A bitcoin is a simple virtual or cryptocurrency that functions as a form of decentralized and peer to peer bartering card (means of exchange). Herein is a simple guide on how to use bitcoins.
Sending bitcoins is actually a very simple process that involves three easy steps. First, as the sender, you copy and paste the recipient’s address. Then you choose the amount you would like to transfer after which you click send.
This method may seem traditional at first glance especially to individuals used to the online store credit card based transactions, but it does bear some notable benefits. It allows you as the sender to maintain total control over the bitcoin payment process.
It is very important to note that the transactions cannot be reversed. Basically, when you send a bitcoin, the process is similar to the process of sending an email. Just like in emailing, once you press send after inputting a recipient’s address, you cannot turn back.
You can practice how to send bitcoins by making a donation to our bitcoin guide. Our address for the donations is represented by the green string of numbers and letters. You can locate it in the side bar.
It can take a few minutes for a recipient to receive confirmation of the bitcoin payment you make. This should not be a cause of worry. In many cases, it can take a while (up to 10 minutes) for the initial confirmation of the transaction.
This will depend on the wallet applications used by the recipient and the sender as well as the network. In some instances, up to six confirmations may be required before the transactions are recognized. These may take up an hour.
Receiving bitcoins is also an easy process. You simply select a receiving address from your wallet then provide this address to the sender. You can then wait for the other party to make payments.
As we have detailed above, confirmation of the payments by the bitcoin network may take up to 10 minutes. As such, it is normal to recognize the transactions only after they have been confirmed a minimum of six times. This is the payment standard for bitcoins.
By now you have learnt how to send and receive bitcoins. For the next step, you can browse the articles in our Learn More sections go get informed on how the Bitcoin network operates. If you are confused about any aspects and you would like to inquire about anything, feel free ask us.