Expert Reviewed How to Send Bitcoins Bitcoins are a type of digital currency used in a peertopeer payment system. They are created as users record and verify payments for a transaction fee. However, bitcoins are not backed by gold or paper currency, and are therefore valueless unless you sell them, convert them to normal currency, or use them to buy a product or service. Before you can conduct a transaction and send bitcoins to someone else, you’ll need to choose and set up a Bitcoin wallet and accrue bitcoins by either receiving them from someone else, buying them, or mining for new bitcoins.
Steps Part Sending Bitcoins to Another User Send money with a software wallet. Though the process of sending money with a software wallet may vary from one platform to another, the steps should follow the same basic procedure. It will generally be very similar to sending money through an online checking account. Open your software wallet and click on the “Send” tab, or use the “Trade|Send Bitcoin” option under your wallet’s menu. Type in the destination address for your intended recipient’s wallet. You can type it by hand, copy and paste it from your system clipboard, or drag and drop the recipient’s QR code.
Choose a label so that you can track your bitcoin transaction. bitcoin canada in the value you want transferred in the “BTC” box. Review the details to ensure that you have entered the correct information. Click “Send” to complete the transfer. Once completed, the transfer is not reversible. It can take around one hour for the transaction to be confirmed by the Bitcoin network, but you and the recipient will instantly be able to see that the transaction was completed. Use a paper wallet to send bitcoins. If you’re using a paper wallet, you’ll need to access the physical wallet and transfer them to your software wallet.
Once your bitcoins are in your software wallet, you can then proceed with the transaction like you would for any other software wallet transaction. Scan the QR code on your paper wallet, or type the unique series of letters and numbers into your software wallet. Check the balance on your paper wallet to ensure that you have sufficient funds.