How to Transfer Bitcoin – A Step-by-Step Guide
You’ve set up your bitcoin wallet and have acquired some bitcoins, and now you’re ready to use them – what’s next? Here’s a step-by-step guide to transferring bitcoins from one party to another using a software wallet.
Step #1: Get the destination wallet address.
This is the place you want to send your coins (or receive them, if someone else is transferring coins to you). You can usually access this from the Receive/Deposit section of the receiving platform you are using. You can even generate new destination wallet addresses for increased privacy, all of which are tied to your account.
Step #2: Make sure the destination address is correct.
Now that you have the address, copy and paste it to your platform’s Send/Withdraw section. But be VERY careful to double- or triple-check that the address is correct – crypto transactions are irreversible, and a typo almost certainly means permanently losing the bitcoins you were trying to send.
One way to avoid potential slip-ups is to scan a QR code (when available) for the destination address. It’s also helpful to practice the process first from start to finish using a smaller amount before you send over the bulk, so that any mistakes you make will have minimal impact on your (software) wallet.
Step #3: Confirm the transaction.
After you have checked the correct address, hit the confirm/send button to complete the transfer.
Step #4: Now, you wait.
Bitcoin transaction confirmation times vary based on the number of blocks in the blockchain required for confirmation. Six (6) blocks has been adopted by the Bitcoin community as the standard confirmation period, and an average block typically takes 10 minutes to be confirmed into the blockchain, so an average transaction takes one hour to be finalized.
Will it always be an hour of wait time?
No. Wait time varies based on many factors – a congested network, varying block confirmations, a server being down for maintenance, and more can affect the time it takes.
I’m concerned about my unconfirmed transaction. Where can I check on it?
You can go to https://blockchain.info/unconfirmed-transactions for a real-time look at how many transactions are waiting to be confirmed.
Can I check the transaction status?
Yes, you can, by inputting the transaction hash or ID (which you received after the transaction was successfully submitted) in your blockchain explorer.You can also use the origin or destination address, but this involves manually locating your transaction within the address.
Are there transaction fees?
Occasionally. It differs based on network congestion and which service you are using to send bitcoins. Sending within an exchange is usually free, but sending between exchanges will often charge a fee.
Check your destination for your updated balance.
Everything looks good? Congratulations – you just transferred your first bitcoins!
BCH.X's MACD Histogram just turned positive
The Moving Average Convergence Divergence (MACD) for BCH.X turned positive on March 24, 2024. Looking at past instances where BCH.X's MACD turned positive, the stock continued to rise in of 66 cases over the following month. The odds of a continued upward trend are .
Technical Analysis (Indicators)
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on March 23, 2024. You may want to consider a long position or call options on BCH.X as a result. In of 139 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
Following a +1 3-day Advance, the price is estimated to grow further. Considering data from situations where BCH.X advanced for three days, in of 404 cases, the price rose further within the following month. The odds of a continued upward trend are .
Bearish Trend Analysis
The RSI Indicator demonstrates that the ticker has stayed in the overbought zone for 5 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 8 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
BCH.X broke above its upper Bollinger Band on March 31, 2024. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
Fundamental Analysis (Ratings)
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Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
