Transferring Bitcoin From Circle Invest: A Step-By-Step Guide

Circle Invest is a mobile app that enables anyone to buy and sell crypto assets. The app is available in the App Store and Play Store. It allows users to move money from their bank to their Circle Invest account, buy Bitcoin, and then store it in their digital wallet. Circle Invest also offers two-factor authentication to keep user accounts secure. While Circle Pay, another Circle app, used to allow users to hold, send, and receive Bitcoin, it no longer offers this service. Therefore, users looking to send Bitcoin will need to use the Circle Invest app.

Sending money using the Bitcoin network

To send money using the Bitcoin network, sign in to your Circle Pay account and navigate to the "Send" tab. Here, you can enter the amount you wish to send. Next, you will need to enter the recipient's Bitcoin address to choose where to send the funds. To avoid any mistakes, it is recommended to copy and paste the address into the send page. Alternatively, you can use the Circle Pay app to scan a QR code to send funds, which will automatically fill in the address information.

Bitcoin transactions on Circle Pay are free, secure, and fast, typically taking between a few minutes to about 40 minutes to complete. The timeline depends on the number of confirmations required on the blockchain, which is the public ledger of all Bitcoin transactions. Circle requires four confirmations before clearing a transaction, and each confirmation takes around ten minutes.

It is worth noting that once customers convert their Bitcoin balance to another currency on Circle Pay, they will not be able to convert it back to Bitcoin.

Signing in to your Circle Pay account

To send Bitcoin from Circle Invest, you first need to sign in to your Circle Pay account. Here's a step-by-step guide to signing in:

• Open the Circle Pay website or mobile app: Circle Pay is Circle's mobile payment platform that allows users to hold, send, and receive fiat currencies and Bitcoin.
• Enter your login credentials: Provide your username and password to sign in to your Circle Pay account. If you don't have an account yet, you'll need to create one by registering with your personal information.
• Verify your identity: Circle Pay may require you to verify your identity through additional security measures, such as two-factor authentication or biometric identification.
• Navigate to the "Send" tab: Once you're signed in, look for the Send tab within the Circle Pay interface. This is where you'll initiate the process of sending Bitcoin.
• Enter the recipient's Bitcoin address: In the "Send" section, you'll need to input the Bitcoin address to which you want to send funds. Make sure to double-check the address to avoid sending Bitcoin to the wrong recipient.
• Specify the amount: After entering the recipient's Bitcoin address, you can specify the amount of Bitcoin you wish to send. You may also have the option to select the sending method, such as using a QR code or manually entering the recipient's wallet address.

Remember that Circle Pay no longer offers the ability to buy and sell Bitcoin directly on its platform. However, as a Bitcoin customer on Circle Pay, you can continue to receive and send Bitcoin to other Bitcoin addresses or Circle Pay users.

Entering the Bitcoin address

To send Bitcoin, you will need to know the Bitcoin address of the recipient. This address is a digital identifier, similar to a bank account number, and is used to send BTC.

The exact procedure for sending Bitcoin depends on the type of Bitcoin wallet you are using. If you are using Circle Pay, sign in to your account and navigate to the 'Send' tab. Here, you can enter the amount you would like to send.

Once the recipient has provided you with their Bitcoin address, you can enter it into the send page. It is recommended to copy and paste the address to prevent any mistakes. Alternatively, Circle Pay allows you to scan a QR code to send funds, which will automatically fill in the address information for you.

If you are using a different wallet, the process may vary slightly. For example, if you are using the Crypto.com DeFi Wallet, you would first click on 'Send Payment' from the home screen, choose the cryptocurrency to send, enter the recipient's wallet address or scan their QR code, and then confirm the transaction.

It is important to carefully review the transaction details before sending Bitcoin to ensure that the recipient's address is correct and to avoid any potential mistakes.

Scanning a QR code to send funds

To send funds by scanning a QR code from your Circle Invest account, you will first need to navigate to the "Send" tab in your Circle Pay account. Here, you will see the option to enter the amount you would like to send.

To send funds via QR code, you will need to select the QR code option on the main "Account" tab. This will allow you to scan the QR code of the recipient, which will automatically fill in their address information. Ensure your camera is ready to scan the code.

QR codes are a popular method for transactions, as they are fast, secure, and easily accessible from most smartphones. The QR code will direct you to a secure payment page where you can use your mobile banking or mobile wallet app to complete the transaction.

Once the recipient's address information has been filled in, you can review the transaction details before authorizing the payment. This will complete the process of sending funds via QR code from your Circle Invest account.

Bitcoin transaction times

The time it takes to complete a bitcoin transaction depends on the network itself. The settlement of bitcoin transactions is governed by the speed of confirmations on the blockchain (the public ledger of all Bitcoin transactions).

The two main factors influencing the transaction time are the amount of network activity and transaction fees. The more transactions that the network needs to process, the longer each transaction takes. This is because there are only a finite number of miners to process each block and there are a finite number of transactions that can be included in a block.

Miners on the Bitcoin network prioritize transactions by the fee that they receive for confirming them. Therefore, if you pay a higher fee, a miner is more likely to process your transfer, which decreases the transaction time.

The Bitcoin community has set a standard of 6 confirmations that a transfer needs before you can consider it complete. The average time it takes to mine a block is 10 minutes, so you would expect a transaction to take around an hour on average.

Circle requires four confirmations before clearing a transaction and no longer considering it pending, so the average completion time for these transactions is about 40 minutes.

Frequently asked questions