Do you need to send Bitcoin (BTC) from your wallet to another Bitcoin address? It could be as a payment for a product or service, or even as a gift. Whatever reason you need to send out Bitcoin doesn’t matter, what really matters is getting the Bitcoin sent successfully.
Bitcoin is the pioneer coin in the cryptocurrency world and its use has grown widely. In fact, some businesses accept Bitcoin as a form of payment. If you have some Bitcoin and operate in the crypto market, you need to know how to send BTC.
Luckily, sending Bitcoin to another address from your wallet is very simple and straightforward. All you have to do is set the amount to send and where it should go. In this article, I’ll provide a step-by-step guide on how to send Bitcoin to another address. Let’s get started!
What is a Bitcoin Address?
A Bitcoin address is a digital identifier, much like an ID number, where Bitcoin can be sent. It serves as a location in the Bitcoin blockchain network and works like a bank account number.
These addresses are created by Bitcoin wallet software and consist of a long string of letters and numbers unique to your Bitcoin wallet. When someone wants to send you Bitcoin, you give them your Bitcoin address, and you will receive the funds in your wallet.
You need to keep your Bitcoin address safe and not share it with just anyone. Although it is a public address, you shouldn’t trust it with just anybody or any website.
How to Send Bitcoin (BTC) to Another Address
It’s very easy to send Bitcoin to another address from your wallet. Really, all you need to have is the recipient’s Bitcoin wallet address and you’re good to go.
Follow the general steps below to send BTC to another Bitcoin address.
- Login to your Bitcoin wallet app.
- Click on BTC from the list of coins available on the wallet’s interface.
- Then, click on ”send” from the options. It should be right beside the option to receive.
- Input the amount of Bitcoin you want to send out. Some wallets will also display the equivalent of the BTC in local currency e.g Dollars
- Copy the Bitcoin wallet address of the recipient and paste it into the address field. Some wallet addresses come in the form of QR codes, if this is the case, scan the QR code. The address will automatically be filled in.
- Review the details of the transaction by checking that the amount of BTC and address are correct.
- Click on “Send” and follow the wallet prompts to complete the transaction.
By following the simple steps above, you’ll be able to successfully send Bitcoin to another wallet address.
What is the Bitcoin Network Fee?
A Bitcoin network fee is like a charge you pay when you send Bitcoin to someone. It’s a small amount of Bitcoin that goes to the people who help process and verify your transaction on the Bitcoin network. When you use a Bitcoin wallet app, it automatically calculates the fee for you.
Some apps let you choose how fast you want the transaction to happen by setting the fee higher or lower. On the other hand, some wallets don’t let you change the fee and may set it higher to make a profit. This typically happens with cryptocurrency exchanges.
However, with most self-custodial wallets, you can decide the fee you want to pay for sending Bitcoin.
Frequently Asked Questions about Sending Bitcoin
1. How much does it cost to send Bitcoin?
The cost of sending Bitcoin varies and depends on the network demand and the priority you set for the transaction. Generally, fees can range from a few cents to a few dollars, depending on these factors.
2. Why is there a Bitcoin network fee?
Bitcoin network fees exist for two main reasons. Firstly, they were introduced as an anti-spam measure to prevent overloading the network with transactions. Secondly, they now serve as an incentive for Bitcoin miners to include transactions in the next Bitcoin block.
3. What determines Bitcoin fees?
Bitcoin fees are decided by the market. The fees you pay for sending Bitcoin depend on how much people are willing to pay for faster processing.
4. How long does it take to send Bitcoin?
The time it takes to send Bitcoin varies but typically ranges from a few minutes to around an hour, depending on network traffic and the fee attached to the transaction.
5. How do I transfer Bitcoin to another wallet?
To transfer Bitcoin to another wallet, use your Bitcoin wallet app to send the desired amount to the recipient’s Bitcoin address as explained earlier in this article.
6. How do I get a Bitcoin wallet address?
You first need to have a Bitcoin wallet to get a wallet address. Once you’ve created the wallet, click on “receive” from the options under BTC. When you click it a string of letters and numbers will be displayed. That is your Bitcoin wallet address.
You can easily send Bitcoin to another address using crypto wallet applications. All you need to make it happen is the recipient’s Bitcoin wallet address. To be in full control of your Bitcoins and have a say in determining your transaction fees, it’s advisable to use a self-custodial wallet.
Coinosh is a trusted self-custodial wallet that allows you to send, receive, sell and manage crypto easily. This wallet app supports over 100 cryptocurrencies and allows cross-chain transfers. Thanks to its user-friendly interface, you get to enjoy a seamless crypto experience.