Skip to main content

Bitcoin (BTC)

What is Bitcoin?​

Here are 5 key points about the Bitcoin Blockchain:

  • Bitcoin is a digital currency that exists only in the internet. You can't hold it in your hand like paper bills or coins.

  • Bitcoin is decentralized which means there's no one person or organization in charge of it. Unlike regular money that's controlled by governments and banks.

  • There will only ever be 21 million Bitcoin that will exist, which makes it different from regular money that can be printed endlessly.

  • When you buy something with Bitcoin, the transaction is recorded on a decentralized ledger, called a blockchain. This makes it secure and very hard for anyone to cheat or steal.

  • The value of Bitcoin is very volatile, its price can go up and down very quickly.

tip

Learn more about Bitcoin by reading the Gem Wallet Learn article:
What Is The Bitcoin Blockchain?

Bitcoin is Fully Supported by Gem Wallet​

Gem Wallet has full support for Bitcoin. As soon as you setup a new Multi-coin wallet, you will get your own Bitcoin address.

Gem Wallet can be used to:

  • Buy Bitcoin (BTC) with fiat using debit/credit cards.
  • Receive Bitcoin via SegWit (Bech32) receiving addresses.
  • Send Bitcoin to any Bitcoin wallet.
  • Swap Bitcoin to another crypto via Cross-Chain Swap.

Bitcoin on Gem Wallet Bitcoin Price Gem Wallet

How to Receive Bitcoin with Gem Wallet?​

Here are some ways to acquire some Bitcoin:

Buying Bitcoin with Gem Wallet Buying Bitcoin via Mercuryo

  • Receive Bitcoin with the unique Bitcoin address on the Gem Wallet app.

Receive Bitcoin with Gem Wallet BTC Receive Transaction on Gem Wallet

How to Send Bitcoin with Gem Wallet?​

Tap on Send, then input the Recipient Address manually or use the QR Code Scanner. Next, set the amount of Bitcoin you want to send.

Input Recipient Bitcoin Address Input Bitcoin Amount

When sending Bitcoin, ensure you have sufficient BTC in your wallet to cover the network fees. Adjust the Network Fee based on your desired transaction speed. Once ready, Confirm the transaction.

Adjust Network Fees Confirm Bitcoin Transaction

Transaction Fees on the Bitcoin Blockchain​

The fees on Bitcoin are summarized as follows:

  • Paying a higher fee for your transaction increase the chance of it to be processed quickly.
  • Paying a lower fee could cause your transaction to take longer.
  • Fees vary depending on network demand and the size of the transaction.
tip

You can check the current transaction fees on Bitcoin by going to this site, mempool.space which is also a BTC Blockchain explorer. Fees can be adjusted by tapping "Network Fee" and selecting your preferred option.

Can I Swap Bitcoin on Gem Wallet?​

You can seamlessly swap Bitcoin for any cryptocurrency supported by cross-chain swaps, and vice versa, allowing flexible conversions between Bitcoin and other compatible cryptocurrencies.

Receive Bitcoin with Gem Wallet BTC Receive Transaction on Gem Wallet

How to Check Bitcoin Balance?​

Gem Wallet app connects to the BTC blockchain to show the BTC balance on your wallet. Tap on the 3 dots then tap on View address on Blockchair.

Bitcoin Balance on Gem Wallet View Address on Blockchair

tip

Blockchair is the default BTC explorer of Gem Wallet. You can manually check balances and transactions by going to Blockchair and search for your BTC address.

You can review your transactions in the Bitcoin transaction history and view them on the blockchain explorer for more detailed information.

Sent Bitcoin Transaction on Gem Wallet Checking Bitcoin Transaction on Blockchair

Why Choose Gem Wallet for Bitcoin?​

  • User-Friendly Interface: Gem Wallet’s intuitive design makes managing Bitcoin (BTC) seamless for both beginners and experienced users, with easy navigation for sending, receiving, and swapping.
  • Enhanced Security: As a self-custodial wallet, Gem Wallet ensures you retain full control over your Bitcoin and private keys, with open-source code and biometric authentication for robust protection.
  • Continuous Innovation: Regular updates introduce new features and optimize performance, keeping Gem Wallet at the forefront of Bitcoin management and DeFi integration.

Conclusion​

Bitcoin (BTC), the pioneering cryptocurrency, offers decentralized, secure, and transparent transactions. With Gem Wallet’s support for Bitcoin, users can effortlessly manage their BTC, engage in cross-chain swaps, and explore Web3 applications. Gem Wallet is your trusted partner for navigating the Bitcoin ecosystem.