Learning how to send bitcoin may seem like a daunting task, but it isn’t. In fact, it could be compared to the simplicity of buying and selling, just with some slightly different steps.
In this article, we will show you how to send coins between addresses, using a Coinbase account as an example.
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Sending and receiving digital currency may look a little different, depending on which service/wallet you chose, but the steps do share a typical standard.
Receiving Bitcoin
To receive:
Step 1: Log in to your Coinbase account and go to the dashboard.
Step 2: Under “Your Accounts” go to the wallet of the coin you wish and click “Receive.”
Your wallet is set to receive automatically. All you need to do is give the sender your address or QR code. On the window that pops up, hit “Show Address.” Give the address/QR code to the sender to copy/scan.
Make sure that the sender gets your address correct when sending it as mistakes are not allowed. An incorrect address may mean that not only will you not get your coins, but your coins may also be irretrievable if they make it to a different wallet.
Sending Bitcoin
Sending digital currency to another wallet is not so different from sending a payment via PayPal.
To send digital currency directly:
Step 1: Log in to your Coinbase account and go to the dashboard.
Step 2: Under “Your Accounts” go to the wallet you wish to send from and hit “Send.”
Step 3: Select “Wallet Address” and enter the recipient’s wallet address in the recipient box. Typically, wallet addresses are easy to copy and paste in or scan when using QR codes. Select the wallet you wish to send from and then input how much you wish to send in USD or in BTC, adding a note if you wish.
Note: Pay attention to the network fee as this cost will be deducted from the total you send, so be sure to top up the value of the send accordingly.
Step 4: Hit “Continue.” and you will see a confirmation screen. Enter the verification code that was sent to you via your two-step verification. Hit “Confirm” when you are ready to send the digital currency.
Once confirmed, your coins are sent. This process can be instant or take up to an hour or so.
If you do not want to send coins directly to a wallet address, you have the option of sending coins to an email address. Here are the steps to do so:
Step 1: Log in to your Coinbase account and go to the dashboard.
Step 2: Under “Your Accounts” go to the wallet you wish to send from and hit “Send.”
Step 3: Select “Email Address” enter the recipient’s email address. Select the wallet you wish to send from. and how much you wish to send in USD or in BTC, the note is optional.
Step 4: Hit “Continue.” You will see a confirmation page. Enter the verification code that was sent to you via your two-step verification. Hit “Confirm” if you are ready to send the coins.
The recipient will receive an invitation via email to log into the Coinbase system and enter his or her wallet address. Once the recipient enters a receiving wallet address, the coins will be transferred.
Fees
Transferring coins between wallets is not free unless it is between wallets from the same provider or wallets you own. Fees are paid to miners for confirming the transaction and keeping the blockchain secure, and this cost is determined across a number of facets, including which wallet provider you are using.
There are resources available to help you determine what the fee will be, but note that this figure is always changing.
For web-based and software-based wallets, there may be a service fee that is charged separately by the wallet’s provider as an addition to the fee paid to miners. This is not often added to the transferral for sent coins, but typically automatically withdrawn from your wallet or from incoming transmissions, so do pay close attention.
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As of July 26th, 2019 you can now send Bitcoin (BTC) to your Cash App account.
Here is a step by step guide on how to send Bitcoin To Cash App
To deposit bitcoin into your Cash App:
- Tap the profile icon on your Cash App home screen
- Select Bitcoin
- Press Deposit and follow the steps to view your Cash App bitcoin address
- Scan, copy, or share your Cash App bitcoin address with an external wallet
- Confirm the transfer
Bitcoin withdrawals and deposits must be enabled to get started. You can deposit up to $10,000 worth of bitcoin in any 7-day period. Depending on network activity, it can take hours before transfers into or out of your Cash App are confirmed on the blockchain.
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The United States passed into law its Anti-Money Laundering Act of 2020, which takes effect on January 1, 2021. This brings digital currency exchange companies and other digital-asset-related businesses under the scope of regulations of the Bank Secrecy Act (BSA), which requires financial institutions “to actively detect, monitor and report potential money laundering activity.”
“I’m pleased that our anti-money laundering legislation was included as a part of this year’s [National Defense Authorization Act]. This bipartisan legislation protects Americans by depriving criminals and terrorists of the tools they use to finance illicit activity. It is the first serious overhaul of our anti-money laundering system in decades, and it makes sense to include it in the biggest, most important national defense legislation Congress passes each year,” South Dakota Sen. Mike Rounds said in a press release.
The massive anti-money laundering reforms are targeting businesses dealing with digital currencies and assets by clearly specifying the definition of a “financial institution” to “‘a business engaged in the exchange of currency, funds, or value that substitutes for currency or funds” and “a licensed sender of money or any other person who engages as a business in the transmission of funds or value that substitutes for currency.”
The reforms further define a “money transmitting business” to include those who deal with “currency, funds, or value that substitutes for currency.” Now, there are no longer loopholes that digital asset companies can use when dealing with the Financial Crimes Enforcement Network (FinCEN), the agency that enforces the BSA.
Stricter Penalties Enforced
Aside from updating definitions to ensure that digital currency exchange firms and others dealing in digital assets are clearly within the scope of the AML Act of 2020 and the BSA, stricter penalties are now being enforced for crypto criminals.
Now, those who have been found guilty of violating the AML Act of 2020 and/or BSA are faced with fines amounting to profits earned while committing the violation and possible jail time. Those guilty of an “egregious” breach are also going to be banned from taking a board member position of any financial institution in the country for 10 years. Furthermore, employees of financial institutions who commit these crimes will be obligated to return to their employer all bonuses received during the time the act was committed.
FinCEN is being given additional resources, like increasing its manpower, to ensure the enforcement of these reforms. This will further safeguard investors against crypto crimes and nail down digital currency exchange firms and other digital-asset-related businesses that do not comply with BSA regulations.
Less than two months into 2021, the price of bitcoin has risen 95.4%.
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How Do I Send Bitcoin On Cash App
Charles Hoskinson has always been a huge advocate for decentralized finance and building a network that could provide solutions to the problems with our current financial and banking systems. In this recent AMA Charles speaks out on his view about the issues that Bitcoin faces as well as reminding everyone that cryptocurrency isn’t all about taking profits.