Bitcoins being the most valuable cryptocurrency on the planet, which is worth thousands of dollars, can be a cool and modern way to gift them to your family and friends. Giving Bitcoins as a gift shows your love and care about them and can be a smart way to help someone financially. Nothing can be a more efficient asset that has such an outstanding store of value.
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Efficient ways to give Bitcoins as a Gift
1. Gift Bitcoins through crypto exchange
Giving Bitcoins through a crypto exchange is the most common way to give bitcoins as a gift. To give Bitcoins as a gift through a crypto exchange, you will have to open an account in a crypto exchange where you can easily buy any cryptocurrency. Remember to do detailed research on these online crypto exchange platforms as the internet is surrounded by fraudsters and scammers.
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Once you successfully create your account, the next step will be KYC verification. If you don’t want to do KYC verification, then you can deposit, withdraw or trade cryptocurrency up to a specified limit. You may not get access to all the features of the crypto exchange platform.
Once your account is set now, all you have to do is add a payment method and buy Bitcoins or other cryptocurrency and send it directly to the person’s wallet to whom you want to give it as a gift. To send Bitcoins as a gift, you will need the person’s public wallet address. Be careful while putting the wallet address, or you might end up losing your Bitcoins.
2. Gift Bitcoins using a wallet
- Hardware wallet
There are multiple ways to gift bitcoins, amongst which using a hardware wallet is the most secure way of gifting Bitcoins, and since these are offline so there are no chances of online cyber-attacks. These hardware wallets somewhat look like a Pendrive. These are protected with antivirus and feature multi-signatures. Ledger Nano S and Trezor Model T are the most commonly used hardware wallet. These are nano portable wallets that value less than 100 EUR.
- Paper wallet
If you are looking for a tangible and cheap wallet to gift Bitcoins, then a paper wallet is the best option for you. A paper wallet is in the form of a paper, and all the information you need to access the wallet is printed on it, including public address, private keys, and QR codes.
The use of paper wallets has been reduced significantly since the initial years of Bitcoins because these must be stored with precautions to keep it secure, or else the money is lost forever.
3. Bitcoins gift cards and Crypto vouchers
Bitcoin gift cards work the same way as Amazon or Dominos gift cards. All you need to do is look for a genuine, trusted website where you select the amount you want to send a gift, and after adding a few charges, you need to pay the final amount.
After filling in the necessary information and mailing address, the platform will convert your money to a Bitcoin gift card and courier it to the given address. The person can redeem the gift card from the same website by entering the information provided along with the gift card.
Crypto vouchers are like regular coupon vouchers, and all you have to do is buy a crypto voucher online from a trusted, verified platform, and you will receive an email with a redeem code which you can send to the person to whom you want to give it as a gift, and they can redeem it from the given website, and the equal amount worth of bitcoins will be deposited in that person’s wallet.
A gift card and vouchers are the easiest way to gift Bitcoins online but not secure as there are chances of cyberattacks, or the website may be operated by fraudsters, etc. As easy and simple as gifting Bitcoins with gift cards and Crypto vouchers may sound, searching a verified platform and filling up the details gets overwhelming.
4. Physical Crypto Coins
There are few organizations that manufacture physical Bitcoins that look like regular coins with gold color on them. Well, these look similar to Christmas and Halloween Party chocolates, except they are not. These are not just ordinary coins. This gold coin contains a hologram of a Bitcoin, a public address, and a private key that can give you access to the wallet.
These coins are available in three different colors: gold, silver, and bronze, and the physical appearance of these coins looks exquisite and precious to give them as gifts. A coin that looks like a gold plated chocolate can hold the value of bitcoin can be pretty surprising for your friends.
With the increasing popularity of Bitcoins and other cryptocurrencies, people have become creative in using Bitcoins for different purposes. Bitcoins are not just limited to investment options. It can be used to gift your friends or family. With the growing market in Bitcoins in coming times, giving Bitcoins as gifts can be really profitable for your friends if they choose to store them for the long term. Also, buying Bitcoins as gifts shows your care for their future as they can be exchanged for FIAT currency anytime.
By gifting Bitcoins, you can also get the attention of people into Bitcoins and other cryptocurrencies and how they work. It will take some time to make them understand the basics of blockchain, and you can divert their interest into investing in Bitcoins and other cryptocurrencies. Along with high profits, remember to tell them the risks associated with investing in Bitcoins.