Sending Bitcoin to me is one of the best ways to surprise someone.
Ok, a special person’s birthday is coming up, and this person got you a pair of really nice shoes last time around.
You don’t want to be unimaginative and resort to buying perfume yet again.
But here’s a novel idea – what about giving cryptocurrency as a gift?
Since crypto started achieving mainstream acceptance, and an increasing number of e-commerce platforms accepting it as a payment method, Bitcoin on birthdays and holidays could be cool.
If your loved one decides to hold onto their cryptocurrencies, they could also end up thanking you years down the line.
A heart-warming story recently emerged on Reddit, where back in December 2013, a pizza delivery driver was given a 0.0069 BTC tip, which was worth about $5 at the time.
Reports suggest that, more than seven years on, he’s now cashed out this crypto for a cool $400… making a remarkable profit.
So how do you go about gifting someone crypto?
Let me guide you on the process.
How to gift cryptocurrency
There are multiple ways to gift Bitcoin or any other cryptocurrency to someone, but am going to show you an easy way to do it fast.
- Log into a cryptocurrency exchange
- Choose and buy either BTC or any Altcoin
- Store the coin in a crypto wallet
- Send the wallet to the person.
That’s quite simple. Right?
Congratulations! You have successfully gifted someone with a cryptocurrency already.
Best ways to send crypto as gift
You can gift someone coin vouchers, physical Bitcoins, mining rigs, or crypto-coin wallets, and all of these gifts are easy to understand and operate.
Below are the ways to send cryptocurrency of choice to that special someone as gift to appreciate them this holiday or birthday.
Hardware wallet (Best option)
This method might be a little bit more expensive, but it could be ideal if you know that your loved one is interested in crypto investing.
Hardware wallets will help keep their digital assets safe and secure, thanks to how they are cold storage devices with HD (i.e. Heuristic Deterministic) features.
These devices support dozens of cryptocurrencies, and some of them even come with small displays, where you can check up on the current balance.
Using one of these wallets can require a little bit of technical knowhow, so it’s always best to give them a little bit of training when they open their gift.
Exchange wallet (Second option)
Alternatively, you might be able to use PayPal if its crypto service has been rolled out to the country where you live.
Bitcoin gift cards
Gift cards are straightforward, easy-to-understand way of giving a present. They’ll normally come with a code that will be inputted on a company’s website.
From there, the value of the gift card will be converted into Bitcoin at the current market rate. If you’re going to use this approach, just make sure that you choose a trustworthy provider.
Of course, Bitcoin doesn’t only have to be a gift to your loved ones – it can also be donated to a plethora of charitable organizations.
Donors can receive some compelling advantages, because of how they can sidestep capital gains tax and claim a deduction on their income tax.
Paper wallets are often touted as the simplest and easiest way for giving cryptocurrency as a present.
As you’d expect, the piece of paper has all the details required for the lucky recipient to get their hands on Bitcoin – including a private and public key.
If you do end up using this method, it’s crucial to stress that it should only be used as a temporary measure, and the funds should be transferred to a more secure environment to avoid being lost.
Other ways to gift crypto-coins
In the early days of Bitcoin, a range of physical coins were created by the likes of Denarium and Casascius.
A kind of generous gift like this, is almost like owning a piece of crypto history – and in certain cases, their value can appreciate like fine wine and art.
Some of these coins contain a piece of paper featuring a private key, and even once this crypto has been redeemed, they may still have value.