Are you keen about bitcoin transactions? If yes, then you have to find out the steps to send and receive bitcoins. The entire mechanism of bitcoin is based on receiving and sending bitcoins from one wallet to another. Even though you can buy bitcoin using fiat currency, you have to do it through a bitcoin wallet, which is an important platform to store, manage and track bitcoin transactions. Now there are different types of wallets to choose from ranging from cold to hot wallets. The cold wallets are the safest of the lot as you can download and keep them safe with you. On the other hand, hot wallets are Internet-based wallets which means you need to have access to the Internet to use this wallet. If you are choosing the latter, then you should go for two-factor authentication to ensure better safety to your wallet.
Now, when you send bitcoins from one wallet to another, the recipient has to receive it and then bitcoin transaction confirmation will take place. This might take up to 10 to 20 minutes. But in some cases, the transaction can take up to an hour or day or two based on the volume of bitcoin transaction and the bitcoin transaction fee. To check the bitcoin transaction confirmation status, you have to go to blockchain explorer, copy the bitcoin transaction id and paste it on the search field. Thereafter, you will get to see the bitcoin confirmation status. If there are no confirmations, this means the transaction didn’t take place from the sender’s end or maybe the process didn’t take place at all. However, your money won’t be lost in such circumstances. For better clarity, you can always contact blockchain and resolve your queries.
Steps to Receive Bitcoins
In this part, we will tell you how to receive bitcoin from a wallet.
· Go to bitcoin.com wallet and choose ‘receive’
· Select the type of wallet where you wish to receive the bitcoin to
· Make sure you are choosing BTC wallet if you are getting bitcoin and BCH wallet if you are receiving bitcoin cash
· The chosen wallet will generate an address that will help you receive bitcoins
· Copy the address and send it to the person sending bitcoins to your wallet
· If the sender is nearby, you can also use the QR code scanner to scan the wallet address for bitcoin transaction
· The latter is very convenient and can be done only if the sender is present in person near you
That’s how you can receive bitcoin from a wallet. After the transaction, wait for a while to get the transaction confirmed. Now, if you don’t get any confirmation, then there are high chances the bitcoin transaction got stuck in the mempool. That’s why you should pay a higher bitcoin transaction fee to ensure faster bitcoin transactions. If you have more queries related to bitcoin transaction confirmation, get in touch with Blockchain customer service at XXXXXXXXXXX now!
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