Cryptocurrencies could potentially be the gifts that keep on giving. Over the past few months, digital currencies have become quite popular, they are now not only for the fintech nerds but for anyone who is looking for a modern type of alternative asset class to invest in.
Cryptos are a versatile gift option that work perfectly overseas and enable you to conveniently shop online without going through the currency exchange.
You can send cryptocurrency just the way you give someone money if you fear buying them the wrong gift. The receiver of the cryptocurrency can either hold the token for long term gains or sell it, take the money, and buy whatever they like with it.
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How to gift cryptos and Bitcoin
If you are wondering how to gift Bitcoin, here are the various ways in which you can give your loved ones the gift of investment:
You can send crypto gift cards: Crypto gift cards work exactly like retail gift cards. Select a trustworthy website that sells Bitcoin gift cards, enter the number of Bitcoins you wish to gift and pay the required amount. Once you complete the payment, you will receive a gift card of your required amount. You can send this gift card to your loved ones and have them visit the same website you purchased the gift card from. Once the recipient enters the details mentioned on the card, they will receive the bitcoins right away in their digital wallet.
You can send Bitcoins through the crypto exchanges: You can easily send Bitcoins through crypto exchanges. If the person you wish to gift Bitcoins to already has a crypto wallet, you can easily send them the number of bitcoins you desire at their public address. However, make sure you enter the public address of the recipient correctly before sending the cryptocurrency.
Make use of paper wallets: Making use of paper wallets is one of the cheapest ways to store cryptocurrencies in offline form. You can easily store Bitcoins in a paper wallet by visiting a specialised website that can generate keys and QR codes that correspond to all the information needed to access the Bitcoins bought by you. Visit such a website, create a paper wallet, and send it across to your loved one. All they must do then is scan the QR code and they will gain access to the Bitcoins that are bought by you.
You can send hardware wallets: Hardware wallets are small portable USB drive devices. These wallets are offline and hence, are quite difficult to hack. Hardware wallets are waterproof and virus-proof. These are regarded as one of the best places to store private keys and other information that can be used to authorise Bitcoin transactions. Hardware wallets are available at varied price ranges and can be easily bought online. All you have to do is purchase the number of Bitcoins you wish to gift, note down the private key or any other detail that may be required to authorise the transaction, store the information in the hardware wallet and give the hardware wallet to the recipient. They can view the private keys and other details stored in the hardware wallet and authorise the transaction of Bitcoins on your behalf and receive the crypto gift.
(Edited by : Aditi Gautam)
First Published: IST