Bitcoin Transactions

Sending Bitcoin is like sending a digital letter that only the person you're sending it to can open. Each person has an "address" (like an email address but for Bitcoin) where you can send Bitcoin to them.

Key Points:

  • Bitcoin addresses look like a long string of letters and numbers
  • You need someone's address to send them Bitcoin
  • Once you send Bitcoin, you can't take it back
  • Transactions usually take about 10 minutes to confirm

To send Bitcoin to someone, you need their Bitcoin address. This is a long string of letters and numbers that looks something like this: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

You can think of a Bitcoin address like a mailbox where only the owner has the key. Anyone can put Bitcoin into the mailbox (by sending it to the address), but only the person with the key (from their wallet) can take Bitcoin out.

When you send Bitcoin, your wallet creates a special message that tells the Bitcoin network: "Move X amount of Bitcoin from my address to this other address." This message is signed with your private key to prove it's really you making the request.

Once you send Bitcoin, you can't cancel it or take it back. It's like dropping a letter in a mailbox - once it's in, you can't reach in and grab it back! This is why it's super important to double-check the address you're sending to before you hit send.

Bitcoin transactions usually take about 10 minutes to confirm. This is because miners (remember them from the last lesson?) need to include your transaction in a block.

Test Your Knowledge

1. What do you need to send someone Bitcoin?

a) Their email address
b) Their phone number
c) Their Bitcoin address
d) Their home address

2. Can you cancel a Bitcoin transaction after you send it?

a) Yes, anytime
b) Yes, within 24 hours
c) No, once it's sent it can't be taken back
d) Only if the other person agrees

You got 0 out of 2 correct!