How to send or receive Bitcoin to or from anyone

BVNK
BVNK
Jul 30, 2018 · 4 min read

Update: BVNK is now focussing on providing core banking infrastructure for digital assets and fiat to financial institutions directly, and are working closely with regulators and governments to help usher in new finance.

At BVNK we are always trying to make using cryptocurrencies as easy and as simple as possible. To help with this, we will be publishing a series of tutorial articles on how to get started with BVNK.
Tutorials
Opening a Bitcoin account on BVNK
Buying Bitcoin on BVNK
Buying Bitcoin with Mobile Money
Buying BVK Token on BVNK
How to send or receive Bitcoin (this article)

Before you can receive Bitcoin, you need to have an account (step-by-step instructions on how to open one here) and, before you can send Bitcoin, you need to have bought some (step-by-step instructions to buy Bitcoin here) or have some in your account.

Once you have opened a BVNK account and have bought some Bitcoin, you are ready to send it to someone. Using your BVNK account, you can send it to anyone that has a BVNK Bitcoin account, or to any valid Bitcoin address. It is important to double check that the right account number or wallet address is used as Bitcoin that is sent to the wrong address may not be recoverable.

Sending Bitcoin to another BVNK user (desktop or mobile)

First, log into BVNK and click on the “Accounts” button in the panel on the left.

On desktop it will look like this:

BVNK Accounts page on desktop

On mobile, it will look like this:

BVNK Accounts page on mobile

Then, select the account from which you want to send Bitcoin. This means that which ever account you choose will be the one that is deducted when you send Bitcoin. Once open, you will see a place to put in the recipients account details. This is for the person you want to send Bitcoin to. In the block that says “Recipient Account” you can either put in the user’s account number if they are on BVNK, or the Bitcoin wallet address.

On desktop it will look like this:

BVNK Single Account view on desktop

On mobile it will look like this:

BVNK Single Account view on mobile

Then, simply enter in a reference in the “Description” box — this can be anything you want, e.g. “For shoes” — then enter in how much Bitcoin you want to send and lastly, hit the “Send Money” button.

You will see that the “Available Balance” on your account will decrease but the “Account Balance” will stay the same. This is to show that the transaction is still being processed. It will update once the transaction is confirmed. This can take anywhere from ten minutes to a couple of hours.

Note: due to network fees, users cannot send all the Bitcoin in their accounts. Users must leave a minimum of 0.0002 BTC in their account to ensure the transaction goes through. If not, you’ll receive an error when trying to send.

Receiving Bitcoin to your BVNK Account

BVNK users can receive Bitcoin from other BVNK users or any valid Bitcoin wallet. For other BVNK users, they can send Bitcoin to your account using your account number. This can be found in your account details (click on the account with which you want to receive Bitcoin), next to “Account number” as per the images above.

If the other person is not a BVNK Account user, you can give them your wallet address. This can also be found in the account details, next to “Wallet Address”.

Note: make sure you copy the account number or wallet address properly.

Once the user has sent you Bitcoin, you will receive an email address when the transaction begins processing, and other one once the transaction is confirmed. At first your “Account Balance” will increase, but your “Available Balance” will stay the same. This is to show that the transaction is still being processed. It will update once the transaction is confirmed. This can take anywhere from ten minutes to a couple of hours.


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Simple Modern Finance

BVNK is API driven banking infrastructure for digital assets and fiat.

We enable banks to operate more like FinTechs by providing an agile platform with which to create and integrate modern finance.

Find out more here or to get in touch to find out how we can enable your bank to integrate innovation.

Simple Modern Finance

The future of banking, economics and finance.

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