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Most of us are certainly familiar with transferring money/fiat from one bank account to another. Since there are so many mobile banking apps in the market, you can send money between accounts from different banks online easily and conveniently. But what about Bitcoin transfer? Does it similar to money transfer from bank account or debit card? In this post, we will introduce how to transfer Bitcoin.
How to Send Bitcoins?
To start with, you should notice that Bitcoins are stored on wallets. Each wallet has its own address. That is to say Bitcoin transfer is the process to transfer BTC from one address to another.
Step 1. Sign in your wallet and click on the“Send” (it varies from different platforms or wallets) on the wallet's menu.
Step 2. Copy and paste the wallet ad dress of the destination recipient, and type in the value/amount of BTC that you intended to transfer.
Step 3. Check the details and confirm it before sending. Generally, you need to wait 6 blocks confirmation, and every 10 minutes for 1 block on average, which means it may take you almost an hour to complete Bitcoin transfer. Once the transfer process completes, it will be irreversible.
Does Bitcoin Transfer Need Fees?
No matter you transfer Bitcoin with web-based or software-based wallets, it will charge you network fee, which is paid to miners to confirm the transaction with large computation power, and it's also called miner fee. The fee of the transferral will be automatically deducted by the blockchain. However, how to determine the cost of the fee? Basically, in Bitcoin transfer, the amount of fee depends on the size of transaction, which is counted in bytes. A simple BTC transaction is nearly 230-250 bytes, accordingly the fee is about 0.001-0.0015 BTC.
Now, you may know well about the procedure of BTC transfer. In the future, instead of banking transfer, using blockchain or Bitcoin to do international currency transfer will be lower-cost and faster.