@ -204,24 +204,30 @@ In addition to these various sites and applications, most bitcoin wallets will a
((("getting started", "sending and receiving bitcoin", id="GSsend01")))((("spending bitcoin", "bitcoin wallet quick start example")))((("spending bitcoin", see="also transactions")))Alice has decided to exchange $10 US dollars for bitcoin, so as not to risk too much money on this new technology. She gives Joe $10 in cash, opens her Bluewallet mobile wallet application, and selects Receive. This displays a QR code with Alice's first bitcoin address.
Joe then selects Send on his smartphone wallet and is presented with a screen containing two inputs:
Joe then selects Send on his Bluewallet smartphone wallet and is presented with a screen containing the following inputs:
* A destination bitcoin address
* The amount to send, in bitcoin (BTC) or his local currency (USD)
* A destination bitcoin address
* A transaction note (description)
* A transaction fee
In the input field for the bitcoin address, there is a small _Scan_ button. This allows Joe to scan the QR code with his smartphone camera so that he doesn't have to type in Alice's bitcoin address, which is quite long and difficult to type. Joe taps the _Scan_ button and it activates the smartphone camera, scanning the QR code displayed on Alice's smartphone.
Joe now has Alice's bitcoin address set as the recipient. Joe enters the amount as $10 US dollars and his wallet converts it by accessing the most recent exchange rate from an online service. The exchange rate at the time is $100 US dollars per bitcoin, so $10 US dollars is worth 0.10 bitcoin (BTC), or 100 millibitcoin (mBTC) as shown in the screenshot from Joe's wallet (see <<bluewallet-mobile-send>>).
In the input field for the bitcoin address, there is a small icon that looks like a QR code. This allows Joe to scan the barcode with his smartphone camera so that he doesn't have to type in Alice's bitcoin address, which is quite long and difficult to type. Joe taps the QR code icon and activates the smartphone camera, scanning the QR code displayed on Alice's smartphone.
In the transaction note/description input, Joe enters "Alice". He can use this field to add some information regarding his transaction for future reference. This function is for his record keeping only. The transaction note will be stored in his wallet and only Joe will be able to see it. It will not be sent to Alice, nor stored on the blockchain.
Joe now has Alice's bitcoin address set as the recipient. Joe enters the amount as $10 US dollars and his wallet converts it by accessing the most recent exchange rate from an online service. The exchange rate at the time is $100 US dollars per bitcoin, so $10 US dollars is worth 0.10 bitcoin (BTC), or 100 millibitcoin (mBTC) as shown in the screenshot from Joe's wallet (see <<airbitz-mobile-send>>).
He also selects a transaction fee for his transaction. The higher the transaction fee, the faster his transaction will be confirmed (included in a block by a miner). He selects the minimum transaction fee possible at that time (0 sat/b).
[TIP]
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The price of bitcoin has changed a lot over time, and an incredible amount since the first edition of this book was written. As of March 2021, a person would need approximately $54,000 USD to purchase one whole bitcoin. Many examples in this book reference real-life past transactions, when the price of bitcoin was much lower. Think about how generous of a friend Joe would have been if he had made the same agreement with Alice today!
The price of bitcoin has changed a lot over time, and an incredible amount since the first edition of this book was written. As of March 2021, a person would need approximately $54,000 USD to purchase one whole bitcoin. Many examples in this book reference real-life past transactions, when the price of bitcoin was much lower and transactions with zero fees were still possible. Think about how generous of a friend Joe would have been if he had made the same agreement with Alice today!
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[[airbitz-mobile-send]]
[[bluewallet-mobile-send]]
[role="smallereighty"]
.Airbitz mobile bitcoin wallet send screen
image::images/mbc2_0102.png["airbitz mobile send screen"]
.Bluewallet mobile bitcoin wallet send screen
image::images/mbc2_0102.png["bluewallet mobile send screen"]
Joe then carefully checks to make sure he has entered the correct amount, because he is about to transmit money and mistakes are irreversible. After double-checking the address and amount, he presses Send to transmit the transaction. Joe's mobile bitcoin wallet constructs a transaction that assigns 0.10 BTC to the address provided by Alice, sourcing the funds from Joe's wallet and signing the transaction with Joe's private keys. This tells the bitcoin network that Joe has authorized a transfer of value to Alice's new address. As the transaction is transmitted via the peer-to-peer protocol, it quickly propagates across the bitcoin network. In less than a second, most of the well-connected nodes in the network receive the transaction and see Alice's address for the first time.
Will Binns
3 years ago
committed by
