In this article, I want to talk about digital currencies and in particular Bitcoin.
The very first time I heard about Bitcoin I was amazed to know how it actually worked. I couldn’t understand how something such as Bitcoin could be used as value and how you were able to send it from one person to another.
Ok so let’s take a close look to see exactly how you can send and receive bitcoin
How to Send Bitcoin
In order to send Bitcoin, you will need a wallet. A wallet provides you with a unique Bitcoin address. You will receive a public address and a private key. In order to send Bitcoin, you will need an address that you would like to send the Bitcoin to.
When sending Bitcoin then you will enter the wallet address you are wanting to send the Bitcoin to, the amount of bitcoin you would like to send and the how much of a fee you will provide miners to verify the transaction. (the higher the fee the quicker the transaction gets verified)
How to Receive bitcoin
In order to receive bitcoin you will need to provide your public key to the person that is sending the Bitcoin to you. Once the payment has been sent then you will be able to use the Bitcoin Explorer to see the successful transaction. You will also see the balance in your wallet update. Usually, the transaction is confirmed after a couple of miners verify the transaction on the blockchain