Adding the Recipient Address

You can add the address either as a QR code, by scanning from the recipient wallet with your smartphone, or typing/pasting the full alphanumeric string.

If using the string, be very careful to copy all the letters and numbers. Most services offer a copy button to avoid mistakes.

Inputting the Amount

Input the amount, then double-check if it is correct. Make sure you are using the right currency – there is a huge difference in value between 1 BTC and $1.

Adding a Description (Optional)

You’ll see that as part of the send process you can add a Description to the transaction which can act as a reference. Remember, crypto transactions are anonymous so the only way to provide context is using address Descriptions, also known as Labels.

Where you send recurring transactions to the same address a Description will make life easier.

Confirmation Screen

Once you have input the Address and the Amount in your preferred currency, the wallet will summarise the transaction before you confirm. 

Check all the details as crypto transactions are non-reversible.

Recipient Gets – How much will be sent to the destination address. Check this is correct.

Network Fee – This is the cost of the transaction. It is variable depending on several factors (discussed here). The important point is to ensure your overall balance can cover the amount being sent AND the transaction fee.

Send & Check Pending Transactions

Once you are happy, hit ‘Send Now’. You’ll see a summary of the transaction, which is also then available in your transaction history, much like your banking App, but that isn’t the end of the process.

If you send money via your banking App you should always check with the intended recipient to make sure they received it. With crypto, that process is governed by Confirmations. Once a transaction is sent it will appear as Pending, until Confirmed. You can view the detail of Pending transactions.

We cover Confirmations in detail in the fifth article of the ‘How to Use’ section, but in short, Confirmations are the way the network (in this case bitcoin) checks the accuracy of a transaction to the point where its 100% satisfied. You could compare it to Votes being checked multiple times in an election to be sure they have been correctly counted.

Congratulations, you should by now have learned to download your first crypto wallet, and be comfortable with sending and receiving funds.