Bitcoin was created as a solution to solve the issues involving peer-to-peer (p2p) transactions. Due to the innovative blockchain technology, anyone from around the world can utilize the speed and efficiency of crypto to make payments or send money to a friend. In the world of traditional finance, transactions can take 5-7 business days - sometimes longer - and involve a multitude of hoops to jump through. Crypto fixes this. Curious to know how you can send money to family or friends? Let’s dive in. Because of the innovation that’s occurred in crypto since its inception in 2008, there are now a ton of ways to accomplish these p2p transactions. Some of the easier ways to do this involve linking a bank account to a centralized exchange like Binance or Coinbase and depositing funds. After you’ve done this, you’re free to choose whatever coin you wish to buy, as long as it’s available on the exchange you’re using. Before sending cryptocurrencies to other addresses (the identifier of a crypto wallet) it’s important to make sure you’re sending money to the right one. For example, Ethereum addresses - which have 64 characters - are different from Bitcoin addresses, which only have 26-35 characters. When it’s time to send your money, you can ask the recipient of the crypto to send you their address. Websites typically make it easy for you to simply copy the series of letters and digits to your keyboard, that way you don’t make a mistake and type the wrong address. On centralized exchanges there can be small fees associated with this, or transaction fees depending on what blockchain you’re using. After a short amount of time to allow the blockchain to approve the transaction, you’re all set! Just to be sure, ask the recipient if they see the balance in their wallet. On applications like Metamask, they might need to add that specific token to their wallet to view the balance. If they’re unable to do this, they can use a block explorer like Etherscan to view their token balances.
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