What is Crypto?
Crypto, or cryptocurrency, is a digital asset that transcends beyond conventional currency systems. Unaffiliated with any central banks and federal governments means investors can purchase, exchange, and trade cryptocurrencies without being worried about the fluctuating values of traditional currencies. With no physical coins or bills involved in its transactions, it exists solely as an entirely electronic form across multiple networks; enabling investors to store their finances securely online like never before!
Can You Give Crypto as a Gift?
Yes, you can give cryptocurrency as a gift! Cryptocurrency is becoming increasingly popular as an alternative form of payment for gifts and it can be an excellent gift for your loved ones, but take care to note the age restrictions when purchasing. Established sites such as Coinbase and Paypal only allow users over 18 years old to buy or sell crypto assets. However, gifted cryptos are proving themselves time after time with their lucrative long-term investments; making them a valuable asset worth considering!
Sending crypto to adults is a viable gifting option, but sending it to children isn’t so straightforward. That’s why we have provided you with some helpful information on cryptocurrency gift-giving that takes into account the various pros and cons of each method. From traditional peer-to-peer transfers through digital wallets, exchanges or payment services – there are plenty of ways in which one can facilitate the transfer of cryptocurrencies as gifts!
How to send coins
You can easily send cryptocurrency to another person’s wallet if he is a crypto holder, but if that person is not yet familiar with the crypto industry, there are several options that you can choose from to send crypto gifts and they are all simple. Here’s how to send crypto gifts.
- Coinbase. You can open your account on Coinbase and start giving crypto gifts. On the left side of the screen, you will see the option Send a gift. Click on that at get started. In order to send cryptocurrency to anyone in the world, all you need to have is their email address. They don’t need to have a Coinbase account, or be acquainted with the crypto world. Gifting feature on Coinbase allows you to send five types of cryptocurrency: bitcoin, ether, litecoin, bitcoin cash and stellar lumen. There are no extra fees for sending gifts. When you send your crypto gift to a friend, he will need to create an account on Coinbase, or the transaction will be canceled within thirty days.
- Cash App. If you are thinking about how to give cryptocurrency as a gift, another option is the Cash App by a company called Square. In the near future, Square wants to build decentralized bitcoin exchange. The new structure will be fully focused on the development of bitcoin.They want to create a unique platform that will make a difference in the crypto community. At the moment, Cash App only supports bitcoin gifts. Similar to Coinbase, you can send coins to someone who doesn’t have a Cash App account and in that case you will need their email address or their phone number. The person who receives your gift will be asked to create an account and accept the bitcoin. If he doesn’t create an account within 14 days, the bitcoin will go back to your account.
- Biterica. Biterica works similar to Coinbase and Cash App, but you can only send bitcoins as a gift and not other crypto assets.The procedure is simple and it requires only the recipient’s email address. After that, he needs to open an account and then he can freely use his bitcoin gift.
Giving a cryptocurrency wallet as a gift
- Hardware wallets. You can buy someone an entire cryptocurrency wallet, with or without funds in it. This can be a very valuable gift. Its price ranges from $60 to $200 and it can be bought online. These are hardware wallets that plug into your computer via USB port. Wallet is a secure storage item that helps keep your coins safe. If you decide to give someone a wallet, make sure you follow the set up instructions carefully.
- Paper Wallets. Instead of hardware wallets, paper wallets can also be used for storage of cryptocurrencies offline. There are specialized websites that create them and at the end of the process, you can print them out on a piece of paper. You can surprise someone with this piece of paper that contains all the information needed to access purchased cryptocurrencies, such as private and public keys and the QR codes. It’s important to be careful with this paper, not to lose it and not to damage it. One of the services that provide this feature is Bread Wallet.
Beautiful and valuable gifts can be given also in the form of a physical bitcoin that looks like a traditional steel coin. These coins are called Denarium and Casascius and they look like works of fine art. With the impressive design, they also have a real value since they serve as storage for a bitcoin address and private key.
Bitcoin gift card
Surely, we’ve explored some options about how to send cryptocurrency as a gift, but there is something we haven’t mentioned yet and it is a nice way of sending a valuable gift to a friend. How does that work? You select the denomination and fill the order form on one of the portals such as BitCards. You can also get a bitcoin gift card by using Crypto Voucher. This voucher can be bought from official online distributors. When the payment is made, the gift card or voucher is mailed to the recipient’s address.
Which cryptocurrency is the best gift?
Cryptocurrencies are digital assets people use as investments and for online purchases. Cryptocurrencies are getting more and more popular and their number is constantly on the rise, so it can be very difficult to choose from all these options. Even though there are more than 17000 cryptocurrencies at the moment, if you are giving cryptocurrency gifts to someone who is not yet in the crypto industry, it might be best to stick with the classics, such as bitcoin, ethereum or ripple. Cryptocurrencies are high-risk as an investment, so it is important to check your options before buying. Cryptocurrency may be a good investment if you are willing to accept it as a high risk gamble which could pay off, but also you have to be aware of the fact that you can lose all your money. For someone who is a newbie in the crypto world, it’s useful to get informed about crypto accounting for dummies and learn about taxes. You should make an informed decision and always consider what the recipient wants to get. It’s always great when we manage to get the right present for the right person.