallet.

Hardware wallets include Ledger Nano, Exodus, Electrum, mycelium.

Online wallets include Exodus, Electrum.

• Authorization and verification: Once you are ready with your wallet address, there is only one step left and that is verification. Some websites will ask you to verify as early as possible and some might ask you to do it right before you make any transactions. This process usually includes entering your payment details and filling up forms like KYC and AMC.
• Select payment methods: When it comes to buying and selling Bitcoins, you have to do so by either linking your bank account to the website or entering your credit card details. Some websites also allow third party money transactions. This means, you can use the money store in Google Pay or Paytm to buy Bitcoins,
• Buy Bitcoin: If you don’t have any Bitcoins in your wallet, you can enter the amount in your local currency and see how much you can buy using the entered amount. Some websites like Binance do not allow you to buy Bitcoin in exchange for money. So, hope on websites like Coinbase and com to purchase your Bitcoins if you don’t have any. If you do have coins sitting in your wallet, then see you in the next step.
• Send your Bitcoin: Some websites and mobile applications have simple and easy to use graphic user interfaces. All you have to do is maneuver and click on the ‘Send’ button. Enter your Bitcoin wallet address and then enter the amount you wish to send. Based on the website you are using, you will be either asked to enter the amount in your local currency or in Bitcoins. Refer to this website to know real time conversion rates between your currency and Bitcoin. Finally, enter the receiver’s wallet address. If the receiver is standing right in front of you, ask them for their wallet’s QR code. Simply scan and complete the transaction.

Important Points to Keep in Mind While Sending Bitcoin

Before you get ready to send your Bitcoins,you need to keep in mind some important points about Bitcoin transactions.

• Make sure you have your Bitcoin wallet address Double check your address before confirming it.
• Make sure you have access to the receiver’s wallet address. If you do not type in the correct wallet address, the payment will be directed to a stranger’s address. Bitcoin transactions are irreversible. Hence, make sure to type in the correct wallet address of the receiver.
• Before making any kind of transaction, calculate how much Bitcoin you have in your wallet and the commission fee you will be charged.

FAQs Related to Bitcoin Transactions

Can you send Bitcoins without a wallet?

No, you cannot send Bitcoins without a wallet. For a successful transaction to take place, you need the sender’s and the receiver’s wallet address or QR code.

Do you need a desktop to process Bitcoin transactions?

A desktop or a laptop is always preferred. With the advent of amazing graphic user interfaces in mobile applications, one can easily buy and sell Bitcoins via mobile phones. You simply need to download the respective application, log in to your account and follow the instructions mentioned above, in the article.

Can you cancel or reverse your Bitcoin transactions?

No, Bitcoin transactions are irreversible. There are only two participants in a transaction and those are the buyer and the sender. If you enter the incorrect wallet address of the receiver, the owner of the incorrect wallet address receives the money and you won’t even have a clue about it.