How to gift Bitcoin and other cryptocurrencies to your friends and loved ones

How to gift Bitcoin and other cryptocurrencies?

Cryptocurrencies are now popular even for people who are not technologically or financially inclined. With its growing popularity, the prices of cryptocurrencies have also risen over the past few years. Thus making it a platform to invest and earn good returns. The rise and fall of prices make it a daily news item.

While some believe that cryptocurrencies or Bitcoin will never replace physical currency and will gradually decline, others believe that it is the future of finance. They are definitely a volatile market where prices go up and down very quickly, but gifts in cryptocurrencies are definitely something that is trending. Bitcoin has been growing exponentially since its launch and is the largest cryptocurrency on the market in terms of market capitalization.

Cryptocurrencies tend to grow from here. Various shopping platforms such as e-shopping sites, stores and restaurants have already started accepting digital assets in payments.

Coinmarketcap has a total of 22,309 cryptocurrencies listed. The sheer number of cryptocurrencies makes it even more difficult to choose the right one. However, it is better to gift in already established coins such as Bitcoin, Ethereum or Solana, which have a market cap of billions.

Disclaimer: It is recommended to do your own analysis before investing/donating using any cryptocurrency. Cryptocurrencies are investment risks and we do not guarantee any specific returns. This article is just our own recommendation and analysis. Not intended to provide any financial advice.

Ways to gift Bitcoin and other cryptocurrencies:

Seeing the growing demand for cryptocurrencies, especially Bitcoin, we have compiled a list of ways to gift cryptocurrencies to your near and dear ones.

1. Using stock exchanges

One way to gift Bitcoin or other cryptocurrencies is to use an exchange. If you are an investor, you will be able to send money easily. However, if not, you will need to create an account and select a payment method to proceed.

Also read: Factors affecting the value of cryptocurrency

2. Using Gift Cards

Gift cards have become a popular way of giving in today’s generation. This also applies to cryptocurrency gifts. Yes, you can send Bitcoins and cryptocurrencies via gift cards. Various sites offer these cards. You can choose someone who seems honest and reliable.

Choose the amount you want to send the gift, you will receive a card for that amount and the recipient can go to the website and redeem it.

3. Mobile Applications

Mobile apps are very popular for everything these days. From buying food to ordering food, from shopping to financial transactions. You can even use Mobile Apps to gift cryptocurrencies like Bitcoin and others. These programs are relatively easy to use and can be downloaded without much fuss.

How to store Bitcoin and other cryptocurrencies?

Buying cryptocurrencies as a gift also requires a place to store them. There are different ways to store cryptocurrencies.

1. Using Hardware Wallets

A hardware wallet is a more secure storage option. Because they’re compact, waterproof, virus-proof, and small, they’re considered by many in the industry to be the best place to keep your private keys safe and secure. Essentially, hardware crypto wallets are USB drive gadgets.

These wallets can be purchased quickly at prices that vary depending on the features they offer. They are offline, which makes them difficult to hack from a computer or smartphone.

Also read: Digital asset forecast for 2023, what will be the biggest change?

2. Using paper wallets

Paper wallets are the most cost-effective offline cryptocurrency storage solution. Simply writing your key codes on a piece of paper can serve as a paper wallet. However, you can do this by visiting a website that randomly generates keys and associated QR codes. As a result, a sheet of paper is prepared on which all the information necessary to access your coins and activate transactions is printed.

After designing and printing the paper wallet, you need to be careful not to misplace or damage it. It is recommended to use this as a temporary solution until you can transfer the keys to a hardware wallet, as paper wallets are very easily lost or damaged.

3. Use of physical coins

If you want to make the gift a little more subtle, it is possible to buy or make physical coins with the key printed on them. Some people use a holographic sticker with a key on the back. They are made to order using metal or plastic and a 3D printer, these coins can be quite remarkable.

Because physical coins are less secure than alternative storage options, they should only be used as a short-term fix. Once presented, the gift must be destroyed unless printed on precious metal. In this case, the keys must be used to transfer the cryptocurrency to a cold storage environment.

Also read: Passive Crypto Investing 101: A Financial Habit To Improve Your Life

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