The account and the payment
A custodial service may require an account, identity checks and a supported payment method. Payment processing, trading fees and withdrawal rules vary. Read the terms before authorising anything.
The guide / Exercise 01 / The transfer
Buying & sending
A careful first
transfer.
Buying changes a balance. Sending moves control. Understand both, then walk through the checks on a small test transfer.
By Bitcoin Field Guide. Published and updated .
Before the send screen
What buying actually involves.
A typical service matches or fulfils an order. Its account balance and a payment to your own wallet are separate steps.
The order and the balance
You specify an amount in money or BTC. Review the quote, spread and fees. A filled order may leave BTC in an account controlled by the service, rather than under keys you control.
The withdrawal and the wallet
To move BTC into a wallet you control, you usually request a withdrawal to its Bitcoin receiving address. The service may apply a withdrawal fee or delay. This is distinct from the fee paid to miners.
Read the details
Three things on
the send screen.
A transaction needs a destination, an amount and a fee. The receiving wallet also needs to support the network you use.
The address
A Bitcoin address tells a wallet where to pay. Copy it or scan a QR code from a trusted receiving wallet. Check the entire address after pasting. Clipboard malware can replace it.
The network fee
Wallets commonly quote a rate in satoshis per virtual byte (sat/vB). A satoshi is one hundred-millionth of a bitcoin. The transaction's size and fee rate affect its fee, rather than just the amount sent.
Confirmations
An unconfirmed transaction has not been included in a block. Inclusion is its first confirmation. Later blocks add more. The receiver's policy determines how many it asks for. There is no guaranteed waiting time.
The field exercise
Send a test
amount first.
Send a small test amount and verify receipt before any later transfer. This walkthrough lets you rehearse the checks without purchasing or sending anything.
Test transfer / walkthroughBTC / NETWORK
A simplified main-chain transaction. Timing and block inclusion are not guaranteed.
Sign → relay → confirmILLUSTRATION
Prepare the receiving wallet.
Use its receive screen to get a Bitcoin address. Confirm that it expects BTC on the Bitcoin main network, rather than another asset or network. Keep recovery words private.
Check the destination.
Copy or scan the address, then compare it with the original. If a hardware wallet provides a trusted display, verify there too. Never use an address supplied by unsolicited support.
Review a small test amount.
Use an amount you can afford to lose that meets any minimum. Read the amount, units, network and total fee. A test and a later transfer incur separate fees.
Authorise and keep the record.
Confirm only after reviewing the final screen. Your wallet signs; the transaction is broadcast. Keep its transaction ID. An ID is a reference, not proof that a payment is confirmed.
Check receipt before continuing.
Verify the amount and confirmation status in the receiving wallet. For any later transfer, repeat the checks using its current receiving address. A successful test does not make future transfers risk-free.
A payment to the wrong destination generally cannot be recovered without the recipient's cooperation. A test transfer reduces some errors; it cannot prove that a person or service is trustworthy.
If it takes longer
Pending is a status.
Not a diagnosis.
A pending transfer needs a status check before you consider sending another payment.
A transaction can remain unconfirmed because its fee rate is low, or a service may not have broadcast it yet. Check whether the withdrawal is still being processed and whether the transaction ID appears on the network.
Some wallets offer fee bumping for eligible transactions. Availability depends on the transaction and wallet. Do not send a second payment just because the first is pending. Check the records first.
- Use the receiving wallet as your starting point.
- Compare the transaction ID, address and amount.
- Never share a recovery phrase to “release” a payment.
Read the transaction references.
Follow the primary references for more detail.
Answers for the field
Buying and sending questions
A test transfer checks receipt before a larger send, but it cannot remove every risk.
Why send a test amount first?
A small test transfer lets you check the receiving address, network, amount and confirmation status before considering a larger transfer. It incurs its own fee and must meet any minimum amount. A successful test cannot establish that a person or service is trustworthy, and later transfers still require every check.
Is buying bitcoin the same as holding it in my own wallet?
No. A filled order can leave bitcoin in an account controlled by a custodial service. Moving it into a wallet you control usually requires a separate withdrawal to that wallet's Bitcoin receiving address. Self-custody means managing your keys and recovery process; a custodian applies its own access and withdrawal rules.
Is a withdrawal fee the same as a Bitcoin network fee?
No. A service may charge a withdrawal fee that includes its own charges and differs from the network fee paid for the transaction. A Bitcoin network fee depends on transaction size and the fee rate. Review both the service terms and the total shown before authorising a withdrawal.
What should I check if a transfer is pending?
Start with the sending service's status and the receiving wallet. Check whether the withdrawal has been broadcast, then compare the transaction ID, address, amount and confirmation status. A low fee rate can delay inclusion. Do not send another payment just because the first is pending, or share recovery words to release it.