To receive Bitcoin in a self-custody wallet, you need to follow these steps:
- Choose a self-custody wallet: There are various types of self-custody wallets available, including software wallets, hardware wallets, and paper wallets. Select a wallet that suits your needs and security preferences.
- Install or set up the wallet: If you’re using a software wallet, download the wallet application from the official website or a trusted source. Follow the installation instructions and set up your wallet by creating a new wallet or importing an existing one. If you’re using a hardware wallet, follow the instructions provided with the device to set it up.
- Generate a receiving address: Once your wallet is set up, you can generate a receiving address. In most wallets, this can be done by clicking on the “Receive” or “Receive Bitcoin” button. The wallet will generate a unique address consisting of a long string of alphanumeric characters. This is the address where you will receive your Bitcoin.
- Share your receiving address: To receive Bitcoin, share your generated receiving address with the person or entity that wants to send you the funds. You can do this by providing them with the address itself or by displaying a QR code that represents your address. Make sure to double-check the address to avoid any mistakes, as sending Bitcoin to the wrong address could result in permanent loss.
- Wait for the transaction confirmation: Once someone sends Bitcoin to your receiving address, you’ll need to wait for the transaction to be confirmed on the Bitcoin network. The confirmation time can vary depending on network congestion, but typically, a few confirmations are considered secure (often 3 to 6 confirmations).
- Verify the transaction: Once the transaction is confirmed, you can verify the receipt of Bitcoin in your wallet. Most wallet applications have a transaction history or balance section where you can see your received funds.
Remember, it’s essential to keep your wallet secure by following good practices, such as keeping your backup seed phrase or private keys safe and regularly updating your wallet software.