Bitcoins are a type of online currency used to perform anonymous transactions online. Like other fiat currencies, Bitcoin isn’t backed by gold, nor is it regulated by any central body. They have no value unless you convert them to fiat currency, sell them or use them to buy a service or product. But before you send Bitcoins to anyone, you will need to select and set up a crypto wallet and get Bitcoins by either purchasing them, or mining for Bitcoins. You can send bitcoin through a couple of options listed below:
Transfer Bitcoins with a Software Wallet
Sending funds using a software wallet is very easy and simple. The process of transferring funds with a software wallet may vary from one wallet to another. However, the main steps are mostly same. It’s quite similar like transferring funds with an online checking account.
- Open your wallet and tap Send tab or use ‘The Trade/Send Bitcoin’ option in your software wallet’s menu.
- Insert your recipient’s wallet address to proceed further. You can either copy and paste from you clipboard, type it by your hand or drag-&-drop the recipient’s QR code.
- Select a label to track your Bitcoin transaction
- Type in the amount you want to transfer
- Make sure you’ve provided the right information by reviewing the details
- Tap ‘Send’ to complete the transaction.
- The transfer can’t be reversed once it is processed. It can take one hour for the transaction to complete. However, your recipient can see if the transaction is completed.
Send Bitcoins with a Paper Wallet
If you want to transfer bitcoin using a paper wallet, you will first need to transfer your Bitcoin from physical wallet to the software wallet, where you can send your Bitcoins to anyone by following the aforementioned steps.