NEWS
If you’re running out of gift ideas, consider gifting crypto
Cryptocurrencies have been the talk of the town for a while now, with their uses expanding beyond the financial world. Nearly everyone has heard of them at this point, with their dramatic price swings and surges making headlines worldwide.
The opinions regarding cryptocurrencies are obviously varied. While some don’t see any value in them, others take a more positive outlook, considering digital assets a revolutionary tool for the financial landscape. They believe that buying cryptocurrencies like Ethereum can help them make fortunes and, thus, that digital assets should be at the top of shopping lists. If a loved one belongs to the latter category and wants to build their wealth with crypto, why not gift them digital assets?
Just think of how delighted they would be to receive crypto as a gift on their birthday or for a holiday. Unless you have a specific digital asset in mind, settling on mainstream options like Ethereum, Bitcoin, or Solana is a good idea. Although many other cryptos have emerged recently, it is still uncertain how they will perform in the future and whether they will have the same staying power as well-known assets. Hence, it may be better to keep an eye on ethereum price and stick to this asset to ensure you will benefit from great returns.
Keep in mind that cryptocurrencies are risky, and it’s essential to weigh your options before deciding which one to buy. Do your research on the coins that you find most appealing, and consider their prospects and whether their price reflects that. Since you’re planning to gift the crypto to someone else, there’s no need to say that you should consider the recipients’ desires as well. So, try to recall whether they have shown enthusiasm for a specific coin at some point. Once you stick to an asset, you have a few options when gifting crypto, and we will discuss them below.
Crypto Exchanges
Using an exchange is one of the simplest ways to give someone crypto. Simply put, an exchange enables you to buy and sell digital assets. They operate similarly to traditional stock exchanges, with two noteworthy differences: they don’t require any physical presence and are unregulated by the SEC. To send crypto through an exchange, the recipient should also have an account on such a platform – which isn’t likely a concern if they are a crypto enthusiast!
To transfer the digital assets, you’ll need the recipient’s wallet address, which can be a QR code or a long string of letters and numbers you’ll have to enter on the chosen exchange. The process of sending the crypto is straightforward: you only have to select the crypto and the amount you wish to give as a gift.
Paper Wallets
Another way to gift crypto is in the form of a paper wallet. A paper wallet is designed for one-time use, and it is recommended when you want to gift smaller amounts of crypto, as it doesn’t represent the safest way to transfer digital assets. Since the location of the crypto on the blockchain is written on the paper wallet, anyone who sees the paper can access it – besides, they can also get destroyed easily.
You can use a paper wallet generator, which is available for free on some platforms, and generate a printable document with a private and public key. The document will include QR codes linking the addresses, enabling seamless transfer. Suppose the crypto exchange you use is also available on the phone as an app. With the app, you can scan the QR code and then follow the suggested steps to send the amount of crypto you want to the paper wallet address.
Crypto Gift Cards
Different websites offer crypto gift cards, working similarly to traditional gift cards. However, looking for a trustworthy site is essential, so check the reviews to see if they are positive. Once you find a crypto exchange that provides gift cards, you can use a traditional currency to pay for them, and once you do so, you’ll receive a gift card worth the deposited amount’s value. As mentioned, these gifts work like retailer gift cards, so to redeem the present, the recipient has to go to the same exchange and enter the details written on the card.
Offering crypto gift cards to someone greatly benefits the recipient, allowing them to acquire digital assets without worrying about lengthy transaction times or complicated digital wallets. Ultimately, these crypto gift cards can help the recipient build up their investment portfolio reliably and securely.
Crypto Donations
Charitable donations can be one of the best gifts you can ever make. They are suitable, especially if you know that the recipient already has everything they need. Besides, if they are the type to get involved in different problems of the world, they will likely appreciate your gesture and see your gift as a truly meaningful one. Luckily, donating crypto to charitable organizations is now possible, as many popular good causes have embraced digital assets. This means that making an impact is now easier than ever, and using your crypto to do so is always a great idea, allowing you to spread your wealth to change the lives of those in need.
Besides, by doing good, you will get some incredible benefits, including tax deductions. Donating crypto is a straightforward process that involves a few simple steps. Firstly, you have to choose a charity you want to contribute to – this shouldn’t be so hard if you know the causes the recipient cares about. Then, you’ll have to select the crypto you want to donate and enter the amount of your choice. You will also be required to optionally fill in some information about you and enter your email address where you will get the tax receipt.
Takeaway
Crypto is here to stay – there are over 22,000 digital assets in circulation, with many of them having a history of an upward trajectory. This makes digital assets an appealing investment, so it’s understandable why you’d want to share those substantial returns with your loved ones. Luckily, there are different ways to gift crypto – whatever option you choose, just make sure it is legitimate.
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