Depositing bitcoins

Receiving bitcoins is the most exciting part about trading bitcoin.

When you sign up on Paxful, you get a free wallet. With that free wallet, you get a default bitcoin address. That address looks like a long intimidating password with numbers and letters (both uppercase and lowercase letters). This address never expires so just copy it and send it to whoever you want. You can also generate a new bitcoin address for extra privacy/security. You can make as many bitcoin addresses as you want and use them any time over and over again.

When other people send bitcoins to this address, it goes straight into your wallet. It’s not always instant, so be patient and give it some time. This is because the bitcoin network needs to confirm the transaction 3 times before the bitcoins have been fully sent. Once the bitcoins have been sent, you should get a notification saying “incoming bitcoin at 0 confirmations”. When that reaches 3, you get your bitcoins. Be patient as this can take anywhere from 20 minutes to a couple of hours depending on how congested the bitcoin network is.

Here’s how to check the bitcoin transaction status:

  1. Look for the transaction ID. You can get it from your wallet transaction history after you have made the transfer. It should look like this: e2e400094he873ec4af1c0ae7af8c3697aaace9f7f56564137dd1ca21b448502s
  2. Go to https://live.blockcypher.com/ or https://www.blockchain.com/explorer and type in the transaction ID into the search field. It should then show how many confirmations the transaction has. If it has 3 or more confirmations, the recipient should have received the funds. If the transaction still hasn’t appeared in the recipient's wallet, then reach out to their provider. If the transaction has less than 3 confirmations, the funds have left the sending wallet but the transaction is still in the middle of processing. If your transaction says “No Transaction Found”, then the transaction never left the sending wallet. In that case, you should contact the provider of the sending wallet.

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