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How to Gift Bitcoin?

how to gift bitcoinPanic! Your friend’s birthday is close or your loved one’s birthday is coming up soon. They got you a great gift last time around but they are extremely difficult to buy for. You really don’t want to buy cliché and unimaginative gifts over and over again. Also, you don’t want to be dull and give them flat money even though they can buy whatever they need with this method. Anyway, you are looking to give them a unique present this year that will surely surprise them and put a smile on their face. So, here is a novel idea. Why not gift them a Bitcoin?

Bitcoin has had such a great and exciting run in 2021, breaking its price repeatedly this year before settling back down again. Plus, a crypto coin serves multiple purposes that other gifts (i.e. perfumes or vehicles) can’t. In other words, Bitcoin as a gift is a store of value and a medium of exchange. It is also a great way to diversify a portfolio. Due to all of these reasons, Bitcoin makes the perfect gift for your friends, family members and even your loved ones. As we are getting closer to the holiday season, let us explore some of the available methods by which you can gift Bitcoins to your friends and family.

 

Paper Wallets

paper walletsThis is most often considered as the easiest and simplest method for gifting a certain crypto coin like Bitcoin as a present; therefore, paper wallets are one of the best options you have. As you expect, all the necessary details needed for the lucky recipient who receives this gift to get their hands on some Bitcoins is written on the piece of paper – including a public and private key. Lately, QR code has also been added to paper wallets as a common feature as these codes have grown in popularity in recent years.

By the end of this article, if you do actually end up taking this method, then you should know that it is of utmost importance that the paper wallet be used only as a temporary measure. It is crucial to stress that you have to transfer the funds to a safer and more secure place as soon as you get the chance. This way you can prevent the coins from getting stolen or lost.

 

Hardware Wallets

hardware wallets

Now, there is another method quite similar to paper wallets but much more secure and at a greater cost. This could be ideal if you know your friend or loved one is actually interested in investing in cryptocurrencies. Hardware wallets are a secure environment where your digital assets are safely stored thanks to how these wallets are actually some kind of a cold storage which is disconnected from the online world of the Internet.

There are some devices that support various different currencies but since your goal is to be used for gifting Bitcoins, you really don’t need to worry about anything since Bitcoin is the most popular currency right now (like it has been for the past decade) and is basically available on every platform. Also, hardware wallets can even come up with some extra features and technologies such as small displays that let you check up the current amount of coins stored in it. Such wallets are actually quite suitable for people with little technical knowledge as well. So, you don’t have to worry if your loved one is not all that techy. Of course, it never hurts to take a few minutes and teach them how to use their gift.

 

Exchanges

exchanges

Besides wallets (paper or hard), there is another idea that might help. So, you can have your loved one set up their own account on an exchange and purchase your desired amount of Bitcoins that you want to gift directly from their account. You can use websites like Binance and Coinbase or the app version of such exchanges. Alternatively, you can send them the Bitcoin gift you have prepared from your own account as a trade; but be careful as this involves a small transaction fee as well.

PayPal is also available and is a viable choice if its cryptocurrency services have been rolled out to the country where you are in. all of the abovementioned platforms are fine and work perfectly, though, When choosing an exchange, try to find one with an easy to use user interface so that it wouldn’t be a steep learning curve for your loved one.

 

Bitcoin Gift Cards

bitcoin gift cards

Perhaps the most straightforward way to gift Bitcoins to someone is via Bitcoin gift cards. This is a lot easier to understand than Hard wallets and exchanges and does not require any knowledge at all. These gift cards usually come with a code that needs to be inputted on a company’s website. This way, the cash value on the Bitcoin gift card will be converted to Bitcoins. The amount of Bitcoins you receive depends completely on the market rate. So, you can choose to hold off converting it to Bitcoin if you feel like the price is going to drop for more Bitcoins. This will make your gift more valuable but of course comes with a risk. Also, ensure you choose a trusted provider.

 

The Bottom Line

Without any doubt, Bitcoin is inherently valuable. Gifting Bitcoin is like gifting flat cash but more exciting and valuable. The recipient may use your gift to do whatever they want including shopping, paying their bills or even storing it for later so they can get more profit from selling it at a higher price. The same as cash or gold, Bitcoin has an apparent value, meaning there is no need to remove price tags before gifting it to your friend. If you know your friend is interested to learn about the crypto world and Bitcoins or you simply want to introduce them to this field, Bitcoin can be the perfect gift. Also, if you wish to surprise our loved one with a unique gift that they would not have expected, then why not spice things up by gifting Bitcoins.

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