So, you have worked for somebody or sold an item to them, and they want to pay you in Bitcoin. However, the challenge is that you need to know how to receive Bitcoin first. Bitcoin is digital, meaning you only send and receive it digitally. The sender must have your Bitcoin address or crypto wallet’s public key to send you Bitcoin.
As Bitcoin becomes increasingly popular, more people are flooding to trade in bitcoins using financial partners like https://immediate-evex.io. Additionally, some customers want to pay with Bitcoin when shopping at local and online stores. Some merchants also have Bitcoin as one of their acceptable payment methods. So, how do you receive Bitcoin from another person?
To receive Bitcoin, you need a crypto wallet. A Bitcoin or digital wallet lets you receive, store, and transfer Bitcoin. You can find many Bitcoin wallets online that are easy to download and install on your device. The wallet creates a Bitcoin address that you will share with the person you want to send you Bitcoins.
Provide Your Bitcoin Address
A Bitcoin address or crypto wallet’s public key is the digital identifier for the location where somebody can send Bitcoin. It compares to your conventional bank account number that you share with the people you want to send you fiat money. However, this address is in the Bitcoin blockchain. Your Bitcoin wallet software creates it when you download and install it on your device. Therefore, you can find your wallet’s public key or Bitcoin address in your crypto wallet. Each crypto wallet app differs slightly, but the application displays the user’s Bitcoin address somewhere.
To receive Bitcoins from another user, copy your wallet’s Bitcoin address to the clipboard and share it with the sender via a messaging app or email. Also, your Bitcoin wallet may provide a QR code version of this address. The sender can scan this QR code to receive your Bitcoin address.
The process for receiving Bitcoin via a centralized crypto exchange is the same. However, you must wait for the crypto exchange to confirm receiving Bitcoins from the recipient for the transaction to reflect on your account. Usually, this takes longer than accepting Bitcoin directly to your self-custody Bitcoin wallet.
Is Receiving Payments in Bitcoin Safe?
Your funds will be safe if you maintain safe practices when receiving Bitcoin. Since a Bitcoin address or crypto wallet’s public key is like a conventional bank account number, you can share it with anybody who wants to send funds to it. Nobody can steal the funds in your crypto wallet just because they have your Bitcoin address. To access your Bitcoin, somebody needs your crypto wallet’s private key.
However, please note that anybody in the Bitcoin network can view the transaction. Thus, somebody with your crypto wallet’s public key or Bitcoin address can view the amount in your wallet using the Bitcoin Block Explorer. Also, they can check all the transactions your Bitcoin address has completed.
Nevertheless, you can create a fresh Bitcoin address for every transaction if you don’t want other users to access this information. For instance, some crypto wallets let users create unlimited new addresses for Bitcoin transactions. Thus, you can use these Bitcoin wallets to keep your transactions private.
Parting Shot
Bitcoin is as straightforward as receiving fiat money via your traditional bank account. You share your Bitcoin address with the sender to let them complete the transaction on their crypto wallet app. Also, you can generate a new address for every transaction to keep your Bitcoin transactions private. The most important thing is to double-check your Bitcoin address before sharing it with the sender. Bitcoin transactions are irreversible, so sending funds to the wrong address could lead to losses.
