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Sending Bitcoin Can Be Scary

You have probably heard that sending Bitcoin can be complicated and frightening. Transactions are irreversible. Really, they are! And the addresses are long and complex. Yes, yes. But like most things in life, with experience comes knowledge and confidence. The best thing you can do is start small and execute transactions to yourself.

The easiest way to buy Bitcoin is through a reputable exchange such as Swan Bitcoin, Coinbase or Kraken. Once you have connected your payment method (credit or debit card), you can purchase Bitcoin and the exchange holds it for you in their custody. But this is not ideal. You want to self-custody your Bitcoin., so you need to move it from the exchange to your possession. A simple way to do this is to download a mobile or desktop wallet application to your phone or computer. After generating and writing down your seed words and or two-factor authentication, your wallet is up and running and ready to receive Bitcoin.

You will want to choose the 'receive' option in your wallet to generate an invoice with an address and an amount of Bitcoin. Most wallets will easily walk you through this step. Next, you will want to log into your exchange and initiate a withdrawal by either copying and pasting, or manually entering, the address generated by your wallet. Whichever way you choose, you MUST visually verify that the address you entered matches the address generated by your wallet. Check twice.

Once you are confident that the address is correct, you can hit send and complete the transaction. Since this is an on-chain transaction, you will have to wait somewhere between10 minutes to one hour for a confirmation that the transaction has been included in the blockchain. Generally speaking, after 6 confirmations (6 additional blocks added to the blockchain after the block including your transaction), the transaction is considered immutable.

If you have any questions about completing transactions, please feel free to reach out to The Bitcoin Tutor. We are happy to answer any questions or concerns you have.

🍊Happy Stacking, y'all!

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