Bitcoin went through a rough patch recently but has miraculously recovered. Nowadays, even with all the volatility associated with this cryptocurrency, the number of investors continues to grow.
On top of that, the mainstream acceptance of Bitcoin is also trending up. But most importantly, the number of places where you can pay with Bitcoin and send Bitcoin instantly is also on the rise.
So, what do you do if you want to send a friend or family member Bitcoin or pay for a service? There are several ways you can go about it, and we’ll discuss the three popular options.
Using the Bitcoin Exchange Platforms
If you don’t have a Bitcoin wallet, the only other place you can store your Bitcoin is on a Bitcoin exchange platform.
Well-established exchanges typically offer custodial wallets to their users in an effort to consolidate their services. You can send money to another person from a Bitcoin exchange or send yourself money to another exchange or a digital wallet.
Regardless of the destination, all you really need is a Bitcoin address. The recipient of the Bitcoin needs to provide a unique alphanumeric code that represents what you can use to send Bitcoin instantly.
Using Your Bitcoin Wallet
Some crypto users frown upon the idea of storing their digital assets in a custodial wallet provided by the exchange. They prefer to have exclusive control of their Bitcoin and be the only ones with the private key to access the funds.
If you use a non-custodial wallet, sending Bitcoin is a fairly simple process. You need a destination which is a Bitcoin wallet address.
Once you copy the address, click on the “Send” button in your wallet, enter the amount, paste the address, and that’s it.
Keep in mind that you’ll need to pay a fee for each Bitcoin transaction determined by several factors. Also, the recipient’s wallet should support Bitcoin; otherwise, the transaction will be invalid.
Using a Bitcoin ATM
Bitcoin ATMs might not be available worldwide, but they have been found in some locations since 2014. There are several benefits to using a Bitcoin ATM to send the currency to someone else.
First, you don’t even need to have a Bitcoin wallet to complete the action. You can insert cash into the machine and enter the Bitcoin wallet address of the recipient. The recipient can either store funds in a digital wallet or visit another Bitcoin ATM and take out cash.
But using the ATM Is helpful if the recipient lacks a wallet as well. Perhaps you want to send Bitcoin to someone, but they don’t have a digital wallet or know how to use it. In that case, you can quickly create a wallet for them, send Bitcoin to that address, and then give them the private key to access the funds.
The only downside is that a Bitcoin ATM is not very handy when you’re in a hurry unless you happen to be close to it. Also, ATMs are not recommended for large transactions as most units have deposit limitations.
Before using a Bitcoin ATM to send money to another wallet, make sure to find a unit that charges lower fees and receives regular updates. You can do that by visiting this Bitcoin ATM locator.
How to Track Bitcoin Transactions?
Once you send Bitcoin to another digital wallet, that transaction is broadcasted on the blockchain. However, until Bitcoin miners confirm it, it won’t land in the recipient’s wallet.
This can take anywhere between 10 minutes and several hours as miners prioritize transactions with higher fees. You don’t have to sit around and wait, and the recipient doesn’t have to monitor the changes in their wallet balance closely.
You can search for the transaction ID in the block explorer, a regularly updated transaction database showing real-time changes. When a transaction is confirmed, its status on the blockchain will change, and the explorer will reflect that.
Send Bitcoin Instantly and Safely
One final point worth noting is that a Bitcoin transaction is irreversible. So, make sure to have the correct Bitcoin wallet address before it’s broadcast.
The most convenient way to pay someone with Bitcoin is to do it from your Bitcoin wallet. The process is effortless, as all you need is a Bitcoin address. You can undoubtedly send Bitcoin instantly via exchanges, but that’s not everyone’s preferred method.
However, another viable option is to use a Bitcoin ATM, which has several significant advantages. But unlike wallets, they’re not as prevalent and not available with a click of a mouse or tap of the finger.