Over the last 15 months, bitcoin has enjoyed a high, albeit bumpy, ride on the international stock market. This high has led to the widespread awareness of bitcoin. Individuals and families are now looking to gift and send bitcoins to loved ones. Inasmuch, this crypto-asset has established itself as a controversial yet undeniably prominent presence in the world of global investment and value transfer.
To offer due credit to the origins of bitcoin, Satoshi Nakamoto designed it to be a currency unbound by any particular government, nation, or exchange rate. The vision was for it to serve as a slick and efficient vehicle for the global transfer of value. While there is no downplaying its significance in the investment market, many feel that bitcoin remains useful as international currency.
Bitcoin is a great option whether you’re looking for a unique way to gift someone cash, or urgently need to send money to a loved one on the other side of the world. It also remains one of the quickest, safest and most cost-effective ways of doing so.
How so? Bitcoin defies the complications and financial penalties that borders and exchange rates impose on the international transfer of fiat. What’s more is that bitcoin and other digital currencies are the ideal legal tender for an increasingly global society.
If you are new to using cryptocurrencies, we’ve put together a few pointers to help you send and receive bitcoins. If you already have the basics laid out, you can jump ahead to the final section for details on how to send it across the globe.
The process of using bitcoins in the manner that Nakamoto envisioned has become increasingly simple, largely due to services like Coinbase.
Coinbase is a well-known online exchange for digital currencies. It also provides wallet functionality. The Coinbase wallet can be downloaded on your cell phone as an app from the App Store or on Google Play. A wallet is a storage space that allows you to safely and easily store all your bitcoins. Wallets also allow the user to send and receive compatible cryptocurrencies, including bitcoin.
Some digital currencies have a specific wallet that you have to download from their website in order to buy and store them.
How do you know if a cryptocurrency is compatible with a wallet or an exchange? Typically, you can refer to the exchange’s website to see what cryptocurrencies can be traded on their site. If they are traded on the exchange, they can be stored in your online wallet.
Some of the other digital currencies that Coinbase supports include Ethereum, Litecoin, and Bitcoin Cash. Due to the fact that Coinbase accepts fiat currency in exchange for cryptocurrency, it’s great for beginners.
You’ll need to keep in mind that whenever you wish to send someone bitcoin, they will need to have a bitcoin wallet of their own. It does not necessarily have to be Coinbase, as there are many alternatives available. If they do not have a wallet yet, it is quite simple to help them set one up.
How to set up an account and purchase bitcoins on Coinbase
Step 1 – Create an account
As with most new apps, you’ll be asked to log in or create an account when you first open Coinbase. Once that’s taken care of, enter (and double-check) your banking details.
Step 2 – Add a payment method
From here, you’ll need to add a payment method. As is often the case, available payment methods may vary depending on which country you are based out of.
Deposits through wire transfers on Coinbase are exclusively available to US-based customers. International users can transfer funds using debit and credit cards. This method is also generally the most preferred, especially for purchasing or sending smaller amounts.
Step 3 – Purchase your bitcoins
After adding a payment method, select the amount that you would like to purchase. You can select this amount in USD or in bitcoin and then complete your purchase by clicking the “buy” button.
Now you can gift your bitcoins
Once you have created your account, set up bank details and payment method, there are no further steps required. You are ready to send and receive bitcoins to and from fellow digital investors across the globe.
Simply locate the account options screen, select your bitcoin wallet and click send. From here, enter the amount you wish to send and ensure that it is within your available balance. You will not be able to transfer anything more than your available balance. Then, select the bitcoin wallet or email address of whoever you want to send the funds to.
From there, hit send and the digital money is on its way across the world.
Still have questions?
In the event that you do have to make further clarifications, you can access Coinbase’s support page. The page offers a comprehensive glossary of information alongside contact details to help you successfully troubleshoot.
What used to be the domain of computer programmers and geeks, bitcoins have established a name for themselves amongst the masses. The layman is not just aware of their existence but likely knows someone who has used them.
Exchanges and applications like Coinbase have made bitcoins easily available to people with access to computers. As an aside, bitcoins have even proven their efficacy in third-world nations, for example, some refugee camps are funded entirely on blockchains now.