How do you pay someone with bitcoin

You just need their bitcoin address and then you can transact with them anytime. The Bitcoin network is always running and never sleeps, even on weekends and holidays. Fast international payments Sending bitcoins across borders is as easy as sending them across the street. There are no banks to make you wait three business days, no extra fees for making an international transfer, and no special limitations on the minimum or maximum amount you can send.

Choose your own fees There is no fee to receive bitcoins, and many wallets let you control how large a fee to pay when spending. Most wallets have reasonable default fees, and higher fees can encourage faster confirmation of your transactions. Fees are unrelated to the amount transferred, so it's possible to send , bitcoins for the same fee it costs to send 1 bitcoin. Protect your identity With Bitcoin, there's no credit card number that malicious actors can collect in order to steal from you.

In fact, it's even possible in some cases to send a payment without revealing your identity, almost like with physical money. Requirements There are relatively few requirements for receiving bitcoin, as most of the work is done by the sender. As long as you can send a Bitcoin address to the sender, they will handle creating, signing, and broadcasting the transaction. How to Send Bitcoin Creating a Transaction In order to send bitcoin, you will need an address to send it to.

The receiver of the payment should send you their address, which you can then enter into your wallet. The wallet will also ask you to enter the amount of bitcoin to send, as well as the transaction fee you wish to pay. Signing a Transaction After you have created a transaction, the wallet will ask for your password.

The password is what allows your wallet to use your private keys to sign the transaction. Once signed, the wallet will broadcast the transaction to the Bitcoin network. Broadcasting a Transaction In order to broadcast a transaction, you will need access to the Bitcoin network. Most commonly, wallets use the internet to connect to the network and broadcast transactions to other nodes.

However, other methods, such as mesh networks, radio, and satellite, also enable users to broadcast transactions. Sending a Transaction Obtain the address of the receiver. Enter the address into your wallet. Enter the amount of bitcoin being sent. Enter the transaction fee you want to pay. Signing The wallet will automatically use your private keys to sign the transaction.

Broadcasting Ensure your wallet is connected to the Bitcoin Network, usually via the internet. Your wallet may let you confirm the details before broadcasting your transaction. Your wallet will inform you when your transaction has been confirmed. Security Considerations Because Bitcoin transactions are irreversible, it is important to double check the address to which you are sending bitcoin as well as the amount being sent.

Once a transaction is included on the blockchain, it is impossible to alter. All transactions must pay a fee to be included in the blockchain. There are a number of factors which determine the speed at which a transaction settles on the blockchain, including traffic on the network and the fee rate set by the user. Typically, a Bitcoin transaction takes anywhere from 10 minutes to several hours to clear.

Most wallets allow the user to determine the fee rate, so, if you need a transaction to clear quickly, you should pay a higher fee. On the other hand, if you are comfortable waiting a few days or weeks for a transaction to clear, you can pay a low fee.

Part of the ethos of Bitcoin is the idea that any user can audit the state of the blockchain. Services called block explorers allow users to quickly query the blockchain to confirm that their transaction has settled. By running a Bitcoin node, users can check the status of their transaction, or any transaction, without relying on a third party service.

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