Sending & Receiving Cryptocurrency

The core utility of cryptocurrency is the ability to send and receive value directly, peer-to-peer, without intermediaries. While it might seem complex at first, the process is quite straightforward once you understand a few key concepts.

How to Receive Cryptocurrency

Receiving cryptocurrency is usually the simpler part of the equation. You'll need to provide your unique **public address** (also known as your wallet address) to the sender.

1. **Open Your Wallet:** Access the wallet where you wish to receive funds (e.g., your software wallet app, or connect your hardware wallet).
2. **Find the "Receive" or "Deposit" Option:** Look for a button or tab typically labeled "Receive," "Deposit," or an arrow pointing inwards.
3. **Locate Your Public Address:** Your wallet will display your public address. This is a long string of alphanumeric characters (e.g., `1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa` for Bitcoin, or `0xAbc...xyz` for Ethereum). Many wallets also offer a QR code for easy scanning.
4. **Share Your Address:** Carefully share this address with the person or entity sending you crypto.
   • **Copy and Paste:** Always copy the address directly from your wallet to avoid typos.
   • **QR Code:** If the sender supports it, using a QR code is often the safest and easiest method.
5. **Wait for Confirmation:** Once the sender broadcasts the transaction, it will appear as "pending" or "unconfirmed" in your wallet. After a few network confirmations (which can take minutes to an hour or more depending on the crypto and network congestion), the funds will be fully available.

**Important:** Always ensure the address you provide is for the *correct cryptocurrency and network*. Sending Bitcoin to an Ethereum address, for example, will result in permanent loss of funds!

How to Send Cryptocurrency

Sending cryptocurrency involves a few more steps, as you're initiating the movement of funds on the blockchain.

1. **Open Your Wallet:** Access the wallet from which you want to send funds.
2. **Find the "Send" or "Withdraw" Option:** Look for a button or tab typically labeled "Send," "Withdraw," or an arrow pointing outwards.
3. **Enter Recipient's Address:** This is the most critical step. Get the recipient's public address directly from them.
   • **Copy and Paste:** Always copy and paste the address. Never type it manually if possible.
   • **QR Code Scan:** Use your wallet's scanner to scan the recipient's QR code for maximum accuracy.
   • **Double-Check:** After pasting, **always verify the first few and last few characters** of the address against the one provided by the recipient. Malicious software can sometimes swap addresses in your clipboard.
4. **Enter Amount:** Specify the amount of cryptocurrency you wish to send.
5. **Set Transaction Fee:** Your wallet will usually suggest a fee (often called "network fee" or "gas fee"). A higher fee generally means your transaction will be processed faster by the network. (More on this in "Transaction Fees").
6. **Review and Confirm:** Your wallet will show you a summary of the transaction: amount, recipient address, and fee. **Review everything carefully** before proceeding.
7. **Authorize Transaction:** Depending on your wallet, you'll need to enter your password, PIN, or physically confirm on a hardware wallet. This uses your private key to cryptographically sign the transaction.
8. **Transaction Broadcast:** Once signed, your wallet broadcasts the transaction to the cryptocurrency network. It will then wait for miners/validators to include it in a block.

**Remember:** Cryptocurrency transactions are irreversible. Once confirmed on the blockchain, you cannot cancel or reverse them. Exercise extreme caution.