Sending and Receiving Bitcoin

How to Send and Receive Bitcoin

 

receive bitcoin

 

Generating an address

One of the simplest ways to generate an address which can receive Bitcoin is by going to BitAddress.org. Move your mouse or type in some random numbers and letters into the provided field until the counter says 100% (this is so that an element of randomness is introduced into the process, making things harder to guess for machines). The screen will then display something like this: The green “Share” part starting with 195 is the public address of this wallet. You can check how many bitcoins it has at any moment, and who sent them where to/from by going here. This is the address you give someone so they can send you bitcoins. The red part (starting with L3SR) is the private key which you should never let anyone else see. You use this to send currency to another address. It’s best to save it in a text file, put it into a USB stick and store that stick into a drawer of a safe. Better yet, write it on a piece of paper, or engrave it into a bit of metal to make it fire-proof, then store that.

Receiving BTC

To receive BTC, just put the public part of the address you previously generated (the one starting with 195 in our previous example) into the recipient field, or send it to the person sending you funds. Note that the person sending you funds never needs your private key – if they ask for it, they’re trying to rob you. Please report such instances to us.

Sending BTC

If your BTC is in an account on an exchange site, there should be a “Send” or “Withdraw” option somewhere. Use it, input an address into the recipient field, and you’re done. To send BTC from an address the private key of which you own, you need software to generate and sign a transaction. You’ll need to import the private key into such software. Due to the security implication of giving a third party your private key, it is recommended you move the entirety of the funds to another address as soon as possible – either fully moving them to someone else, or sending whichever amount you intend to send, and then moving the rest to a new address.

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