Monrauch Group

Monrauch Group

Sending & receiving Bitcoin using a soft-wallet

  • November 14, 2023
  • By Monrauch Group

MG

Introduction

Bitcoin has become a popular digital currency that allows for secure and decentralized transactions. To send and receive bitcoin, you’ll need a digital wallet. Softwallets like Wallet of Satoshi and Coinbase provide convenient ways to manage your bitcoin transactions. In this blog post, we’ll explore how to send and receive bitcoin using these popular softwallets.

Sending Bitcoin

Sending bitcoin from your softwallet is a straightforward process. Here’s how you can do it:

Step 1: Open your softwallet

Launch the Wallet of Satoshi or Coinbase app on your device. If you don’t have one yet, download and install it from the respective app store.

Step 2: Access your bitcoin wallet

Log in to your account or create a new one if you’re a first-time user. Once you’re in, navigate to your bitcoin wallet within the app.

Step 3: Choose the recipient

Enter the recipient’s bitcoin address or scan their QR code. Make sure to double-check the address to avoid any errors. Some softwallets also allow you to send bitcoin to contacts within the app.

Step 4: Enter the amount

Specify the amount of bitcoin you want to send. Ensure that you have enough funds in your wallet to cover the transaction, including any associated fees.

Step 5: Confirm and send

Review the transaction details, including the recipient’s address and the amount to be sent. Once you’re certain everything is accurate, confirm the transaction and authorize the sending of bitcoin from your wallet.

Receiving Bitcoin

Receiving bitcoin is just as simple as sending it. Here’s what you need to do:

Step 1: Share your bitcoin address

To receive bitcoin, you’ll need to provide your bitcoin address to the sender. In your softwallet, navigate to the receive section, where you’ll find your unique bitcoin address and QR code.

Step 2: Share via QR code or copy-paste

If the sender is nearby, they can scan the QR code displayed in your softwallet to easily send bitcoin to your address. Alternatively, you can copy your bitcoin address and share it with the sender through other means like messaging or email.

Step 3: Verify the transaction

Once the sender initiates the transaction, you’ll receive a notification or see the incoming transaction in your softwallet. Verify that the transaction details match the expected amount and sender before confirming the receipt.

Tips for Secure Bitcoin Transactions

When dealing with bitcoin transactions, it’s essential to prioritize security. Here are a few tips to keep in mind:

  • Use Two-Factor Authentication: Enable two-factor authentication on your softwallet for an extra layer of security.
  • Keep Your Wallet Updated: Regularly update your softwallet app to ensure you have the latest security patches and features.
  • Double-Check Addresses: Always verify the accuracy of bitcoin addresses before sending or receiving transactions.
  • Use Strong Passwords: Set a strong password for your softwallet account to prevent unauthorized access.

Conclusion

By using softwallets like Wallet of Satoshi or Coinbase, you can easily send and receive bitcoin securely. Follow the steps outlined in this blog post, and don’t forget to prioritize security when dealing with your digital assets. Happy transacting!