Bitcoin – the world’s leading cryptocurrency is a type of currency that is completely digital. It can be used though as an everyday payment method alongside the traditional fiat currencies.
The process of how to send Bitcoin is simple, something like transferring funds online. However, in order to make a Bitcoin payment, you first need to set up a digital wallet.
In general, a digital wallet is like an equivalent of a bank account. It allows to send and receive Bitcoins as well as store and manage them. This step is inevitable, as a digital wallet contains a private key – the piece of code that gives access to the personal account and allows sending and receiving digital currencies.
There are various types of digital wallets – from desktop or mobile apps to hardware devices or paper wallets, that only contain unique QR code and are completely off-line. Since such kinds of so-called cold storage wallets are considered the safest ones, the most widely used, however, are the downloadable digital wallet apps like Blockchain.com, Coinbase Wallet or Exodus.
Although some details of the Bitcoin sending process might differ across various wallets, the basic principles remain the same. Here is the step by step instructions on how to send Bitcoins by using both digital and paper wallets.
How to send Bitcoin from a digital wallet
- Choose from dozens of free or paid digital wallets available on Google Play or App Store to download.
- Set up your wallet ID. This is a line of random letters and numbers that act as a username. The process requires a valid email and password to complete this step as well.
- Log in with your wallet ID. You will need your Wallet ID, password, and maybe any 2-factor authentication if you have enabled it. Although it looks similar to an address, your Wallet ID cannot be used to send or receive funds.
- Enter the receiving address (or scan the QR code) that you have copied from the recipient.
- Type in the value of Bitcoins that you want to send.
- Check up the details to make sure that you have entered a correct receiving address.
- Click the Send tab to complete the process.
How to send Bitcoin from a paper wallet
- To create the personal paper wallet you first need to generate a random private key. Visit websites like WalletGenarator or BitAddress to do that.
- After generating a random private key, choose the “paper wallet” option.
- Encrypt the generated private key with a strong password. You can use various password managers to store unique and difficult ones.
- Print the QR code or private key and keep it in a safe place.
- In order to send Bitcoins from the paper wallet, you need to import (sweep) the paper wallet’s private key to a software wallet that allows access to your coins.
- To do that you need to open the digital (or software) wallet. If you do not have it, you can easily download and install one, since there are various options of both free and paid digital wallets.
- Copy the private key (or scan the QR code) of your paper wallet to the digital wallet.
- Use a private key to import funds from paper to digital wallet. You can do that by simply importing or sweeping them. The latter option additionally creates a new unique Bitcoin address for better protection.
- Send Bitcoins from a digital wallet by using the receiving address and following the instructions on how to send Bitcoins from a digital wallet.
And these are all the steps you need to do in order to transfer Bitcoins to another wallet. Since various new options of where to spend Bitcoins are constantly emerging, it could be smart to know how to make payments in the world’s leading crypto. Especially at the time when Bitcoin is rapidly moving towards mainstream adoption.