How do you buy Bitcoin to send to someone?
Use a cryptocurrency exchange to buy Bitcoin. Cryptocurrency exchanges operate much like online stock trading platforms, except that they trade cryptocurrency rather than stocks and bonds. Set up your trading account and connect a banking account to use to fund your account, then place your order for Bitcoin. The Bitcoin you buy will remain in your exchange account until you transfer it to a wallet that you control. You might be able to send it directly to someone else through your exchange account, but using your own wallet is more secure. Do a little research before you settle on an exchange. You want one with a strong reputation and top-notch security. If you're not comfortable using an exchange, you can also buy Bitcoin through a Bitcoin ATM using your national currency.
Do you need a wallet to send Bitcoin?
Yes, you need a wallet to complete any Bitcoin transaction. Think of a Bitcoin wallet as similar to a checking account. You transfer the Bitcoin in your wallet to a wallet owned by the person you want to send Bitcoin to, the same as you might initiate a funds transfer from one bank account to another through your online banking account. There are several types of wallets you can potentially use: An online wallet is most similar to an online bank account, with a similar user interface and features that allow you to transfer Bitcoin. A software wallet usually has an interface similar to an online wallet, but it's not online. Instead, you download the software to your computer. This makes it a little more secure than an online wallet. Physical wallets, or hardware wallets, typically come with software that you use to manage the Bitcoin in the wallet. The Bitcoin itself is stored on a physical device offline. It's more secure, but a bit more cumbersome to use for transactions because you have to first connect it to your computer.
Can you send Bitcoin to someone without a wallet?
Yes, you can send the Bitcoin via text, email, or mobile app. A wallet is necessary to send Bitcoin and to hold it. With crypto transfer services, you essentially send the person a message telling them that you sent them a specific amount of Bitcoin. But the person technically can't gain access to it until they get a wallet. When you're using a transfer service, you usually get a wallet address from the service. This is usually a "hosted wallet," meaning the transfer service is simply holding the Bitcoin there until the person retrieves it. Simple online wallets are free to use, so it shouldn't cost them anything to get that set up. If the person is new to cryptocurrency, though, you might want to help them get started.
What information do you need to send Bitcoin?
Typically, all you need is the person's public wallet address and the amount. Think of the public wallet address as similar to a checking account number. If you were doing a bank transfer, you'd need the account number to transfer the money to, and Bitcoin is no different. Usually, that's all you need—you don't have to know the person's name, address, or any other identifying information. The person you're sending Bitcoin to doesn't need to have the same type or brand of wallet as you either. You can send an email to a Gmail address from a Yahoo account, right? Bitcoin works the same way.
Do you have to be at a desktop computer to send Bitcoin?
No, not if you have a mobile or online wallet. If you have a software or hardware wallet, you need to be at the computer where you downloaded the software that came with that wallet. However, if you have the Bitcoin you want to send in an online wallet, you can access it from any device as long as you have internet access. You can always have more than one wallet, so if you're planning to be out and about and what to have Bitcoin on you, transfer a small amount to an online or mobile wallet.
How do you complete a Bitcoin transfer?
Navigate to the send feature in your wallet and enter the transaction details. Regardless of the type of wallet you're using, it'll have some sort of user interface with a menu that lists options for managing your Bitcoin. The send feature typically has boxes for you to enter the public wallet address of the person you're sending the Bitcoin to, then the specific amount of Bitcoin you want to send. It's really that simple! Mobile wallets typically also allow you to scan a QR code, which makes it a lot easier to make sure you've got the public address correct. You can also have the person copy their public address for you and send it in an email—then you can just copy and paste it into the blank. The process works the same if you're simply transferring your Bitcoin from one wallet to another that you also own. Most wallets have a separate "transfer between wallets" feature that allows you to do this without paying any fees.
Can you send Bitcoin using an ATM?
Yes, you can send and receive Bitcoin through Bitcoin ATMs. The easiest way to find a Bitcoin ATM is to go to https://coinatmradar.com/ and enter your location. It's also helpful to enter location information for the recipient—you want to make sure they'll be able to retrieve the Bitcoin you send. From there, all you need is the wallet address for the person you want to send Bitcoin to. This is a great option if you want to send Bitcoin to someone who isn't all that familiar with cryptocurrency because they can get local currency out of the ATM in exchange for the Bitcoin you sent. You can create a Bitcoin wallet for them and send them the QR code for the wallet so they can access it from the ATM. Even if you don't own any Bitcoin yourself, you can buy Bitcoin from the ATM with local currency, then send the Bitcoin to someone else. They can then pick up the Bitcoin at an ATM near them and cash it out for local currency if they choose.
How much does it cost to send someone Bitcoin?
As of April 2021, the average transaction fee is $59.87. Fees fluctuate depending on the number of people using the Bitcoin network. Transaction fees are paid to the miners, people with powerful computers that solve complex equations to validate a transaction. The faster the equation is solved, the quicker your transaction is validated—but that comes at a price. If you're willing to wait for a slower confirmation time, you might be able to lower your fees. You don't have any ability to choose the miner or mining company that confirms your transaction, so it all comes down to the amount of the fee. Essentially, a higher fee incentivizes a miner to pick up that transaction. Many wallets allow you to set a transaction fee yourself. However, keep in mind that the lower the transaction fee you set, the longer it could potentially take for your transaction to go through.
How do you confirm the transaction went through?
Search for the transaction in Bitcoin's blockchain. When you send Bitcoin, you'll get a transaction ID (a long string of letters and numbers). To access the official record of the Bitcoin blockchain, go to https://www.blockchain.com/explorer. Type your transaction ID into the search bar at the top of the page to search for your transaction. If you're looking for confirmation, scroll down to the details of the transaction and look at "status." If it says "confirmed" in green letters, that means you're good to go! Keep in mind that it might take several days for your transaction to be confirmed, depending on the size of the transaction fee you paid.
Can you cancel or reverse a Bitcoin transaction?
No, Bitcoin transactions can't be reversed after they're confirmed. If you've made a mistake, you can ask the recipient to refund the Bitcoin you sent—that's really your only option. Doing this usually means you're going to be on the hook for another transaction fee. This is why it's so important to double- and triple-check all of the information you provided before you click "send" to initiate the transaction. If the transaction hasn't been confirmed at all, you might be able to cancel it through your wallet. However, after it has one confirmation, it becomes irreversible.
How do you figure out how much Bitcoin to send?
Look up the Bitcoin conversion rate if you're trying to send a dollar amount. Typically, if you're going to send someone Bitcoin, the amount of Bitcoin will be specified. But if you're sending Bitcoin to cover a specific dollar amount, convert the Bitcoin to dollars first. Search "Bitcoin exchange rate" to find online calculators. For example, suppose you're buying a couch from a neighbor and want to pay them in Bitcoin. You've agreed on a price of $200. When you pull up an online calculator, you see that one Bitcoin is worth $39,820.24. If you divide $200 by the total value, you get 0.005. When you plug 0.005 Bitcoin into the calculator, though, it tells you that's worth $199.45. You'd need to send 0.006 Bitcoin ($239.34) to cover the $200 price. What happens if you send more than you need? You can specify how that's handled. Either you'll get change back in the form of another Bitcoin transaction back to your wallet or you can use it as a transaction fee.
Is there a limit on the amount of Bitcoin I can send?
No, there is no limit on the amount of Bitcoin you can send. Technically, the only limit is the amount of Bitcoin you have in your wallet. As long as you have it, you can send it to someone else. It also doesn't matter when you want to send it or where the recipient is located. Some cryptocurrency exchanges limit the amount you can withdraw from your account. These daily and monthly limits may change depending on how long you've had your account and how much trading you do. For example, Kraken limits beginners to $5,000 in withdrawals over a 24-hour period, while experienced traders at the "pro" level can make up to $10 million in withdrawals per day.
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