How To Gift Bitcoin, And Other Cryptocurrency?
Cryptocurrencies are widely known now even for people who are not inclined toward tech and finance. With its increasing popularity, the prices of cryptocurrencies have also boomed over the past few years. Thus, making it a platform to invest and get good returns. The soaring and slashing of the prices make it a newsworthy piece every single day.
While some believe that cryptocurrencies or Bitcoin will never be able to replace physical currency and will gradually plummet others comments it is the future of finance. They surely are a volatile market with price falling and surging very quickly, however, gifting in cryptos is definitely a thing in trend. Bitcoin has been growing tremendously since its launch and is the biggest cryptocurrency in the market in terms of market capitalization.
The cryptocurrencies tend to just grow from here. Various shopping platforms like e-shopping websites, stores, and restaurants have already started taking digital assets in payments.
There is a total of 22,309 cryptocurrencies listed on coinmarketcap. The presence of so many cryptocurrencies makes it even more difficult to choose the right one. However, it is better to gift in already established coins like Bitcoin, Ethereum, or Solana, which have a market cap of billions.
Disclaimer: It is recommended to do your own analysis before investing/ gifting using any cryptocurrencies. Cryptocurrencies are investment risks and we do not guarantee any specific return. This article is just a recommendation and analysis of our own. It does not tend to give any sort of financial advice.
Methods to gift Bitcoin and other cryptocurrencies:
Seeing the increased demand for cryptocurrencies, especially Bitcoin, we made a list of ways in which cryptocurrencies can be gifted to your near and dear ones.
1. By using exchanges
One of the ways to gift Bitcoin or other cryptocurrencies is by using an exchange. If you are an investor you will be able to easily send money. However, if not you will have to create an account and choose a payment method to proceed.
Also read: Factors That Affect The Value Of Cryptocurrency
2. By using Gift Cards
Gift cards have become a popular method for gifting in today’s generation. This also applies to cryptocurrency gifts. Yes, you can send Bitcoin and cryptocurrencies through gift cards. Various websites offer these cards. You can choose the one that looks honest and trustworthy.
Choose the amount that you want to send the gift of, you will receive the card for that amount, and the receiver can go to the website and redeem it.
3. Mobile Apps
Mobile apps are highly popular these days for be it anything. From buying groceries to ordering food, from shopping to financial transactions. You can use Mobile Apps to even gift cryptocurrencies like Bitcoin and others. These apps are comparatively easy to use and can be downloaded without any major fuss.
How to store Bitcoin and other cryptocurrencies?
Buying cryptocurrencies for gifting also needs a place where they can be stored. There are various ways to store cryptocurrencies.
1. Using Hardware Wallets
A hardware wallet is a storage option that is more secure. They are regarded by many in the industry as the greatest location to ensure that your secret keys are safe and secure because they are compact, waterproof, virus-proof, and small. In essence, hardware crypto wallets are USB disc gadgets.
These wallets may be purchased fast, with varying prices depending on the capabilities they offer. They are offline, making them tougher to hack than a computer or smartphone.
Also read: Digital Assets Outlook For 2023, What Will Be The Biggest Change?
2. Using Paper Wallets
Paper wallets are the most affordable offline cryptocurrency storage solution. Simply writing your key codes on a piece of paper can serve as a paper wallet. However, you can make one by going to a website that produces keys and associated QR codes at random. A sheet of paper is produced as a result, on which is printed all the data you require to access your coins and enable transactions.
After designing and printing a paper wallet, you must take care not to misplace or harm it. It’s advised to just use this as a temporary solution until you can move the keys to a hardware wallet because paper wallets are very easily lost or damaged.
3. Using Physical Coins
It is feasible to purchase or make physical coins with the key printed on them if you want the present to be a little finer. Some people use a holographic sticker with the key printed on the back. They are made to order using metal or plastic and a three-dimensional printer, these coins may be pretty remarkable.
Since physical coins are less secure than alternative storage options, they should only be used as a short-term fix. Once presented, the gift should be destroyed unless it is printed on a valuable metal. In that case, the keys should be utilized to move the cryptocurrency to a cold storage medium.
Also read: Passive Crypto Investing 101: One Financial Habit To Improve Your Life