How to Send Bitcoin to Another Wallet?

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Currently, Bitcoin is the most expensive digital currency in the cryptocurrency market. Therefore, the Bitcoin exchange must ensure transparency and safety. In this article, CoinMinutes will show you how to send Bitcoin to another wallet successfully and quickly.

What Is a Bitcoin Address?

Bitcoin wallet address, or Bitcoin address is a public series of numbers and characters used to help you send Bitcoin or receive it from others. You can think of it as your credit account number, or more easily understood as your home address or email address. In order for others to send goods to your home, you must provide your address. Bitcoin address is an important part of the Bitcoin wallet, where users can send and receive Bitcoin transactions.

How to Send Bitcoin to Another Wallet?

To transfer Bitcoin from your Blockchain wallet to another wallet, follow these steps:

Step 1: Log in to your Bitcoin wallet. Click “Send”.

Step 2: Select the Bitcoin (BTC) icon.

Step 3: Enter the amount of Bitcoin you want to send

Step 4: Fill in the recipient’s wallet address and desired fee.

Step 5: Click Continue to check the transaction details again. After verifying the information is correct, slide the “Slide to Send” bar to send.

How Much Does It Cost to Send Bitcoin?

Unlike regular credit transactions, the cost of transferring Bitcoin to another wallet is completely paid voluntarily by the transferor (not the recipient). Transactions with higher transfer fees are prioritized for processing by the network first. Payment fees with Bitcoin are much cheaper than paying by bank transfer or credit card. If making international payments by credit card, the business side will lose 2-3% for the card payment fee and the customer side will lose about 5% for the foreign currency conversion fee. The cost of transferring Bitcoin does not depend on the amount of transfer, making Bitcoin attractive to those who want to send large amounts of their money.

How Are Bitcoin Fees Determined?

Bitcoin transaction fees are fees charged to users when making transactions to send bitcoins on the blockchain, usually the fee is collected in the project’s native token.

Bitcoin fees can be high or low, depending on the activity of the blockchain Exchange network. While high fees may hinder widespread adoption of blockchain, very low fees may cause safety and security concerns.

On the Bitcoin blockchain, miners receive transaction fees through the process of validating transactions to create a new block. The collection of unconfirmed transactions is called the mempool (short for memory pool). Miners will prioritize transactions sending BTC if users pay higher fees.

Some wallets allow users to set transaction fees manually. That is, users can also send BTC with zero fees, but miners will most likely ignore these transactions and they will not be validated. Bitcoin transaction fees do not depend on the amount sent but on the transaction size in bytes.

How to Safely Transfer Bitcoin?

To be able to transfer Bitcoin safely, you need to choose a reliable Bitcoin wallet. Below are some methods that can help you protect your e-wallet and avoid falling into bad situations. can happen.

  • Choose a wallet that suits your needs: You can find many different types of cryptocurrency wallets, but the important factor is that the wallet must suit your Bitcoin storage and transfer needs. Another important thing to consider is the supplier. Make sure you are using a wallet from a reputable source.
  • Always enable two-factor authentication: This feature adds an extra layer of security by requiring verification before completing activities such as logging in or withdrawing or depositing funds. If someone tries to gain access, you will find out immediately.
  • Regularly back up your Bitcoin wallet: Backing up your wallet helps you access your data in case your computer system or software fails. In case of theft or loss, you can easily restore data and assets.
  • Bitcoin Wallet Encryption: E-wallet encryption is also an effective way to prevent attacks. Remember always to set a passcode and lock your coins anytime you see someone trying to access your account.
  • Use multi-signature feature: Some cryptocurrency wallets require signatures from authorized users to allow access to the wallet. Without the permission of these people, bad guys will not be able to access and illegally violate your electronic funds.

Bad guys are always waiting for an opportunity to steal data, so always be alert to all suspicious signs with the above measures to preserve your Bitcoin wallet so you can perform transaction activities safely.

Conclusion

Above is an article on how to send Bitcoin to another wallet that Coinminues compiled. Hopefully, the information about Bitcoin wallets and how to send Bitcoin provided in this article will help you make transactions simpler, faster, and more secure.

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Chi Do
Chi Do
Chi Do is a content writer at CoinMinutes, responsible for creating most of the content on the website, including news related to Bitcoin (BTC), Ethereum (ETH), Blockchain, Decentralized Finance (DeFi), and more. With a keen interest in cryptocurrencies since the 2020s, Chi has acquired extensive experience and knowledge in this field. Chi holds a Bachelor's degree in communication from Academy of Journalism and Communication in Vietnam.

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