Companies such as Coinbase, Binance, CashApp and Robinhood allow their users to purchase gift cards.
The rush to buy gifts for friends and family this holiday season has begun. One of the most coveted gifts this Christmas and New Year is crypto coins as people see them as a way to boost wealth. Most people these days prefer financial gifts over books and clothes. The rise of virtual currencies such as Bitcoin and Ethereum have made people aware of the new industry that promises rapid wealth creation.
So if you are thinking of investing in the future to build an asset class, cryptocurrency could be an option. These coins are a versatile gift option and you can give them to anyone, within or outside the country, without going shopping in the crowded market. Here's how you can gift crypto coins.
Crypto Gift Cards
The cards work like retail gift cards. Visit a website that sells Bitcoin gift cards, buy the Bitcoins you wish to give and pay the amount. You will receive a gift card, which you can share with your loved ones. They can visit the same website and get the Bitcoin deposited in their digital wallet by entering the details. Companies such as Coinbase, Binance, CashApp and Robinhood allow their users to purchase gift cards.
Another way of gifting crypto coins is through a crypto exchange. You can send the number of the crypto coins directly to their public address. If the recipient does not have an account on a crypto exchange or digital wallets, they will have to set up one.
These are also called offline wallets as the data is stored on a portable device like a USB stick and considered safer than online wallets. Hardware wallets can be bought online from crypto exchanges. To use this method, you need to buy the Bitcoin and note down the private key and other details that may be required to authorise the transaction. Simply, give the device to the recipient. Using the private key, the recipient can authorise the transaction and receive the gift.
This essentially is a printed piece of paper that contains keys and QR codes for cryptocurrency transactions. These are created on specialised websites. Visit any of these websites, generate a paper wallet and send them out as gifts. Anyone can get the cryptocurrency bought by you by scanning the QR code.