Bitcoin Balance

All currencies have different denominations. A Dollar breaks down to 100 cents, the same with Euro; Cryptocurrency is no different.

Bitcoin was designed to break down to eight decimal places, and features four denominations:

• 1 BTC
• 1,000 mBTC (millibitcoin)
• 1,000,000 μBTC (microbitcoin)
• 100,000,000 Sats (Satoshis)

How you’d like the App to display the balance is up to you. It may come down to what you commonly use the App for, and the appropriate unit. We’ll explain more about that in a separate article on spending cryptocurrency.

Fiat Equivalent Balance

As well as the option to choose how your bitcoin is displayed, you can also choose how to display a fiat equivalent, to understand your balance in something more familiar.

To achieve this the Coins.io app references a live price feed from an Exchange and calculates the equivalent based on your balance.

Unit Value

As you’ve now learned the different unit breakdowns for bitcoin you can appreciate the option to choose the one that is best for you. This setting can be changed at any time.

Receiving Bitcoin

As you’ve just set up your first wallet, your balance, unfortunately, will be zero. You can change that by receiving bitcoin, whether from a friend, an Exchange or some other source. Here’s a summary of the simple steps with further detail below:

1. Tap Receive: 
2. Give your address to the Sender – QR code or text version.
3. Monitor your Pending transactions.

Choosing the receiving service

Coins.io supports both regular On Chain bitcoin transactions and Lightning. The difference is explained in this article, but for simplicity choose On Chain which is the default method.. Simply tap the ‘Receive’ button on the home screen and select On-chain. You’ll then see image #.

As explained in the first article in this section. A crypto mobile wallet is like your banking app, but instead of an account/sort code or IBAN, it has Public Addresses.

Public Addresses are how you receive funds. As in the image, they can be represented in two ways. A QR code which another mobile wallet can quickly Scan, or an alphanumeric string you can copy paste for a pc based wallet.

You can create as many Public Addresses as you want; each one is unique. It is actually good practice given Public Addresses allow anyone to view the address balance. We explore more about this in article 6 of this section.

Sending Bitcoin

Sending cryptocurrency is simply the opposite of receiving. Here’s a summary of what is involved with further on each step below:

1. Add the address of the recipient – QR code or type/paste
2. Input the amount you want to send.
3. Add a Description of the transaction.
4. Review what the Recipient
5. Review the Network Fee
6. Wait for Confirmation