As you can see, here we are using a Bech32 address starting in bc1, but unless the sender is also using a Bech32 or P2SH address, they will not be able to take advantage of the lower fees SegWit enables.
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Always send from a Bech32 address where possible to save on transaction fees. If it is your first time receiving a transaction, it is recommended to send a test transaction before moving all of your funds. This may seem overly cautious as the technology is reliable but, for beginners, it can help offset any uncertainties. Try sending a few satoshis to test your receiving address, and wait for it to confirm before you make a larger transaction. When you want to pay someone in bitcoin, all you need is a receiving address which they will provide. Using Trezor Suite, simply navigate to the Send tab in your accounts, and enter the address you were supplied.
Double check that the characters match the original address exactly, as there is always a chance that undetected malware could be hijacking your clipboard. Once an address is entered, simply say how much you wish to send and a fee you are willing to pay. A higher fee will encourage miners to give your transaction higher priority and it should complete faster. In the screenshot below, we use the highest fee suggested by Trezor Suite to achieve a confirmation time of 10 minutes, the fastest the Bitcoin network is generally capable of. Always check the fee you are paying is reasonable.
Some wallets which automatically suggest fees grossly overestimate it. You should never need to pay more than a few dollars in fees even during busy periods. If the fee suggested by the wallet client you are using seems too high, look for an option to enter a custom fee and set it based on your needs. A number of tools exist on the internet to let you view the current fees other users are paying, such as the second chart on this website. In most cases, there is no way to recover Bitcoin that has been sent to the wrong recipient if the address was valid.
In the rare case that you know the owner of the address who you sent to, you can contact them, or you may be lucky enough that they send back the transaction when they recognize it was sent accidentally.
This is highly unlikely to work so, to prevent yourself from losing your coins permanently by sending them to the wrong address, always double or triple-check the address before sending. The sad reality is that, while many wallet clients do a good job of identifying valid addresses, there are still cases where a user has sent to the wrong type of address, such as sending Bitcoin to a Litecoin address, which some wallet clients are not able to catch. The chances of recovering your coins in this situation depend on the type of network the transaction was sent to.
In some cases, like with Litecoin, you should be able to recover the coins as long as you also own the private key to the receiving address, even if it is a Litecoin address.
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Without a private key, however, chances of recovery are low, if not zero. If this has happened, you may have to cut your losses and move to using a wallet interface with better support.
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Frequently Asked Questions – Bitcoin Electrum
SatoshiLabs Follow. What do the different types of bitcoin address look like To be comfortable with sending and receiving Bitcoin, you need to know two things: how to identify a valid address, and what address type to use. A Native Segwit Bech 32 address looks like this: bc1qjx7zv6pm4n00qgqpnvljnfp6xfznyw Unfortunately, Bech32 format is still not supported everywhere. What is a valid bitcoin address to send to?
The examples above are all addresses linked to this twelve-word recovery seed: gentle melt morning mother surprise situate lens beef cloud inquiry genuine feel From your seed, you can create a valid bitcoin receiving address of any type for your needs, provided you have the right wallet interface. Articles Bitcoin Address Transactions Techmonth Trezor Blog Follow. Written by SatoshiLabs Follow. More From Medium.
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