Receiving Bitcoin

So, you have got your wallet downloaded and set up ready to go.

If you haven’t already done this check out Setting up a Bitcoin wallet

You have maybe bought some Bitcoin and have it on an exchange and need to send it to your wallet, or want to receive some Bitcoin from somebody. It’s easy, all wallets will look different but they will all work in the same way.

Remember, it doesn’t matter who the provider of the receiving Bitcoin wallet is just like when sending an email or text messages, you can send between different providers.

Receiving Bitcoin

  • Open your wallet app
  • If you have a multi-coin wallet, ensure Bitcoin is selected!
  • Tap the receive option
  • This will now show your public key (also know as public addreds) as a QR code which can be scanned by another device to send Bitcoin to your wallet

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  • You will also be presented with a text version of your public key which can be copied and pasted and shared.

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  • However you decide to share your public key, the sender will input this along with the amount to be sent and it will be on its way to you. The time it takes depends on the fee paid by the sender. Paying a ‘normal’ fee should see the transaction take 20-30 min to confirm. More on sending bitcoin
  • It is advisable to generate a new public key for each transaction to maintain privacy. Anybody who has access to your public key can view it’s balance on a blockchain explorer and all transactions made on that address. More info here