How to Send Bitcoins

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Bitcoin is a type of digital currency that you can use to pay for goods and services or just send to someone for whatever reason you want. Sending Bitcoin might seem a little more complicated than just handing someone cash, but you can get the hang of it pretty quickly. Here, we've pulled together answers to some of your most common questions about how to send Bitcoin.

Question 1 of 12:

How do you buy Bitcoin to send to someone?

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  1. 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. [1]
    • 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. [2]
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Question 2 of 12:

Do you need a wallet to send Bitcoin?

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  1. 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: [3]
    • 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.
Question 3 of 12:

Can you send Bitcoin to someone without a wallet?

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  1. 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. [4]
    • 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.
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Question 4 of 12:

What information do you need to send Bitcoin?

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  1. 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. [5]
    • 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. [6]
Question 5 of 12:

Do you have to be at a desktop computer to send Bitcoin?

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  1. 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. [7]
    • 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.
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Question 6 of 12:

How do you complete a Bitcoin transfer?

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  1. 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! [8]
    • 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.
Question 7 of 12:

Can you send Bitcoin using an ATM?

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  1. 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. [9]
    • 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.
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Question 8 of 12:

How much does it cost to send someone Bitcoin?

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  1. 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. [10]
    • 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. [11]
Question 9 of 12:

How do you confirm the transaction went through?

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  1. 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! [12]
    • 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. [13]
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Question 10 of 12:

Can you cancel or reverse a Bitcoin transaction?

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  1. 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. [14]
    • 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. [15]
Question 11 of 12:

How do you figure out how much Bitcoin to send?

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  1. 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. [16]
    • 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. [17]
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Question 12 of 12:

Is there a limit on the amount of Bitcoin I can send?

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  1. 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. [18]
    • 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. [19]

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      Warnings

      • The value of Bitcoin can fluctuate rapidly and dramatically. Keep this in mind when you're sending Bitcoin, especially if you're using it to pay for something that has a set price in your national currency. [20]
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      • Check the tax and legal status of Bitcoin in your country before using it as a form of currency. [21] As of May 2021, Bitcoin is illegal in China, Russia, Vietnam, Bolivia, Colombia, and Ecuador. [22]
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      References

      1. ↑ https://www.investopedia.com/articles/investing/082914/basics-buying-and-investing-bitcoin.asp
      2. ↑ https://news.bitcoin.com/sending-cash-through-bitcoin-atms/
      3. ↑ https://www.bitcoin.com/get-started/how-do-i-send-and-receive-bitcoin/
      4. ↑ https://applicature.com/blog/crypto-enthusiasts/methods-of-sending-bitcoin
      5. ↑ https://www.bitcoin.com/get-started/how-bitcoin-transactions-work/
      6. ↑ https://bitcoin.org/en/bitcoin-for-individuals
      7. ↑ https://www.bitcoin.com/get-started/how-do-i-send-and-receive-bitcoin/
      8. ↑ https://www.bitcoin.com/get-started/how-do-i-send-and-receive-bitcoin/
      9. ↑ https://news.bitcoin.com/sending-cash-through-bitcoin-atms/
      1. ↑ https://decrypt.co/68680/bitcoin-transaction-fees-all-time-high
      2. ↑ https://www.bitcoin.com/get-started/how-bitcoin-transactions-work/
      3. ↑ https://www.blockchain.com/btc/tx/8088eeadbb0c6cbc6cc87ffacc05045f50195bd3837ec392a894465693578b57
      4. ↑ https://www.bitcoin.com/get-started/how-bitcoin-transactions-work/
      5. ↑ https://bitcoin.org/en/you-need-to-know
      6. ↑ https://applicature.com/blog/crypto-enthusiasts/methods-of-sending-bitcoin
      7. ↑ https://www.coindesk.com/calculator
      8. ↑ https://www.bitcoin.com/get-started/how-bitcoin-transactions-work/
      9. ↑ https://bitcoin.org/en/bitcoin-for-individuals
      10. ↑ https://support.kraken.com/hc/en-us/articles/360001449826-Deposit-and-withdrawal-limits-by-verification-level
      11. ↑ https://bitcoin.org/en/you-need-to-know
      12. ↑ https://bitcoin.org/en/you-need-to-know
      13. ↑ https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp

      About This Article

      Article Summary X

      Before you send bitcoins, set up a software wallet if you don't already have one. Then, when you're ready to send bitcoins, open your software wallet and select the “Send” tab or the “Trade/Send Bitcoin” menu option. Next, type in the address of your recipient’s wallet and the value you want to transfer to them. Finally, click “Send” to complete the transfer. If your bitcoins are in a paper wallet, you'll need to transfer them to your software wallet before you can send them. To learn from our Financial reviewer how to set up your bitcoin wallet, scroll down!

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