How to Send Bitcoin to Another Wallet

Everyone knows what a cryptocurrency is, especially bitcoin or at least heard of it. It would be good for readers to learn how to use cryptocurrency, or rather how to send it. This is a fairly common method and in the near future people will send each other bitcoin as easily as other currencies now. But first it is necessary to briefly tell what is bitcoin and cryptocurrencies in general.

Cryptocurrency or as it is called “crypt” is a digital currency or Internet money to whom it is convenient, with which you can buy the same as for ordinary money, that is, almost everything. In most civilized countries, there are already institutions where users can pay with bitcoins. A peculiar unit of cryptocurrency and bitcoin in particular is the code that is compiled using mathematical calculations.

In addition, bitcoin is one of the “oldest” cryptocurrencies and is also the most popular. Unfortunately, certain exchangers that we are used to seeing for bitcoin do not yet exist, but this does not prevent the constant exchange of cryptocurrency with each other. Wallet, although with a minimum number of bitcoins and address-key to send the transaction. It is also worth noting that this exchange can only involve two people as Btc is a peer-to-peer network, i.e. one in which there is no “main” computer that would.

How to send someone Bitcoin

So, the first thing to do to exchange bitcoins is to enter the address of the recipient’s wallet as the address for the corresponding purpose of the transfer. Addresses are combined with special and most importantly unique keys which in turn are confidential. The address, unlike the key, can be shared so that users can transfer bitcoins to your wallet. In turn, users use bitcoin wallets to create these addresses. To simplify the transfer of bitcoins, some providers use codes. More precisely, allow them to scan to access the address.

And others can even enter an email address for this. If neither is supported by the bitcoin wallet, you should carefully check the symbols of the bitcoin wallet to understand that the information is reliable. Next we will consider some more types of wallets for exchange:

• web wallets;
• desktop wallets;
• hardware wallets;
• exchange-hosted wallets and others.

Web wallets are considered less secure but also the simplest. That’s it for beginners. So-called paper wallets are also suitable for exchanging “crypto”, i.e. it is paper where the keys are printed and they are stored in a cloud storage. And until the user moves the key to another wallet, they can be stored in this environment. Users can also send Bitcoin from the popular Tokenexus platform. There are two ways to send: it is directly in the Tokenexus application, and through Tokenexus where users can make transactions directly and without intermediaries.

Hardware wallet. For this type of wallet you need to download an application that will interact with the hardware device. In addition, each of these wallets has its own software, which in turn allows you to exchange coins. Another wallet for sharing is the so-called web wallet, which accordingly operate on the basis of web browsers.

Can also exchange bitcoins through wallets on exchanges. Such exchange-type wallets are convenient because they do not have a key and software to install. But the disadvantage is that in case of hacking, the user automatically loses all funds.

Can send bitcoin to Tokenexus both via e-mail and by scanning the QR code. Transaction history is also available in Tokenexus. Bitcoin can also be sent from the Tokenexus system. It also has two ways to send – online and offline. For sending bitcoin in the network, a fee is charged and the sending itself takes place in a blockchain (literally “chain of blocks”). And offline commission is not charged, this type of sending is most often used when you want to send bitcoin to another Tokenexus user in a short time. Sending to Tokenexus is also available through a QR code scan.

In addition, so-called hot and cold wallets are used to send and store Bitcoin. Cold wallet allows you to store cryptocurrencies offline. What’s more, the wallet only accesses the device when connected to the Internet.

Cold and hot wallets: what is it

Cold wallets also have their own types. Perhaps the most interesting among them is the sound wallet. This wallet works like a regular audio device. The only difference is that it writes and stores wallet keys in encrypted files, or on media such as a CD. By decrypting this code using a special program, the user will gain access to the private key. Hot wallets are provided to users by third parties and, in addition, they are connected to the Internet. This allows users to make quick transactions. The peculiarity of such wallets is that users are provided with a unique address that is similar to a bank card number. And the key works as a password.

Hot wallets are mostly used by users to store a small amount of money, which in turn is used to buy cryptocurrency or company stocks. Hot wallets also have their types. Again, let’s focus on the most interesting of them – a mobile wallet. In the end, it is clear from the name that the wallet is designed for mobile devices. This is how it is, in addition, this type of wallet allows you to pay with money in regular stores using a QR code.

Transfer bitcoin to another wallet

Many users are also interested in the question of whether it is possible and how to transfer bitcoin to another wallet. The scheme is the same as in the case of sending Bitcoin. The user generates the key address for the receiving wallet and sends the coins to the sending wallet.

Also, in addition to exchanging bitcoins between users, it is possible to send real money using Bitcoin, because in transactions the balance of the coins themselves is a monetary value.

Some exchanges even trade so-called fiat currencies (currencies whose value is determined by the government). If users become interested in bitcoin transactions, they may come across the term “mempool” – literally translated as memory and pool. Mempool is a kind of transaction history that was not confirmed by a miner for one reason or another. But periodically this story is cleared when a new block is added.

How Long Does Bitcoin Take to Send

Also want to talk about how long it takes for Bitcoin to go. Therefore, on average, bitcoin transactions take from 5 to 15 minutes. However, again, it all depends on how loaded the system is.

But if this still happens, then users will increase the amount of commissions. But here too there is a way out because the Lightning network allows you to display transactions offline.

Verdict

Summarizing all the above, it should be said that in order to send your bitcoins to another user, it is enough to have only a crypto-wallet of course with some funds or a QR code that can be easily scanned and sent to your friends bitcoins.

Of course, there are some nuances about the type of wallet, but if the user is the sender, he has nothing to worry about. Plus, the whole company (as our readers could see) provide a huge number of wallets and accordingly store and send Bitcoins on such wallets is much easier.