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Guide to Sending Bitcoin

Sending Bitcoin

Sending bitcoin is a relatively simple task. The process involves choosing the wallet you wish to use, copying and pasting the receiver’s bitcoin address, and then transferring funds. When you send bitcoin from your wallet, the coins will automatically go to the wallet(s) that you copied.

This is a two-step process that also requires your receiver to have a bitcoin address before sending. These addresses can be found by searching for things such as “bitcoin paper wallets” or “bitcoin wallet generator” online and printing out one of their templates. However, these can be difficult to use and have various costs associated with their use. 

Sending bitcoin with your mobile device is another easy way to transfer funds, especially if you use a wallet such as Mycelium on iOS or Android devices. 

Some exchange platforms enable anyone with a mobile phone to send bitcoin payments via text message. The recipient doesn’t need to have a smartphone or be online for it to work either; they’ll simply receive an SMS message that contains a link that will allow them to convert the funds into whatever currency they like. This is especially helpful for people without smartphones who want to start using digital currency today.

How to Ensure Bitcoin Sends to Multiple Addresses

If you wish to send bitcoin to multiple recipients, you can do so using a single transaction from your wallet. To do this, add each address in the “send funds” screen whilst sending bitcoin from your desktop or mobile device. Following this process, ensure that your bitcoin sends to multiple accounts. 

To send money overseas, bitcoin wallet providers offer options to make money transfers via bank transfer, wire transfer, or other payment methods. The users should note that the fee for the transfer is impacted by the distance between sender and receiver and the payment method used.

A popular question most individuals generally ask is how long does bitcoin take to send to a recipient address? Simple answer? It depends on the amount. If it is a standard transaction, then the average time for bitcoin to transfer from one bitcoin wallet to another is between 5-10 minutes.

What’s the Bitcoin Network Fee?

The network fee is essentially the Coinbase transaction fee that’s paid when you send bitcoin from your address. Fees are typically 0.0002 BTC per kilobyte of transaction data but can vary based on many factors, including current network data volume. The lowest amount possible to send right now is 0.000125 BTC, which corresponds to approximately $0.06 at this writing. This amount was calculated factoring in current market value and mining difficulty at the time of writing. If you wish to send this amount, do not use any wallets that add their transaction fee.

When you send a bitcoin transaction, an amount of bitcoin is reserved from your wallet balance that is considered the amount you are sending. The network fee that you pay is then subtracted from the amount that was reserved, and whatever remains will go towards paying the address(es) in your wallet(s) where funds are being sent.

Bitcoin Wallet

A bitcoin wallet (or simply wallet, m-wallet, or digital wallet) is a secure digital address for storing bitcoins; the wallet facilitates sending and receiving cryptocurrency via the Blockchain. Wallets range from very simple to relatively sophisticated.

Unlike keeping your cash in a bank or checking account that requires additional security, privacy, and does not offer anonymity features, bitcoin wallets do not require any authentication before sending funds to another user.

Bitcoin wallets send and receive bitcoins based on the public key associated with the private key; your bitcoins can only be accessed by you, not anybody else.

A bitcoin wallet synchronizing with the network allows it to communicate with other bitcoin wallets on the network. Syncing will take time, depending on the speed of your internet connection. If your wallet is not synced with the network, you will not send or receive bitcoin.

A basic understanding of how to replenish a bitcoin wallet is necessary for a new user who wants to know where or how he can get bitcoins.

If you want to purchase bitcoins, it is highly recommended that you purchase them using your local currency and then just convert them into the currency you need when spending them. This also protects you from some amounts of bitcoin price volatility, which can be a problem if you do not know how the currency works.

How Much Does it Cost to Use Bitcoin?

There’s no set cost when it comes to bitcoin transactions. The price you pay depends on whether or not someone else is willing to create the transaction at a lower price than what you’d like to pay. While it’s still possible to send a transaction to someone for the exact amount that you wish to pay, the only way for this to happen is if you’re willing to wait until someone else wants to buy from you at a lower price.

The only variable in your cost is whether or not the miner who solves your transaction will also include a fee in their block. The fee for this transaction will be paid by whoever finishes the block first based on the bitcoin network’s difficulty, and by whoever has a larger proportion of their BTC in that address at that moment.

In other words, even if you have to pay a fee, there’s no guarantee that the miner who includes your transaction in their block will receive a fee from a future transaction. This is because miners also need to pay electricity costs and for the costs of mining hardware.

How do I Ensure my Transaction Is Included in a Block?

The short answer is: you don’t have any control over this. Even if you want to pay higher than the standard network fee, there’s no assurance that either of those transactions will be included first as many miners are competing for newly discovered blocks. You can’t even ensure that your transaction will be included in the next block, let alone the one after.

Mining fees are calculated dynamically, and you’re only guaranteed to receive a confirmation once every 10 minutes. This is why it’s so important to keep an eye on your transaction and make sure it confirms as soon as possible again; there’s no way to speed this up.

If you still want to pay a higher fee than advertised by your wallet, then you should:

      • Ensure that you have enough memory for this amount of data (generally 16 MB worth of transactions or more). 
      • Send the transaction with a higher fee than usual.

This is because the miner will only include your transaction with a higher fee if it’s the highest fee that they can afford to pay at that moment. If you send a transaction that costs more than the network fees, then it’s very possible that your transaction could end up with no fee at all by the luck of the draw.

Final Words

Bitcoin has no set cost when it comes to transactions. The price you pay depends entirely on the network fee structure at that moment in time, which is based on the number of miners competing for newly discovered blocks.

The only way to build up your chances of paying a lower transaction fee involves waiting until an existing block has been solved and has paid the miners who created the block. Once this happens, it’s much more likely that another miner will include your transaction in their block to earn their own reward.

Featured Image: Megapixl

About the author: With more than a hundred articles, blog posts, whitepapers, and case studies, Omoalhaja Abiola is an experienced content writer with a specialization in cryptocurrency, blockchain, fintech, and SaaS. When he's not reading, you will see him drinking NAN with Mubeenah - his JEWEL.

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