Sending bitcoin is easier than ever in 2024. With cryptocurrency going mainstream and bitcoin reaching new all-time highs, more people than ever own and use digital assets. Whether you want to pay someone back or give the gift of bitcoin, transferring funds only takes a few simple steps.
This guide will teach you everything you need to know about sending bitcoin in 2024. We’ll cover:
- Bitcoin Wallets for Sending and Receiving
- Getting a Bitcoin Address
- Using a QR Code to Send Bitcoin
- Sending Bitcoin from a Crypto Exchange
- Checking Transaction Status
- Bitcoin Transfer Fees
- Transfer Speeds
- Bitcoin Transaction Security
After reading, you’ll be able to confidently send bitcoin like a pro. So let’s get started!
Bitcoin Wallets for Sending and Receiving
The first step is choosing a crypto wallet to hold your bitcoin. Wallets allow you to safely store, receive and send BTC.
There are several different types of bitcoin wallets:
- Software wallets
- Hardware wallets
- Paper wallets
- Web/Exchange wallets
For sending bitcoin conveniently, we recommend using either a software wallet on your mobile device or signing up for a crypto exchange wallet.
Let’s look at the differences:
Bitcoin Software Wallets
A bitcoin software wallet is an app you download directly onto your iOS or Android device. Some of the top mobile crypto wallet apps include Exodus, Jaxx Liberty and Coinomi.
Here are the pros:
- Easy to use and set up
- Convenient for sending payments
- Secure private key encryption
- Backup features available
The cons:
- Higher risk of hacking or malware
- Responsible for your own security
Software wallets give you flexibility and ease-of-use for transferring bitcoin on-the-go.
Bitcoin Exchange Wallets
You can also send bitcoin conveniently from a cryptocurrency exchange account. Exchanges like Coinbase, Kraken and Binance offer built-in wallet platforms for their users.
The major advantages are:
- Easily link bank account and cards
- Built-in trading features
- Increased security measures
Potential downsides include:
- Higher fees than software wallets
- Higher risk of exchange hacks
- You don’t control the private keys
When it comes to sending bitcoin quickly, exchange wallets are a solid choice.
Getting a Bitcoin Address
To send any crypto, you need the recipient’s wallet address. A bitcoin address consists of a long string of letters and numbers. It usually starts with “1” or “3”.
Here’s an example: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
To find your bitcoin wallet address, simply open your preferred BTC wallet and click Receive. You’ll then see your unique address.
On crypto exchanges, navigate to the wallets or deposits page to find your address.
The receiver of funds needs to give you their bitcoin address so you can send over a payment. Ask them to share it with you directly or via a QR code.
Using a QR Code to Send Bitcoin
Speaking of QR codes, this is a convenient way to send crypto to someone in-person.
A bitcoin QR code looks like this:
To use:
- Have them generate a QR code with their bitcoin wallet address embedded
- Open your bitcoin wallet app and click Send
- Select the QR code icon to scan their code
- The address will auto-populate
- Enter the BTC amount to send
- Confirm transfer details and hit Send!
This saves having to manually type in long bitcoin addresses.
Sending Bitcoin from a Crypto Exchange
If you purchased bitcoin through an exchange like Coinbase, Binance or Kraken, you can conveniently send funds to others right from your trading account.
Here is the basic process:
- Login to your exchange account
- Navigate to the wallets or withdrawals page
- Choose which crypto you want to withdraw
- Enter the recipient’s bitcoin wallet address
- Input the BTC amount to send
- Confirm details and submit the withdrawal
It’s important to use the correct network when withdrawing BTC from an exchange. For bitcoin, this is typically the Bitcoin blockchain.
Double check the address is right before hitting confirm. Exchanges have no ability to recover funds sent to the wrong wallet address!
Checking Bitcoin Transaction Status
Once you send bitcoin, you can check the status by exploring the blockchain. Blockchain explorers like Blockchain.com provide up-to-the-minute data on crypto transaction activity.
Here you can input a BTC address or transaction ID to monitor status updates like:
- Pending – The bitcoin transfer has been broadcast to the network
- Confirmed – The transaction has been validated and recorded in a block
- Complete – Enough subsequent blocks have been confirmed after the transaction
Using a blockchain explorer is the best way to monitor your bitcoin transfers without relying on the wallet provider.
Most wallets will also display transfer statuses so you know when funds are deducted and received. Common descriptors are pending, sending, received, complete and failed.
If a BTC transaction is stuck pending or fails, don’t panic. This happens from time-to-time on the Bitcoin network. Just re-send the funds with a higher miner fee to incentivize confirmation.
Bitcoin Transfer Fees
Speaking of miner fees, most Bitcoin transfers incur a small network fee. This is paid to Bitcoin miners for processing and confirming transactions on the blockchain.
Here are some current averages for BTC transfer fees:
- Bitcoin median transfer fee – $1.29
- Bitcoin average transfer fee – $1.25
- Bitcoin maximum transfer fee – $10.17
Bitcoin fees fluctuate depending on network demand and congestion. When activity spikes during price rallies, average fees can climb higher.
Thankfully, fees only amount to a fraction of traditional wire transfers through banks and remittance providers. Paying $1.25 for any transfer is pretty good!
You can view current Bitcoin miner fee recommendations within most wallet apps. The higher you set the fee, the faster the transfer confirmation. Though during periods of low mempool congestion, even low fee transactions process fairly quickly.
Bitcoin Transfer Speeds
Speaking of speed, another benefit of cryptocurrency transactions are the fast settlement times.
Here is an overview of typical bitcoin transfer speeds:
- Average Bitcoin transfer time – 10 minutes
- Minimum for initial confirmation – 1 minute
- Safe/complete after – 3 blocks or 30 minutes
Bitcoin transfers typically broadcast and confirm in the next blockchain block, averaging 10 minutes per block. Though occasionally transactions confirm instantly in just 1 minute!
For extra security against double spends, exchanges often require 3 block confirmations before crediting accounts with transferred bitcoin. This takes around 30 minutes.
Compare this to traditional bank wire transfers that can take 1-5 business days to settle. Or services like Western Union and MoneyGram which may charge high fees for same day transfers.
This makes sending value globally with Bitcoin extremely efficient.
Bitcoin Transaction Security
Of course, promptly settling BTC transactions means little without the proper security. Thankfully Bitcoin boasts state-of-the-art encryption and immutable blockchain ledgers.
When sending bitcoin, each transfer generates a unique transaction ID that is forever recorded on the blockchain. The coins cannot be spent again – preventing double-spend fraud.
Nor can bitcoin transactions be easily reversed, canceled or charged back like credit card payments. This ensures recipients actually receive and can spend the coins sent to them.
Here are some other key Bitcoin security features:
- 256-bit private key encryption – Hardware and paper wallet private keys are encrypted with complex codes that would take the top supercomputers millions of years to crack.
- Offline cold storage – For large amounts of bitcoin, users recommend keeping funds in cold storage wallets that remain offline for optimal safety.
- Multisig options – Services like Armory allow users to split private keys across multiple devices to improve security.
- Non-custodial wallets – Software and hardware wallets give users full control over private keys compared to custodial accounts on exchanges. Though both options have trade-offs.
As long as you take reasonable security precautions, sending bitcoin offers a nice blend of convenience and safety compared to legacy remittance providers.
Conclusion
With cryptocurrency surging mainstream, more people than ever are sending bitcoin payments for low fees to recipients worldwide. Thankfully executing a transfer is simple even for beginners.
To summarize how to send Bitcoin:
- Get a software or exchange wallet
- Share your BTC address with sender
- Senders enter your address and transfer amount
- Both parties can check live status updates
- You receive funds within about 30 minutes
Now that you know the basics of how to send BTC, give it a try and pay someone back in bitcoin!
Just use caution with links and downloads to avoid scams. And consider enabling 2-factor authentication for increased security wherever possible.
Following these best practices along with the guide above will ensure smooth bitcoin sending without headaches.
It’s amazing how far Bitcoin has come since the early days of mining coins on home computers and Palm Pilots! But with over 100 million global users and counting in 2024, it seems clear bitcoin is here to stay.
So get out there and try sending your first Satoshis to grow used to using this innovative new money!
