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		<title>How to send Bitcoin safely &#038; securely</title>
		<link>https://www.independentreserve.com/blog/knowledge-base/how-to-send-bitcoin</link>
		
		<dc:creator><![CDATA[Independent Reserve]]></dc:creator>
		<pubDate>Thu, 06 Jan 2022 06:23:55 +0000</pubDate>
				<category><![CDATA[Knowledge base]]></category>
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		<guid isPermaLink="false">https://www.independentreserve.com/blog/?p=2962</guid>

					<description><![CDATA[Learn how to send Bitcoin  It can be hard to know where to start when sending Bitcoin for the first [&#8230;]]]></description>
										<content:encoded><![CDATA[<h1><img fetchpriority="high" decoding="async" class="alignnone size-full wp-image-3176" src="https://www.independentreserve.com/blog/wp-content/uploads/2021/11/bitcoin-image-2-smaller.png" alt="Bitcoin image" width="896" height="673" srcset="https://www.independentreserve.com/blog/wp-content/uploads/2021/11/bitcoin-image-2-smaller.png 896w, https://www.independentreserve.com/blog/wp-content/uploads/2021/11/bitcoin-image-2-smaller-300x225.png 300w, https://www.independentreserve.com/blog/wp-content/uploads/2021/11/bitcoin-image-2-smaller-768x577.png 768w, https://www.independentreserve.com/blog/wp-content/uploads/2021/11/bitcoin-image-2-smaller-24x18.png 24w, https://www.independentreserve.com/blog/wp-content/uploads/2021/11/bitcoin-image-2-smaller-36x27.png 36w, https://www.independentreserve.com/blog/wp-content/uploads/2021/11/bitcoin-image-2-smaller-48x36.png 48w" sizes="(max-width: 896px) 100vw, 896px" /></h1>
<h1><span style="font-weight: 400;">Learn how to send Bitcoin </span></h1>
<p><span style="font-weight: 400;">It can be hard to know where to start when sending Bitcoin for the first time. Here, we&#8217;ll guide you with some information on how to transfer Bitcoin safely &amp; securely.</span></p>
<h2><span style="font-weight: 400;">Do you need a Bitcoin wallet?</span></h2>
<p>Yes, you need a Bitcoin wallet to send and receive Bitcoins. However, not all <a href="https://www.independentreserve.com/products/wallet">wallets</a> are made equal.</p>
<p>Similar to the way a regular wallet stores your physical cash, coins and cards, a Bitcoin wallet stores your holdings after you&#8217;ve made your purchase <a href="https://www.independentreserve.com/au/buy/bitcoin">on an exchange,</a> or after receiving a transfer from another wallet.</p>
<p><a href="https://www.independentreserve.com/au">Cryptocurrency exchanges like Independent Reserve</a> allow you to store your Bitcoin within your account. This is a good option for beginners that are now well versed in other wallet types requiring the use of private keys and/or physical storage &#8211; the exchange will hold custody of your funds.</p>
<p>Having a personal Bitcoin wallet in your custody is an option that provides you with a wallet address, (also known as your public key), along with your private key. A public key is similar to a bank account number while a private key is like your bank account password or PIN which is unique and only known to you.</p>
<p>If you plan on taking storage into your own hands, it may be a good idea to think about using a self-custodial Bitcoin wallet. There are different types of wallets you can use &#8211; either a software wallet connected via the internet (hot wallet) or a hardware wallet that is offline (cold storage). Either option is viable for sending and receiving Bitcoin but come with a set of pros and cons.</p>
<h3><span style="font-weight: 400;">Software wallet</span></h3>
<p>Software wallets can be desktop programs, apps on your mobile or browser extensions. They&#8217;re easy to use and allow you to send, receive and store Bitcoin easily. You can think of a software wallet as the online banking apps of the crypto-world.</p>
<p>The private keys are stored locally on your computer, mobile or tablet. However, these options are not the most secure, because these devices are connected to the internet and are at risk from hackers who could potentially access your devices remotely or install key loggers through malware.</p>
<h3><span style="font-weight: 400;">Hardware wallet</span></h3>
<p>Hardware wallets, (also known as &#8220;cold wallets&#8221; or &#8220;cold storage&#8221;), are applications that have the ability to store your private Bitcoin keys offline, on a <a href="https://www.bitgear.com.au/shop/" target="_blank" rel="noopener noreferrer">local device or flash drive</a>. If your keys are on a local device and not the cloud it becomes very difficult for hackers to steal your details. However, with this option, you will not have the flexibility that is applied to online wallets. You will be unable to access your funds on devices without your localised hardware.</p>
<p>The risks of hardware wallets are also of concern. For example, if you misplace your device, it gets destroyed or is stolen you could lose the keys to your investments (unless you <a href="https://www.bitgear.com.au/how-to-securely-store-your-hardware-wallet-seed/" target="_blank" rel="noopener noreferrer">take steps to back up your keys</a>). Even hacking can still be a concern if potentially <a href="https://www.newsbtc.com/tech/new-clipboard-hijacker-malware-monitoring-2-3-million-crypto-addresses/">harmful malware</a> breaches your computer or if it has been compromised by a prior user.</p>
<h2><span style="font-weight: 400;">Transferring Bitcoin from one address to another</span></h2>
<p>For a beginner, it can be quite daunting to confirm your first transaction. These are the basic steps for transferring Bitcoin from one address to another:</p>
<h4>Step 1 &#8211; Obtain a wallet</h4>
<p>As mentioned above, this wallet can be an exchange wallet, a mobile wallet or even a desktop wallet. It is important to select a wallet type that suits your needs and preferences.</p>
<h4>Step 2 &#8211; Select to transfer your Bitcoin</h4>
<p>Your wallet may have multiple types of cryptocurrency supported, so you will need to select Bitcoin.</p>
<h4>Step 3 &#8211; Ask the recipient for their public key or address</h4>
<p>A public key can be a QR code or a long string of random numbers and letters that you will need to scan or copy and paste into the recipient field of your wallet. It is recommended that you use a QR code if available to reduce the chance of a mistake in typing the public key.</p>
<h4>Step 4 &#8211; Decide on the amount you want to send</h4>
<p>Sometimes, the QR code that you scan will already include a requested amount which takes out the need for a manual input of value. If not, you will be given the option to choose the currency value that you will transfer in, e.g $1 USD or 1 Bitcoin. These <a href="https://www.independentreserve.com/blog/knowledge-base/how-to-dollar-cost-average-into-bitcoin">values can be vastly different</a> so just ensure that you double-check the amount you have entered.</p>
<h4>Step 5 &#8211; Double-check, then triple check</h4>
<p>Before transferring or sending across your Bitcoin, make sure you triple check the recipient&#8217;s address. This means checking every number and letter in their address and ensuring that the address you are sending to is actually associated with the intended recipient as <span style="text-decoration: underline;">these transactions are irreversible</span>.</p>
<h4>Step 6 &#8211; Send away!</h4>
<p>You’ve made it to the end! Click send and your transaction will be on its way. Congratulations on your successful transfer! <a href="https://www.independentreserve.com/blog/knowledge-base/how-to-check-bitcoin-confirmations">Learn about transaction confirmations</a> to see your transaction on the blockchain.</p>
<h2><span style="font-weight: 400;">Extra things you MUST know before sending Bitcoin</span></h2>
<p>There are a few extra things you need to know and be aware of before sending your Bitcoin:</p>
<ul>
<li aria-level="1">Secure your wallet: Ensure that you do not send your details (eg. private keys, passwords) to your recipient or share them publicly.</li>
<li aria-level="1">Double-check your recipient&#8217;s details: Bitcoin payments are irreversible, so ensure your recipient details are entered correctly.</li>
<li aria-level="1">Bitcoin&#8217;s price is volatile: Digital currencies, like Bitcoin, are volatile. Market changes may affect the final fiat (dollar) value of Bitcoin received by the recipiant.</li>
</ul>
<h2><span style="font-weight: 400;">How long does it take to send &amp; receive Bitcoin?</span></h2>
<p>On average, a <a href="https://www.independentreserve.com/blog/knowledge-base/how-long-does-bitcoin-take-to-transfer">Bitcoin transfer will take around 10 to 20 minutes</a>.</p>
<p>Transaction speeds are dependent on the amount of &#8216;confirmations&#8217; that are required to validate every block on the <a href="https://www.blockchain.com/explorer">blockchain network</a>. The number of confirmations needed is dependent on the particular platform&#8217;s requirements where the Bitcoin is being sent to.</p>
<p>The current median confirmation time is approximately 10 minutes but there are several other factors that also play a part in the length of time taken to transfer Bitcoin including network congestion and fees that have the ability to increase the Bitcoin transfer speed.</p>
<h2><span style="font-weight: 400;">Are there sending fees for Bitcoin transfers?</span></h2>
<p>Yes, there are sending fees for Bitcoin transfers. Transaction fees are adjustable, and you can increase how much fees you&#8217;re willing to pay, in order to incentivise Bitcoin miners to validate your transactions quicker. Miners are incentivised by fees and Bitcoin mining rewards and in turn, they help support the security of the Bitcoin network. More Bitcoin miners means greater decentralization.</p>
<h2><span style="font-weight: 400;">How are Bitcoin fees determined?</span></h2>
<p><span style="font-weight: 400;">Bitcoin fees are determined by the congestion on the blockchain network along with the transfer value size. </span></p>
<p><span style="font-weight: 400;">If not transferring Bitcoin from an exchange, where the fees are set at the discretion of the platform, an individual that makes a transfer will be given a choice of priority fee or regular fee. </span></p>
<p><span style="font-weight: 400;">A priority fee is calculated at a high value, based on the speed of validating and confirming your transaction as quickly as possible. A regular fee is calculated at a lower value for users who are not urgently transferring their Bitcoin.<br />
</span></p>
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		<item>
		<title>How long does Bitcoin take to transfer?</title>
		<link>https://www.independentreserve.com/blog/knowledge-base/how-long-does-bitcoin-take-to-transfer-2</link>
		
		<dc:creator><![CDATA[Independent Reserve]]></dc:creator>
		<pubDate>Mon, 22 Nov 2021 04:24:00 +0000</pubDate>
				<category><![CDATA[Knowledge base]]></category>
		<category><![CDATA[Bitcoin]]></category>
		<category><![CDATA[BTC]]></category>
		<category><![CDATA[send]]></category>
		<category><![CDATA[transaction]]></category>
		<category><![CDATA[transfer]]></category>
		<guid isPermaLink="false">https://www.independentreserve.com/blog/?p=2952</guid>

					<description><![CDATA[How long does bitcoin take to transfer? Bitcoin transactions can take 10 minutes, hours, days or maybe weeks. Due to [&#8230;]]]></description>
										<content:encoded><![CDATA[<h1><img decoding="async" class="alignnone size-full wp-image-2957" src="https://www.independentreserve.com/blog/wp-content/uploads/2021/11/How-long-does-bitcoin-take-to-transfer-2-scaled.jpg" alt="How long does bitcoin take to transfer 2" width="2560" height="1707" srcset="https://www.independentreserve.com/blog/wp-content/uploads/2021/11/How-long-does-bitcoin-take-to-transfer-2-scaled.jpg 2560w, https://www.independentreserve.com/blog/wp-content/uploads/2021/11/How-long-does-bitcoin-take-to-transfer-2-300x200.jpg 300w, https://www.independentreserve.com/blog/wp-content/uploads/2021/11/How-long-does-bitcoin-take-to-transfer-2-1024x683.jpg 1024w, https://www.independentreserve.com/blog/wp-content/uploads/2021/11/How-long-does-bitcoin-take-to-transfer-2-768x512.jpg 768w, https://www.independentreserve.com/blog/wp-content/uploads/2021/11/How-long-does-bitcoin-take-to-transfer-2-1536x1024.jpg 1536w, https://www.independentreserve.com/blog/wp-content/uploads/2021/11/How-long-does-bitcoin-take-to-transfer-2-2048x1365.jpg 2048w, https://www.independentreserve.com/blog/wp-content/uploads/2021/11/How-long-does-bitcoin-take-to-transfer-2-24x16.jpg 24w, https://www.independentreserve.com/blog/wp-content/uploads/2021/11/How-long-does-bitcoin-take-to-transfer-2-36x24.jpg 36w, https://www.independentreserve.com/blog/wp-content/uploads/2021/11/How-long-does-bitcoin-take-to-transfer-2-48x32.jpg 48w" sizes="(max-width: 2560px) 100vw, 2560px" /></h1>
<h1><b>How long does bitcoin take to transfer?</b></h1>
<p><span style="font-weight: 400;">Bitcoin transactions can take 10 minutes, hours, days or maybe weeks. Due to the mining process, there can be delays, as miners must confirm the Bitcoin transfers which causes delay on the network from moment to moment (more on this later). But before all that, you may be wondering: how do you transfer Bitcoin?</span></p>
<h2><b>How to transfer Bitcoin?</b></h2>
<p><span style="font-weight: 400;">Once you </span><a href="https://www.independentreserve.com/au"><span style="font-weight: 400;">buy bitcoin in Australia</span></a><span style="font-weight: 400;">, you will probably want to transfer it to a wallet, or </span><a href="https://www.independentreserve.com/blog/knowledge-base/how-to-send-bitcoin"><span style="font-weight: 400;">send your BTC to another person</span></a><span style="font-weight: 400;">. Transferring Bitcoin is unlike transferring any other kind of currency, namely because it does not have any physical form, and is unregulated and not bound by any specific countries&#8217; laws. </span></p>
<p><span style="font-weight: 400;">To transfer Bitcoin you must input your digital code which has a record of all previous transaction and digital signatures, known as the private key, the amount of Bitcoin you wish to transfer, and the address, known as the public key.</span></p>
<h2><b>What does the transfer of Bitcoin entail?</b></h2>
<p><span style="font-weight: 400;">Bitcoin is transferred and confirmed via public ledgers on the Bitcoin network called blockchains.</span></p>
<p><span style="font-weight: 400;">When you hit &#8220;send&#8221; in your Bitcoin wallet, you&#8217;re instructing your wallet to digitally encode a &#8220;transaction message&#8221; transferring a certain amount of Bitcoin from your address to another address. The information is bundled together into a small file and broadcast to other computers (known as nodes) for verification.</span></p>
<p><span style="font-weight: 400;">Once pending transactions are verified, they are stored in the &#8220;mempool&#8221;  (short for memory pool), and passed through to other nodes which repeat the process.</span></p>
<p><span style="font-weight: 400;">In order for transactions to be confirmed, Bitcoin miners have to group transactions together into a &#8220;block&#8221; and then compete to get that chain into the Blockchain. Once the block enters the Blockchain, those bitcoin transaction confirmations are finalised.</span></p>
<h2><b>How long does it take to transfer bitcoin?</b></h2>
<p><span style="font-weight: 400;">usually take an average time of between 10 </span><a href="https://www.independentreserve.com/blog//knowledge-base/bitcoin-confirmation-time"><span style="font-weight: 400;">Bitcoin transaction confirmation</span></a><span style="font-weight: 400;"> and 20 minutes, however they can also take anywhere from a couple of seconds to over an hour (and in some cases, even longer) depending on certain factors and circumstances. Because Bitcoin transactions are conducted and approved entirely through the process of</span><a href="https://www.sas.com/en_au/insights/analytics/data-mining.html"> <span style="font-weight: 400;">data mining</span></a><span style="font-weight: 400;"> , it is influenced heavily by technology, network speed, bitcoin transaction fees, user compliance (and error), pending time, and other factors. All of these can either culminate in quick transfer speeds, or slow ones.</span></p>
<h2><b>Why do Bitcoin transfers take so long?</b></h2>
<p><span style="font-weight: 400;">This is the big question, and one that keeps coming up for newbies eager to spend and trade with cryptocurrency. You may not be an expert in Bitcoin (yet), but it is likely that you are well-versed on how inconsistent and disruptable technological processes can be. The mining procedure that powers these crypto transactions requires technology and integrated action between users. As such, there are several factors that affect transfer time, which include the company, coin type, and exchanges you use, to transaction fees, network congestion and even destination service.</span></p>
<h3><b>Type of coins and how many</b></h3>
<p><span style="font-weight: 400;">The bitcoin transaction takes varying  time will depend on the bitcoin network you&#8217;re using. For instance, Bitcoin block confirmation takes about ten minutes on average, while Ethereum can be as quick as 15 seconds. The cryptocurrencies with the fastest confirmation approval speeds are:</span></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">XRP</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">EOS</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Ethereum</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">NEO</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Dash</span></li>
</ul>
<p><span style="font-weight: 400;">If you&#8217;re interested in learning more about different cryptocurrencies  (whether its for transfer speeds or economic security), check out this article on</span><a href="https://www.independentreserve.com/blog/knowledge-base/crypto-diversification"><span style="font-weight: 400;"> diversifying your crypto portfolio</span></a><span style="font-weight: 400;">.</span></p>
<h3><b>Different exchanges</b></h3>
<p><span style="font-weight: 400;">As with different coins, different exchange companies operate differently. For instance, different BTC exchanges require different numbers of block confirmations before the block is added to the blockchain and  transactions can be confirmed. For instance, Binance needs one block confirmation for deposits, while Coinbase needs three block confirmations before a transaction is finalised.</span></p>
<h3><b>Fees</b></h3>
<p><span style="font-weight: 400;">Bitcoin miners will almost always work for the highest transaction fees, so if you want to transfer bitcoins for a lower transaction fees, be prepared to wait a little longer. They will get around to you, but your job will not have transaction priority if you&#8217;re trying to save money on fees. It is simple&#8230; Pay a high enough transaction fee, and you will likely encounter a fast transaction.</span></p>
<h3><b>Network congestion</b></h3>
<p><span style="font-weight: 400;">Cryptocurrency runs exclusively through independent technological processes (that is kind of the point), and as such, these processes can be subject to network congestion, leading to slower network speed and slower transfer times. The best way to navigate this is to use a block</span><a href="https://ethereum.org/en/developers/docs/data-and-analytics/block-explorers/"> <span style="font-weight: 400;">explorer program</span></a><span style="font-weight: 400;"> to see when the servers are least busy, and do your transfers then.</span></p>
<h3><b>Destination service</b></h3>
<p><span style="font-weight: 400;">The strength and speed of your signal will usually depend on your destination, which could impact how quickly you receive or send your coins. Like exchanges, different areas may use different processes for transactions. They may need more or less block chains before confirmation, may refresh the system more or less often, or could be down for maintenance (or just out of power, depending on where in the world you&#8217;re sending/receiving).</span></p>
<h2><b>Can we transfer Bitcoin faster?</b></h2>
<p><span style="font-weight: 400;">We all want things to be faster and more efficient, but unfortunately there are only two things you can do to increase your transaction speed (although there may be some exciting, speedy solutions on the horizon, like ones provided by companies like</span><a href="https://lightning.network/"><span style="font-weight: 400;"> Lightning Network</span></a><span style="font-weight: 400;">).</span></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><b>Increase your transaction fee to jump the queue: </b><span style="font-weight: 400;">Miners are greedy devils, and they will generally work on transactions with the biggest fee. As such, it is quite easy to get them to work on yours first: Just offer more money!</span></li>
<li style="font-weight: 400;" aria-level="1"><b>Use a block explorer to avoid transferring at peak times: </b><span style="font-weight: 400;">Block explorers can be used to see when unconfirmed transactions are at the lowest levels, which allows you to choose the best transaction times to avoid congestion, and the inescapable slow speeds that come with it.</span></li>
</ul>
<p>&nbsp;</p>
<h2><b>Will Bitcoin transfer times be faster in the future?</b></h2>
<p><span style="font-weight: 400;">Bitcoin&#8217;s slow blockchain-based system has concerned its users and its investors, particularly in terms of scalability. As such, there will be concerted efforts to address the relatively slow-moving process moving forward. However, there is just no way to know exactly how that will happen, or what it will entail. One temporary solution has been</span><a href="https://www.bitcoin.com/get-started/what-is-bitcoin-cash/"> <span style="font-weight: 400;">Bitcoin Cash</span></a><span style="font-weight: 400;">, which does provide faster transactions, but is unlikely to compete globally in the long term due to its limitation to its own currency and its limited scalability. Another solution has been off-chain networks like Lightning Network, which utilise &#8220;lightning nodes” which act as a Bitcoin reserve which you can transfer from (to other people connected via the lightning node). Unfortunately, this too is only applicable for Bitcoin and it requires a little more technological know-how.</span></p>
<h2><b>Conclusion</b></h2>
<p><span style="font-weight: 400;">Cryptocurrency is an experiment in innovation, and as such, the industry will continue to make rapid improvements to its own processes as it continues to evolve and as needs develop. The inconsistent and unpredictable timing of Bitcoin transactions and confirmations has been a consistent thorn in the side of Bitcoin users, which means that companies, exchanges and miners are all working on solutions to the problem, in order to provide customers with an efficient service, and to validate and improve on cryptocurrency as a viable and sustainable alternative currency.</span></p>
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