Send Bitcoin for the 1st Time 💸
Bitcoiners,
This guide explains how a beginner can send their bitcoin from an exchange to another person's wallet for a fraction of a penny in less than 5 minutes.
Sending bitcoin to another person is much like sending an email to a friend. All you need is an address to designate where your bitcoin would like to be sent to much like an email address used to designate where your message should be sent to.
The advantages of sending bitcoin rather than sending money through the traditional banking system is:
Less fees (a few cents)
No borders (send overseas)
Private (personal information not shared)
No banking holidays or business hours (open 24/7/365)
Unfortunately, many people have not sent bitcoin yet because they don't realize the benefits along with how quick and easy it is.
How to send bitcoin in less than 5 minutes
Step 1: Purchase bitcoin on an exchange.
Step 2: Ask the recipient to send you a bitcoin address.
A bitcoin address is a string of numbers and letters such as the example below:
bc1qj06vk6etutd645khm50khkt4xtyqg8a7eghv7g
Sometimes a recipient will send you a QR code instead, which is a bitcoin address transformed into an image that you scan with a camera instead of copying and pasting the string of text.
Step 3: On the exchange, search for the "Send" or "Transfer to Wallet" button.
Step 4: You will be prompted to either paste the bitcoin address your recipient provided or scan the QR code provided with your camera.
Step 5: Next, depending on the exchange, you may be prompted to select a withdrawal speed. Typically, you pay a higher fee for the transaction to be processed in the bitcoin blockchain faster.
Step 6: Confirm your payment.
Step 7: Wait a few seconds to a few minutes and have the recipient confirm the transaction was received on their end.
Alternatively, you can check the transaction was confirmed by pasting the bitcoin address you used into a blockchain explorer. I like to use Blockstream's Explorer.
Congrats! You sent bitcoin on the blockchain for the first time. Use this method to send bitcoin from an exchange to a personal self custodial wallet as well.
Not too hard, right?
Happy Saturday,
-Pod
If you find any value in The Bitcoin Letter, please subscribe and tell a friend. By subscribing, you will be sent easy to understand information about Bitcoin along with any relevant news daily. That’s it. IT IS FREE AND I WILL NOT SPAM YOU!
BUY BITCOIN RIGHT NOW
I personally use Swan Bitcoin to purchase Bitcoin! Use the link below to get $10 free dollars worth of Bitcoin. Takes less than 5 minutes to sign up and I get a small commission :)
Eric Podwojski
Founder, Bitcoin EDU
Twitter:Â @epodrulz
Disclaimer: This should go without saying: This is not financial advice. This is not investment advice. I write this newsletter for education and entertainment. Act accordingly.
