The new bitcoin users who recently introduced bitcoin think that bitcoin is just about making money by trading or buying and selling, but they do not know that there are different types of work you can perform with bitcoin. The old users of bitcoin who know bitcoin very closely use bitcoin for sending and receiving payments through this crypto platform. Suppose the new users would have heard about the bitcoin spending and receiving but do not know how to accept bitcoin because they are traders or buyers and sellers through a crypto exchange. Here is the right place to learn about bitcoin receiving by using the bitcoin public address through ekronasoftware.
What is a bitcoin public address?
A Bitcoin public address is the identity of the wallet of a particular bitcoin user, so we recognize him from tons of other bitcoin users’ wallets. In the fiat system, we use a UPI id to receive or send bitcoin or QR code for online payment because it is a particular address. Similarly, a bitcoin public address helps to receive bitcoins from other bitcoin users. It is a mixture of numbers, strings, and alphabets and every wallet has a different public address. There is the following illustration of the bitcoin public address given below:-
What is a bitcoin wallet?
A Bitcoin wallet is compulsory if you are a bitcoin user because it is a space on the internet that will store and maintain your digital coins. Without a bitcoin wallet, you cannot send or receive bitcoins. The main thing in the bitcoin wallet that you need to keep private is the private key because that can make your bitcoin wallet zero. Numerous bitcoin wallets are available on the internet, and you can choose by doing market research about wallets.
The process of receiving bitcoin into your wallet:
There is the following process of receiving bitcoin into your wallet from another bitcoin user wallet given below:-
- Seek the right bitcoin wallet and create an account with that wallet by filling in your name, email address, and strong password. There may be differences between the wallets because the internet and play store is full of bitcoin wallets.
- Open your bitcoin wallet software or application on your mobile device and click on the receive button; that may be the withdrawal button in some bitcoin wallets, but receiving and sending bitcoin is similar in every bitcoin wallet.
- The new tab showing your public key will open, and there will also be an option to generate a QR code. Unfortunately, when you click on the receive button in some bitcoin wallets, it will show you the tab with both the Public key and QR code, and some wallets do not support QR codes.
- The next step to receiving bitcoin is copying the public key and sending it to the bitcoin sender via WhatsApp, Facebook, Instagram, or text message. Before sending the public key of your bitcoin wallet, ensure that the key is right without deleting any digit. Validate your public key by matching it in your purse; otherwise, the sender will lose their bitcoin, and you could not receive the amount he sent.
- You can also get bitcoins by sending the screenshot of the QR code of the wallet to the bitcoin sender. Just click a screenshot of your QR code and send it to the bitcoin sender so that he can scan the QR code on his phone and can transfer you the bitcoins from his wallet. In most cases, QR code payment is used when the sender is nearby so you can open the QR code and he can scan and pay.
Can I receive bitcoin in an exchange wallet?
Bitcoin exchange wallet is a third-party wallet that provides you extra services than other wallets such as instant deposit money in your domestic currency, trading, instant buying and selling of bitcoin and other cryptocurrencies by taking some charge. Since groups of people manage and control the exchange, there are chances of hacking because of security issues, but not all the exchanges get hacked. You can also receive bitcoin in your bitcoin exchange wallet because the bitcoin exchange also provides the public key and QR code to get the bitcoin.
Getting the bitcoins into your bitcoin wallet is not a rocking science rather, it is a more straightforward process than other payment methods. It would help if you had a wallet to get your public address or QR code and send it to the sender so he can send the bitcoins by filling your key into his bitcoin wallet.