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Author Topic: receiving bitcoin, why?  (Read 500 times)
smokeydog
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September 17, 2017, 05:44:29 PM
 #1

My blockchain.info wallet and my Coinbase client on my Mac both present the option to "receive" bitcoin. I'm not really seeing why this is an option.  Only the owner of bitcoins, the holder of the private key who can sign has the power to authorize a transaction.  So what's the point of a receive function when only a sender can really invoke a valid transfer.

There must be an obvious reason but, I'm not seeing it.

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September 17, 2017, 06:12:11 PM
 #2

My blockchain.info wallet and my Coinbase client on my Mac both present the option to "receive" bitcoin. I'm not really seeing why this is an option.  Only the owner of bitcoins, the holder of the private key who can sign has the power to authorize a transaction.  So what's the point of a receive function when only a sender can really invoke a valid transfer.

There must be an obvious reason but, I'm not seeing it.



This is where to send Bitcoin if you want to store it on these wallets
smokeydog
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September 17, 2017, 06:27:02 PM
 #3

so it's the mechanics of getting out the receiving address which I then "send" to the sender?
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September 17, 2017, 06:37:37 PM
 #4

There must be an obvious reason but, I'm not seeing it.

Well yes there is an obvious reason of course. That receive button will simply show you your address to send to anyone who you want to receive bitcoins from.

It also has the option to show you a QR code to send to anyone as well which makes faster payments as the one below.



It also gives you a link which can be clicked and used by anyone who has bitcoin clients on their devices to pay directly to you.



So basically it just gives you things to send to others who you want money from. That's it.


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September 17, 2017, 06:45:06 PM
 #5

My blockchain.info wallet and my Coinbase client on my Mac both present the option to "receive" bitcoin. I'm not really seeing why this is an option.  Only the owner of bitcoins, the holder of the private key who can sign has the power to authorize a transaction.  So what's the point of a receive function when only a sender can really invoke a valid transfer.

There must be an obvious reason but, I'm not seeing it.



You sounded so confident!

 Todo list:

1. learn how to transact in Bitcoin
2. get Bitcoin wallet
3. join an exchange

 Undecided

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smokeydog
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September 18, 2017, 03:06:58 PM
 #6

My blockchain.info wallet and my Coinbase client on my Mac both present the option to "receive" bitcoin. I'm not really seeing why this is an option.  Only the owner of bitcoins, the holder of the private key who can sign has the power to authorize a transaction.  So what's the point of a receive function when only a sender can really invoke a valid transfer.

There must be an obvious reason but, I'm not seeing it.



You sounded so confident!

 Todo list:

1. learn how to transact in Bitcoin
2. get Bitcoin wallet
3. join an exchange

 Undecided

I was clearly overthinking the process.  I was expecting to click on a button to create an address that I would then send in an email.  I just didn't link the receive button to the address creation.  So on my phone, I did a copy and paste, and sent it in an email.  One the other end, the address is a URL, I had to edit it to strip off the parts which were not part of the actual address text.   My first transactions have now been completed, I'v got the backup process figured out.  Next step is to get my hardware wallet.

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September 18, 2017, 05:42:06 PM
 #7

My blockchain.info wallet and my Coinbase client on my Mac both present the option to "receive" bitcoin. I'm not really seeing why this is an option.  Only the owner of bitcoins, the holder of the private key who can sign has the power to authorize a transaction.  So what's the point of a receive function when only a sender can really invoke a valid transfer.

There must be an obvious reason but, I'm not seeing it.



You sounded so confident!

 Todo list:

1. learn how to transact in Bitcoin
2. get Bitcoin wallet
3. join an exchange

 Undecided

I was clearly overthinking the process.  I was expecting to click on a button to create an address that I would then send in an email.  I just didn't link the receive button to the address creation.  So on my phone, I did a copy and paste, and sent it in an email.  One the other end, the address is a URL, I had to edit it to strip off the parts which were not part of the actual address text.   My first transactions have now been completed, I'v got the backup process figured out.  Next step is to get my hardware wallet.



Too fast.
Download bitaddress.org and run it offline an a secure pc.
With it, you can print paper wallets (public key, that's the address + private key, that's the "password). You can share your public key to receive payments, but never share the private key for any reason.
Exercise with paper wallets, that's inexpensive and just as secure as a complicated hardware wallet.

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xhomerx10
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September 18, 2017, 06:46:54 PM
 #8

My blockchain.info wallet and my Coinbase client on my Mac both present the option to "receive" bitcoin. I'm not really seeing why this is an option.  Only the owner of bitcoins, the holder of the private key who can sign has the power to authorize a transaction.  So what's the point of a receive function when only a sender can really invoke a valid transfer.

There must be an obvious reason but, I'm not seeing it.



You sounded so confident!

 Todo list:

1. learn how to transact in Bitcoin
2. get Bitcoin wallet
3. join an exchange

 Undecided

I was clearly overthinking the process.  I was expecting to click on a button to create an address that I would then send in an email.  I just didn't link the receive button to the address creation.  So on my phone, I did a copy and paste, and sent it in an email.  One the other end, the address is a URL, I had to edit it to strip off the parts which were not part of the actual address text.   My first transactions have now been completed, I'v got the backup process figured out.  Next step is to get my hardware wallet.



  You did really well. Most people don't get so far on their own.


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aardvark15
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September 18, 2017, 11:16:35 PM
 #9

My blockchain.info wallet and my Coinbase client on my Mac both present the option to "receive" bitcoin. I'm not really seeing why this is an option.  Only the owner of bitcoins, the holder of the private key who can sign has the power to authorize a transaction.  So what's the point of a receive function when only a sender can really invoke a valid transfer.

There must be an obvious reason but, I'm not seeing it.



You have to give the sender the appropriate address to send the Bitcoins to. If you want to send coins from an exchange to Coinbase, you need to copy the receiving address from Coinbase and paste it on the withdrawal or "send to" address from the exchange that you are sending from. I think Coinbase also allows you to use a different receiving address each time if you choose. This could be helpful if you don't want others to know how much Bitcoin is in your receiving address.

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September 18, 2017, 11:28:21 PM
 #10

My blockchain.info wallet and my Coinbase client on my Mac both present the option to "receive" bitcoin. I'm not really seeing why this is an option.  Only the owner of bitcoins, the holder of the private key who can sign has the power to authorize a transaction.  So what's the point of a receive function when only a sender can really invoke a valid transfer.

There must be an obvious reason but, I'm not seeing it.



You sounded so confident!

 Todo list:

1. learn how to transact in Bitcoin
2. get Bitcoin wallet
3. join an exchange

 Undecided

I was clearly overthinking the process.  I was expecting to click on a button to create an address that I would then send in an email.  I just didn't link the receive button to the address creation.  So on my phone, I did a copy and paste, and sent it in an email.  One the other end, the address is a URL, I had to edit it to strip off the parts which were not part of the actual address text.   My first transactions have now been completed, I'v got the backup process figured out.  Next step is to get my hardware wallet.


I recommend to use hardware wallet is trezor wallet much safety wallet than the other hardware wallet like nano s..
I think this wallet are immune to any viruses. I think ledger nano s are also good but it is not the same security as trezor wallet..

Remember that the receiving address is your wallet address which is you need to give to the sender to receive the bitcoin to your wallet..

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September 21, 2017, 03:31:03 PM
 #11

It just gives you a wallet address to receive money. You give this address to your senders.

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