During the last few months in the midst of the coronavirus outbreak and faltering global economy, many individuals have shown an interest in bitcoin and other cryptocurrencies. However, oftentimes people can find the process a bit daunting because they are not used to using crypto assets and have never experienced the process. The following article is a quick guide on how to get a cryptocurrency address, receive digital assets, and send them as well.
Amid the crazy economy, a lot of people have noticed a number of cryptocurrencies like bitcoin (BTC), ethereum (ETH), and bitcoin cash (BCH) have done far better performance-wise than a majority of stocks, bonds, and commodity assets worldwide. For instance, the crypto asset bitcoin cash (BCH) dropped to a low of $150 per unit on March 12, 2020, otherwise known as Black Thursday. The price of bitcoin cash has gained 60.66% since then at todays BCH price of roughly $241 per BCH. At a price of $9,453 per unit, Bitcoin (BTC) has gained 162% since March 12, when it traded for $3,600 for a brief period that day.
Besides the price rises, many people are beginning to understand the importance of a censorship-resistant and permissionless, electronic peer-to-peer cash. However, many people get frustrated when they try and learn the process of obtaining a crypto address, receiving digital currencies, and sending them to people after learning to store them in a wallet. In this article, you will learn the basics of all three of those tasks by leveraging a noncustodial Bitcoin.com Wallet and some practice.
In order to get a cryptocurrency address, you need a wallet. Basically crypto wallets are software applications that allow you to send, receive, and store digital currencies on a mobile phone, laptop, tablet, or desktop computer. The Bitcoin.com Wallet allows people to use bitcoin cash (BCH), bitcoin (BTC), and crypto tokens built using the Simple Ledger Protocol (SLP). For todays testing, we are only focusing on the cryptocurrency bitcoin cash with the ticker symbol BCH. The Bitcoin.com Wallet is noncustodial, which means the company has zero access to the funds and you are 100% in control of the storage. This means when you create a wallet, you need to back it up immediately using the twelve-word mnemonic phrase.
Once you have created a Bitcoin.com Wallet on one of your devices, the process of storing, sending, and receiving is very simple. All you need to do to obtain a bitcoin cash (BCH) address via the Bitcoin.com Wallet is by simply pressing receive. You need to choose what wallet you will be receiving to and in this example, it would be bitcoin cash (BCH). After selecting BCH, the wallet will generate an alphanumeric address that allows you to accept BCH to that specific address.
There are two ways to copy the address. One way is giving someone a copy or picture of the QR code, and a person with a QR code reader tied to their bitcoin cash wallet will be able to scan the code. The second way is by copying and pasting the BCH address by copying it to your devices clipboard and sending it to another person. With this address, any person from anywhere around the world can send you bitcoin cash.
Once someone has sent you some bitcoin cash, you then have the ability to send it all to another address or send it in fractions to various individual addresses. To send someone some BCH, simply launch the Bitcoin.com Wallet and select the send button. This will direct you to a screen that allows you two options; either copy and paste the recipients wallet address into the address box or you can select scan QR code.
After one of those two options has been completed, you need to choose a wallet that holds your unspent bitcoin cash (BCH) and enter the amount you wish to send to the individual. After selecting the number of funds you want to send, simply press the next button. There will be a confirmation screen that shows you all the details of your transaction and if you are happy with the details, simply slide to send to deliver the transaction. Alternatively, you can also send money from one wallet to another wallet within your devices application.
Obtaining a cryptocurrency address is very easy once you download a wallet, and most wallets follow the same standards when it comes to getting an address and the sending and receiving processes. There are many wallets that allow people to store cryptocurrencies in a noncustodial fashion.
Also if it is a different cryptocurrency, obtaining an address and sending and receiving an address is pretty much the same process. The biggest difference is, each cryptocurrency has an alphanumeric string, but they look different in the beginning of the address. For instance, bitcoin cash (BCH) addresses look different than ethereum (ETH) addresses, but the process of sending and receiving is the same.
After doing these steps a few times, you should easily get the hang of obtaining a crypto address, and using a wallet to send and receive digital currencies. When practicing, try sending small fractions of a cryptocurrency like bitcoin cash (BCH) in order to feel more comfortable with the processes. A great number of crypto assets have a network fee associated with sending a cryptocurrency, and bitcoin cash (BCH) fees are always less than a U.S. penny per transaction.
On the BTC and ETH networks, fees could be higher than you realize, and you may have to adjust a transaction accordingly. Besides fees, doing this step-by-step process regularly with even just a few dollars in bitcoin cash, will turn you into a well-seasoned machine in no time. Also, check out the video below to get a visual presentation of these processes as well.
What do you think about the step-by-step process of obtaining an address and sending and receiving cryptocurrencies? Let us know in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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