If you're reading this, then It means that you know about Bitcoin and how does It work. Here's a brief introduction about bitcoins.
Bitcoin is a digital currency. It is a peer-to-peer payment network that doesn't depends upon middle men like banks. You can read more about It on WikiPedia & Bitcoin.org.
For sending and receiving bitcoins, you'd need a Bitcoin wallet. Just like a real wallet, a bitcoin wallet is responsible for storing your bitcoins. Two major types of Bitcoin wallets are
- Software/Desktop wallets
- Web wallets
I would recommend all the beginners who are just going to start out in the bitcoin stuff, to use Online web wallets. I also use an Online web wallet (discussed below). The reason is simple, easy to use and no hassle.
By no hassle, what I want to say is that installing and maintaining a desktop wallet can be difficult for new users. Having an online wallet gives a user the ability to send/receive bitcoins from anywhere by logging into the website of his wallet provider.
Which Web Wallet I use?
I use Coinbase and I would recommend you to also use coinbase. The reason I use Coinbase is because It is simple. It has a nice design. It is also available for both Android and iOS which means that everything which I can do from their website can also be performed from their mobile application (I use It a lot).
How to get a Coinbase account?
Creating a Coinbase account is easy.
Go to www.coinbase.com (Referral link)
Enter your First Name, Last Name, Email Address and Password, then click SIGN UP.
A verification link would be sent to your email. Click on that link to verify your account and get started.
After this, your account would be ready to use.
Now in order to send bitcoins, you must have bitcoins in your account.
You can buy bitcoins in Coinbase by clicking on Buy/Sell bitcoins tab. Although It would require some verification (A Bank account). There are many other methods to get bitcoins (I won't be discussing those in this post).
How to Send bitcoins to others in Coinbase?
If you want to send bitcoins to others, you'd need their Wallet address. A bitcoin wallet address is a public key belonging to a specific person/account to whom you can send bitcoins. Wallet addresses are case sensitive that's why you should always copy/paste these addresses instead of typing them manually.
To send bitcoins, click on Send/Request.
After that enter:
- Receiver's wallet address
- Amount to send (in BTC or USD [choose from drop-down])
You can also enter the Receiver's email address if the person to whom you're sending bitcoins is a coinbase user. Otherwise you'd have to enter their wallet address.
Then click Send and your bitcoins would be sent.
How to receive bitcoins from others in Coinbase?
In order to receive bitcoins from other people, you'd need to provide them with your wallet address. To get your wallet address in Coinbase, click on Accounts tab from left menu and then choose BTC Wallet
Then click on Wallet address and a box would open showing you your Wallet address.
Another way to see your wallet address is to go to https://www.coinbase.com/addresses. You might see a lot of addresses.
This is because coinbase automatically generate new address after every transaction. They do this to protect the privacy so other people can't see all the transactions associated with your single wallet address just by looking into the blockchain explorers. You can use any of the address on that page. All addresses present there are linked to your account and would not expire.
As soon as you receive bitcoins, they would start appearing as Pending in your coinbase account for a couple of minutes until they are confirmed. On average, It takes around 10 minutes to get one confirmation. After 3-4 confirmations, you'd be able to use your bitcoins.
If you have any questions, You can ask me through the comments below.