How to Send Bitcoin: From BTM Purchase to Wallet Transfer

Bitcoin Depot’s network of Bitcoin ATMs (BTMs) makes purchasing Bitcoin (BTC) with cash easy. Even so, many new users wonder how to send Bitcoin without making any mistakes once they receive their coins. Unfortunately, mistakes on the Bitcoin blockchain are often permanent.

Don’t start sweating, though. We’re here to walk you through everything.

From sending your first transaction to some best practices to follow to keep your coins safe, here is what you need to know.

A Simple Guide for Sending Your Coins

Wondering how to send someone Bitcoin?

The process is actually quite simple:

In your digital wallet, find the send feature.
Input the amount you want to send.
Scan, paste, or type in the recipient's address.
Double-check everything.
Click send.

And just like that, you’ve sent BTC.

These days, wallet apps are quite advanced. Not only do they make it easy to send and receive BTC, but they also offer intuitive user interfaces to help those without blockchain know-how understand the process.

For example, some wallets allow you to toggle between USD and BTC for price display, so you know exactly how much you’re sending. Some prompt you before you send your coins to make sure you’ve got the right address, and others won’t let you send coins to an invalid address — which we’ll touch on in depth a bit later.

But what happens after you hit send?

Transaction Management: Behind the Blockchain Curtain

Unlike a traditional money transfer, when you hit send on a blockchain transaction, there isn’t some central authority handling the process. Because the transaction is on a public ledger, you can watch as your coins move from address to address.

Here’s what is happening:

When you hit send, you’re creating a unique transaction. This transaction includes your address (the sender), the recipient's address, the amount of BTC, and the related transaction fee.
To prove that it’s your BTC you’re sending, you’ll sign the transaction with what’s known as a private key. Essentially, this is a unique cryptographic code that is bound to your wallet. Think of it as the key that unlocks your coins.
Once you’ve signed the transaction, it broadcasts to the Bitcoin network. It goes into a transaction waiting room called a mempool. Miners will pick transactions from the mempool to form new blocks in the blockchain.
After the miner forms the new block, it will then get confirmed by the rest of the network. Once this happens, the recipient will receive their BTC. It’s common for there to be at least six confirmations before a transaction is complete.

Terms You Should Know

While this is a pretty simple explanation of how to send Bitcoin, you might be scratching your head about a few of these terms. So, let’s break it down:

Bitcoin Miners: Think of miners like accountants who compete to process and record transactions. They group transactions into "blocks" and solve complex math problems. The first miner to solve the problem gets to add their block to the blockchain and receives Bitcoin as a reward.
Block Creation: Creating blocks is like filing pages in a ledger book. Miners collect pending transactions and package them into blocks. Each block links to the previous one, creating the blockchain. A new block is created every ten minutes or so.
Mempool: When you send BTC, your transaction will “wait” in the mempool until a miner picks it up. It’s a bit of a pay-to-play system, as the transactions with the highest fee usually get picked first. Think of it as a line at a bank — just that the people who pay more get served faster.
Private/Public Keys: Public/private key cryptography is at the heart of every BTC transaction. Think of your public key as your email address, safe to share with anyone who wants to send you BTC. Your private key is more like your email password. It proves you own the BTC and lets you send it.
Transaction Fee: Think of transaction fees like a "tip" you pay miners to process your transaction. The better the tip, the faster it will process. It’s kind of like paying for express shipping. When lots of people are sending BTC, fees will go up. A BTC transaction fee is different from fees from a BTM purchase, so keep that in mind.

It’s important to note that If someone gets your private key, they can steal your Bitcoin, just like if they got your bank password. It’s incredibly important to keep your keys safe and follow other best practices for BTC security.

How Long Does Bitcoin Take to Send?

So, how long does it take to send Bitcoin to another person?

On average, it takes around 10 minutes* (as mentioned on coinmarketcap.com) for a BTC transaction to complete. But, this will depend on several factors, like network congestion and individual transaction fees.

Some users will track their transactions using a blockchain explorer* (link to a blockchain explorer on blockchain.com).

Basically, this is a tool that puts the Bitcoin public ledger in a more user-friendly viewing package. You can see where your transaction is in the confirmation process. Remember, it takes around six confirmations for a transaction to complete, although this can depend on who you’re sending BTC.

Security Tips and Best Practices

While we’ve covered the ins and outs of how to send Bitcoin, there are a few more things you should know. Let’s touch on some BTC security tips and best practices you should follow to keep your coins safe.

Here are a few things to keep in mind:

Transactions on the blockchain are permanent. So, double-check the recipient's address to ensure it’s correct before sending it.
It’s recommended not to enter BTC addresses manually. These long strings of numbers and letters are easy to mess up when typing them in yourself. Try copy/paste, not typing.
For large transactions, it’s recommended to send a smaller “test” transaction first. This will help keep possible mistakes to a minimum.
Some transactions can take a few hours to complete, depending on things like network congestion.
Only send Bitcoin to addresses designed for Bitcoin. Sending to the wrong or invalid cryptocurrency address means permanent loss.
Save frequently used addresses in your wallet to reduce errors in future transactions.
Consider hardware wallets for extra security or when dealing with large amounts.
Double-check any auto-filled transaction fees your wallet suggests, as they might be higher than needed.

Start Your BTC Journey with Bitcoin Depot

There you have it: a simple guide on how to send Bitcoin.

From covering the basics to some best practices, you now have the tools you need to send and receive BTC with ease. Just keep in mind that, unlike traditional bank transfers, there is no one you can call if you make a mistake.

But, in return, you have ultimate control over your coins.

That’s the beauty of Bitcoin. No banks, no government, and no intermediaries have control. When you send coins to another person, you send BTC directly to them.

To get started, you need to get your hands on some BTC. That’s where we can help.

Here at Bitcoin Depot, we operate the largest network of BTMs across the U.S., Canada, and Puerto Rico — with over 8,400 locations (as of November 2024).

We make the BTC buying process easy with streamlined cash purchases alongside convenient options like our buy online service or BDCheckout™, our in-person buying experience. No matter what your buying style is, we have you covered.

Find your local Bitcoin Depot location today to begin your crypto journey.

*The information provided above is for informational purposes only. The inclusion of any particular 3rd party site does not imply an endorsement, sponsorship, or partnership between Bitcoin Depot and the 3^rd party sites listed above. While Bitcoin Depot endeavors to ensure the accuracy and relevance of the information provided, we do not guarantee the reliability of any 3rd party’s information.