Sending Bitcoins Legally – Using A Wallet to Send & Receive Bitcoins
To start using Bitcoin, first of all, you need to get a digital wallet. It is offered free of cost by several Bitcoin related websites. Both desktop and mobile versions are offered for free. A digital wallet allows the storage of Bitcoins.
You can get paid in Bitcoin for your work or buy Bitcoin. In either case, it will be stored in your wallet for future use. The manner in which you can send Bitcoin is one of the easiest things to learn.
You will need a digital address of the person to send your Bitcoin. Enter that into the input address box provded in the send tab of your Bitcoin wallet and authorize the transaction.
Once you have done that, your transaction will be processed instantly and the Bitcoin payment will reach the recipient’s Bitcoin wallet.
Cryptocurrency Exchanges Where to Buy Bitcoin
It is up to you to spend any Bitcoin holdings you have. Currently, it is prudent to actually buy Bitcoin and then hold onto it, as the value of Bitcoin is on a huge upward curve and doesn’t look like ending any time soon.
If you do however wish to spend Bitcoin, then you will need to simply find out a seller who accepts Bitcoin for their goods, and then you send the amount in Bitcoin directly to their Bitcoin Wallet.
Stick to Established Merchants
I would always advise anyone who is thinking of buying goods online and wish to pay for those goods with Bitcoin to try and stick to established merchants and retail sites.
Such sites and retailers must have a solid track record. If not, the seller may be a fly by night operator who may not actually supply you with the goods you have ordered.
Buy Genuine Goods Online
Many counterfeit goods are sold online, and Bitcoin, being a decentralized currency, cannot be recalled once the payment is made. Thus, you should stick to sites that are selling genuine goods.
You should never get lured by huge discount offers offered by some websites, as there is a high probability of those goods to be counterfeit ones.
Digital Wallet Transactions
The onus is on the sender of Bitcoin to ensure that the Bitcoin digital wallets to which they are sending Bitcoin to are the correct ones. Please do keep that in mind when you are sending Bitcoin to anyone.
Double check the address of that digital wallet to which you are sending funds. There is no way to retrieve if you send Bitcoin to the wrong wallet.
If you are using digital currencies, then you would have found sending Bitcoin or any other digital currency is the quickest method and some crypto currencies allow transitions to get confirmed instantaneously. This is unlike the traditional way of sending payment where the receiver has to wait for several days to receive payments.
If you gamble online, then you must know that a growing number of casinos, bingo, poker and sports betting sites will now accept money in Bitcoin and will also allow you to cash out your winnings in the form of Bitcoins.
Frequently Asked Questions
You may be considering opening a Bitcoin wallet account. If so, the answers provided below will clear your doubts about Bitcoin.
Can I send Bitcoin to anyone?
The only thing that is required is the digital wallet address of the person to whom you wish to send Bitcoin.
Are digital currency start ups worth investing in?
You need to look at what is unique about those new startups in order to make a well balanced decision. You should also assess whether those unique features and aspects will prove to be popular with users.
What exactly does a Bitcoin look like?
Which cryptocurrencies are worth using?
You should understand that some cryptocurrencies are much more popular than others and the price differs considerably.
Is Bitcoin a scam?
I hope you have found the above guide informative. Please do read the section below which answers a lots questions regarding various aspects of using Bitcoin.