In order to send and receive Bitcoin, you need to have a wallet and a wallet ID. To access your wallet, you also need to have a password as well as complete the two-factor authentication. Without fulfilling these criteria, you would neither be able to send any Bitcoins nor receive the same. If you do not what your wallet Id is, then you may go to the ‘General’ tab of your settings menu and you can easily find out your address there.
Also, if you wish to send funds to someone from your wallet, then you need to know the recipient’s wallet address. In case you do not have access to his wallet address then you can use the QR code instead. Since we know that the sending and receiving process of Bitcoins is initiated through a digital wallet, therefore, you must keep all the necessary details before beginning with this process.
Apart from this, you also need to have access to that platform on which you have created your digital wallet.
Method to receive Bitcoins
Receiving Bitcoins is an easy process if you know the necessary details and follow the steps carefully. To send and receive Bitcoin, you can opt for one of the two available methods. One is sending/receiving the mobile application or sending/receiving via the web. Take a look at the steps given below to know how you can do so:
- First of all, you need to launch the app on which have created your Bitcoin wallet.
- Then, click on the ‘receive’ option to initiate the receiving process.
- After that, select the wallet from which you wish to receive the Bitcoins.
- In case, you wish to receive the Bitcoins in the form of Bitcoin cash, then you should select a BCH wallet.
- In case you want to receive it in the form of Bitcoins, then you should select the BTC wallet.
- Now, the wallet you have chosen will generate an address through which you will receive Bitcoins.
- You need to copy this address by tapping on the OR code.
- Further, you need to send this code/address to the payee.
- In case the sender is present in person, he can directly scan the code.
- And then send the requested amount to you.
Method to send Bitcoins
Just like you can receive Bitcoins via the two methods, the same way you can send Bitcoins via the mobile app or the web, based on your preferences.
- The first thing you need to do is open your Bitcoin wallet application.
- After that, click on the ‘Send’ option.
- Further, you need to copy and paste the recipient’s wallet address into your wallet application.
- If the receiver is available in person with you, then you may scan his QR code directly.
- If not, then you should select the wallet address to which you want to send Bitcoins.
- Select the BCH wallet for sending Bitcoin Cash.
- Else, select the BTC wallet.
- Enter the number of Bitcoins you want to send.
- Carefully review all the details that you have just entered.
- In the end, click on the ‘Send’ option
To initiate the direct transfer
Follow the same steps as mentioned above, and in the last stage, choose the option reading as ‘Transfer between wallets’ when you reach the ‘Send’ section during the process.
I hope you have found this article informative as it contains deeper insights on how to send and receive Bitcoin. For more such posts and how-to articles, you can navigate to our ‘Blog’ section.