Bitcoin Transaction How To Guide
Bitcoin Transaction How To
Here we’re dealing with the very basics of bitcoin use. That is, a bitcoin transaction how to.
Nothing complicated here. We will simply show users how to send and receive Bitcoin between wallets. It’s a practical approach, free of jargon.
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How To Send a Bitcoin
When sending a bitcoin you are simply updating ledger entries.
You are sending a instruction to the network; decrease my ledger entry by 1 bitcoin. And, at the same time, increase the receiver’s ledger entry by 1 bitcoin.
Instead of using people’s name, the bitcoin network uses Cryptographic address. They look like this: 1PZ5ebvdt43dvRRgRNgBhsq2PwAKN4X6W
They always start with the number 1.
So, you will see 2 field when you open your wallet: Amount and Pay to. This is really all the information you need to send a Bitcoin.
Put the address in the ‘To’ section. And the amount of Bitcoin to send, in the ‘Amount’ section.
You may also recognise these weird things:
They are called QR codes. They are a visual representation of a bitcoin address.
They make it easy to transfer long, complicated bitcoin addresses between devices. Because you can scan them with your phone’s camera.
How To Receive a Bitcoin
To receive a bitcoin, someone merely needs to send it to you. To send you a bitcoin the other person just needs to know your address.
The easiest way to give that to them is via a QR code. They can scan that and the address will appear into their phone.
Then they send the bitcoin to that address and it will appear in your wallet. Simple, isn’t it.
For further questions about sending bitcoin into our our of your trading account, ask our support staff. They are always happy to assist.