Bitcoin is a decentralized digital currency that can be transferred from one person to another without involving any central authority. Paper wallets are a popular way to store bitcoins offline, but if you want to use your bitcoins, you need to transfer them to an online wallet or an exchange.
In this article, we will explain how to transfer bitcoin from a paper wallet to the blockchain.
Step 1: Get your bitcoin address
The first step is to get your bitcoin address from your online wallet or exchange. This address is a unique identifier that is used to send and receive bitcoins. You can find your bitcoin address by logging into your online wallet or exchange and navigating to the “Receive” or “Deposit” section.
Step 2: Scan your paper wallet
Once you have your bitcoin address, you need to scan the QR code on your paper wallet using a mobile bitcoin wallet app. There are many bitcoin wallet apps available for Android and iOS, but we recommend using Mycelium or Breadwallet.
To scan the QR code, open the bitcoin wallet app and navigate to the “Scan” or “Receive” section. Point the camera at the QR code on your paper wallet and wait for the app to recognize it.
Step 3: Sweep the funds
Once the app has recognized the QR code, it will show you the amount of bitcoins stored on your paper wallet. To transfer the funds to your online wallet or exchange, you need to sweep the funds.
Sweeping the funds means transferring the entire balance of your paper wallet to your online wallet or exchange. To do this, you need to enter your online wallet or exchange bitcoin address into the app and confirm the transaction.
Step 4: Wait for confirmation
After you confirm the transaction, it will be broadcasted to the bitcoin network. The transaction will then be validated by the network, which typically takes around 10-20 minutes.
Once the transaction is confirmed, the funds will be transferred from your paper wallet to your online wallet or exchange. You can then use the funds to buy goods and services or trade them for other cryptocurrencies.
Conclusion
Transferring bitcoin from a paper wallet to the blockchain is a simple process that can be completed in just a few minutes. By following the steps outlined in this article, you can safely and securely transfer your bitcoins to an online wallet or exchange, where you can use them to buy goods and services or trade them for other cryptocurrencies.