📬 Receiving Bitcoin (The Easy Part)
Receiving bitcoin is simple and safe. You can't lose funds by receiving - only by sending
to the wrong address.
How to Receive Bitcoin:
- Open your wallet app
- Tap "Receive" or the receive icon
- You'll see a QR code and a long address
- Share the address OR the QR code with the sender
- Wait for confirmation (usually 10-30 minutes)
Understanding Bitcoin Addresses
- Each wallet can generate unlimited addresses
- All addresses connect to the same wallet balance
- It's SAFE to reuse addresses, but better to generate new ones
- New address each time = better privacy
Example Bitcoin Address:
bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh
This is what a modern Bitcoin address looks like. Starts with "bc1" (most common) or sometimes "3".
📤 Sending Bitcoin (Requires Caution)
Sending bitcoin is irreversible. Once confirmed, it cannot be undone.
There's no "undo" button, no customer service, no refunds.
Before You Send: Critical Checks
- VERIFY the address - check first 4 and last 4 characters
- Send a SMALL test transaction first ($5-10)
- NEVER type addresses manually - always copy/paste or scan QR
- Double-check you're on the correct network (Bitcoin, not Lightning)
How to Send Bitcoin:
- Open your wallet app
- Tap "Send" or the send icon
- Paste the recipient's address or scan their QR code
- Enter the amount to send
- Select transaction fee (more on this below)
- Review EVERYTHING carefully
- Confirm and wait for blockchain confirmation
🔍 Try It: Look Up a Real Bitcoin Transaction
See how transactions appear on the blockchain. This is the first-ever Bitcoin transaction to another person (Satoshi → Hal Finney, January 2009):
f4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16
What you should notice...
- 10 BTC sent (worth millions today!)
- Transaction has inputs (where bitcoin came from) and outputs (where it went)
- Tiny fee (0.00000000 BTC) - fees were negligible in 2009
- Thousands of confirmations over 15+ years
- Every transaction is permanently visible on the blockchain
Understanding Transaction Fees
Bitcoin transactions require a miner fee to process. You choose how much
to pay. Higher fee = faster confirmation.
| Fee Level |
Speed |
Cost |
When to Use |
| Low |
1-24 hours |
$0.50-2 |
No rush, saving money |
| Medium |
10-60 min |
$2-5 |
Normal transactions |
| High |
10-30 min |
$5-20 |
Urgent payments |
Fee Strategy
- Most wallets suggest a fee automatically - usually safe to accept
- Fees fluctuate based on network demand
- Weekend/off-hours = lower fees
- For large amounts, a higher fee is worth the speed
- Check mempool.space to see current fee rates
Tracking Your Transaction
After sending, your transaction enters the "mempool" (waiting area) until miners include
it in a block.
Transaction Status:
- Unconfirmed: Waiting in mempool (0 confirmations)
- 1 Confirmation: Included in a block (~10 min)
- 3+ Confirmations: Considered secure (~30 min)
- 6+ Confirmations: Fully settled (~60 min)
How to Track:
- Your wallet will show transaction status
- Copy transaction ID (txid) and paste into mempool.space
- You'll see real-time confirmation count
- Most merchants accept after 1 confirmation
🛠️ Practice Building Transactions
Learn how Bitcoin transactions work under the hood with our interactive transaction builder.
Open Transaction Builder →
See inputs, outputs, and fees • No real bitcoin required
Key Takeaways
🏁 What You've Learned:
- Receiving bitcoin is simple and safe
- Sending requires careful verification
- Always test with small amounts first
- Transaction fees affect confirmation speed
- Bitcoin transactions are irreversible - double-check everything
Next: Module 5 covers the safety checklist - how to avoid the most
common and costly mistakes.