How to Send and Receive Bitcoin from a Wallet - TheCryptoInsight

how to send and receive bitcoin from Binance

How do you send a Postcard? You need an address, right. How do you send an email? You need an email address. While a postcard is physical and takes some to get delivered, email is almost instant and can be sent to any part of the world. Of course, the internet is required to send an email.

But how do you send money? How do you send money across the country? You need a bank account and an account number right? and you don't exactly know how long it takes and the cost to transfer your money.

Bitcoin isn't physical. It is a digital currency. Bitcoin is often termed as Magic Internet Money. Bitcoin is the first-ever cryptocurrency. Bitcoin has some value and it can be transferred to any part of the world within minutes with minimal fees.

How to Send and Receive Bitcoin

To send Bitcoin, all you need to have is Bitcoin, and to receive Bitcoin, you need to have a Bitcoin address. Bitcoins are stored in Bitcoin wallets. You can only receive Bitcoin to your wallet if someone sends it to you or if you buy Bitcoin on any exchange and send it to your wallet. Every Bitcoin wallet has its own unique address or multiple unique addresses.

There are different types of Bitcoin wallets, Hardware and Software wallets. Hardware wallets are the most secure way of storing your Bitcoin.

How to Receive Bitcoin

Let's see how we can receive Bitcoin first. To receive Bitcoin, you just need a Bitcoin wallet. There are many types of Bitcoin wallets. If you want to store your Bitcoin in the most secure way go for a Hardware wallet by Trezor or Ledger.

Software wallets exist as mobile and PC applications and as Chrome extensions. For the sake of this article, let's create a mobile wallet and try to receive Bitcoin from that wallet. Some of the best mobile wallets are Jaxx, Atomic, Exodus, and Coinbase wallets.

  • Click on 'I Agree' to accept the terms of service
  • Select your language and click 'Confirm'
  • Click on 'Get Started' if you haven't created one
  • Back up your wallet by clicking the 'Back-Up Now' button. You can easily restore your account if you lose your device or anything happens if you back up your wallet
  • Now write down the 12-word backup phrase in a safe place and do not share it with anyone
  • After you wrote down the 12 magic words, click on 'Confirm Phrase'. And next, click and select the 12 words in the same correct order and click 'Continue'
  • Your wallet Backup is complete. Click on the 'Jaxx Liberty Home' to get to the actual stuff.
jaxx blockchain wallet

  • On the Jaxx wallet Homepage, you can see Bitcoin, Ethereum, Bitcoin Cash, and Litecoin wallets active. You can add or remove wallets by clicking on the Menu icon at the top-right.
  • Click on the Bitcoin wallet, it shows your holdings, activity, details, etc.
  • Now click on 'Receive'. That is it. That is your Bitcoin Address. Copy or share the address and you are good to receive Bitcoin to your wallet.
bitcoin address create

How to Send Bitcoin

Now let's see how we can send some Bitcoin. You should have some Bitcoin in your wallet to send it. Let's see how we can send Bitcoin from Jaxx wallet and a popular exchange like Binance.

Sending Bitcoin from Jaxx wallet

  • If you have some Bitcoin in your wallet, you would have a 'Send' button, click on Send
buy and trade bitcoin on jaxx wallet

  • Now paste the address you want to send Bitcoin to in the Send to bar
  • Type the Amount of Bitcoin you want to send (the amount will be displayed in USD too), a transaction fee will be shown as a mining fee which will be paid from your amount. Now click 'Send'.
  • Done. In a few minutes, the Bitcoin transaction will be completed.

Sending Bitcoin from Binance

  • After you open the Binance app, click on the Wallet icon
  • Search or select BTC from the Assets list and click on Withdraw. You will get a form like one below
how to send bitcoin from binance

  • Now paste the Bitcoin wallet address and select Network
  • Network is the network on which you want to transfer your Bitcoin on. It would be BTC, if you want to send it to a Bitcoin wallet. If you want to send it to Ethereum or Binance Smart Chain, only then you have to select ERC20 and BEP20 respectively.
  • Enter the Amount and Confirm everything again and click 'Withdraw'
  • You can protect your Binance account with 2FA for more security while withdrawing your funds.
  • That is how you can withdraw or send your Bitcoin from your Binance account

The withdrawal fee is less if you transfer using a wallet instead of Binance, and you can also customize your fees in Jaxx wallet.

And you just need a Bitcoin address to send or receive Bitcoin. You do not need to do any KYC to create a wallet. You can create as many Bitcoin wallets as you need and hold Bitcoin in all of them.

Bitcoin Transfer Fee

Bitcoin transfer fee is not constant all the time. It depends on the number of transactions in the mempool from which miners pick the transactions. Miners pick the transactions with higher fees first. So the transactions with higher fees are processed quicker than those with lower fees.

The average fee for a Bitcoin transaction is around $4.17 in July 2021

Transfer cryptocurrencies in a cheaper way, check out Cryptocurrencies with Lowest Transaction and Withdrawal Fees

Bitcoin also has a second layer for transactions which is known as Bitcoin Lightning Network which is one of the fastest and cheapest ways of transferring Bitcoin.

To know more about the Bitcoin Lightning Network, What is Bitcoin Lightning Network and How to Use it?

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