Determine Bluetooth version on iPhone

I’ve been searching around trying to find out how to determine which version of Bluetooth I have on my iPhone. In almost every case, a person asks the question by supplying the iPhone model and then an answer is given just based on that information alone.

A more helpful response would be to actually answer the question, how do you determine what Bluetooth version you have? In other words, to find out what Bluetooth version your iPhone supports, do this…

So what steps can a user take to find out what Bluetooth version their current phone supports?