Digital currencies are no longer the avenues for just the fintech nerds. Even those who are least inclined towards technology have heard about crypto along with their fluctuating prices surges and swings in their prices. So cryptocurrency as gifts can be a good option for your crypto enthusiast friends. So if you are aiming for something like that then here are things you need to consider.
Cryptocurrency As Gifts: Pros And Cons
If you are searching for a gift that is both practical and different at the same time, then cryptocurrency as gifts can be a great choice. Presently more than 14% of Americans own digital currency that is edged even more realistic adoption in this year. But this will not be the ideal gift for all. So if you are doubtful about the idea that can you gift cryptocurrency, then this is the ideal article for you.
So before you invest your money in gifting digital currency here are some things like the advantages and disadvantages that you can consider.
- Cryptos Can Be Versatile: Now more and more businesses accept payments in crypto, so a Bitcoin gift card can be a more versatile option than an ordinary gift card. If the recipient does not wish to keep that as an investment, then they can either trade it or spend it.
- This Could Be A Recurring Gift: Many people view digital currency as a form of investment. In time, your digital currency gifts might raise their value. If the recipient of the gift opts to hold it for a long period of time, the user never knows what it may be worth after a few years.
- Gift Any Amount Of Crypto: The worth of a single Bitcoin at the time of writing is $48,134.00, but it is not required to purchase a whole BTC. in fact, you can gift someone as little as $1 worth of Bitcoin. The fees of the transaction might make that a bit impractical, but it is possible.
- Cryptos Are Highly Fluctuating: A crypto gift that is worth $100 might be equals to $80 by Christmas this year, only to rise in value again before 2022. Be aware that 2022 will take in a lot of unknowns for digital currency, like regulation that could have a huge impact on the values.
- Cryptocurrency Is Not For All: Some people are not interested, or they don’t believe in these virtual assets actively. While those users could just convert your cryptocurrency as gifts back into dollars, there are transaction costs associated. And if they are not highly tech savvy, you probably do not want to give them that added hassle.
How To Give Cryptocurrency As Gifts?
If you have looked at the advantages and the disadvantages and are sure to proceed with this, then here are the steps that will help you to gift cryptos to your friends or families.
Decide The Crypto You Want To Give
There are many varied digital currencies on the market. But it is always advised to stick to the renowned coins like Ethereum (ETH), Bitcoin, Cardano (ADA), or even Solana (SOL) cryptocurrency as gifts. You might also take into account a stablecoin like USD Tether (USDT) which is a crypto that is backed to a commodity like the U.S. dollar and which has lower fees of transaction.
The digital currency space is relatively latest and untested, and there is a fair chance that only a limited amount of tokens will live in the long term. Given that the lucky receiver of your crypto gift may not wish to actively trade it, a more-established stablecoin or coin is a better bet.
Decide How To Gift That Crypto
There are several varied ways to gift a crypto, just as there would be if you were gifting someone cash. You will require to purchase the digital currency before you gift it:
- A Crypto Storage: If the person you are purchasing for already owns a crypto wallet, you can simply transfer crypto to their public address. You will need to ask them for their address, so it may not operate if you wish to surprise them. Some digital currency exchanges like Binance and Coinbase also have options for gift cards, but the receiver will require to open an account to avail of the gift. The most popular among them is the Bitcoin gift card UK.
- Get A Crypto Gift Card: There are several varied platforms that sell cryptocurrency gift cards. Ensure to research about them carefully as gift card platforms are filled with scams. Search for reviews online and only purchase from a site that you trust.
- Hardware Wallet: If you are purchasing for a crypto lover, a hardware wallet might be a nice gift in itself. These are little devices that are used offline, so they are less likely to get hacked.
Since digital currency is now everywhere and it is a recent hot topic, a cryptocurrency as gifts is also a good option. If you are aiming at a practical and also unique gift then you can surely choose this option. But it is not for all. There are various parameters that need to be considered before choosing digital currency as a gift. So in the above segment, we have spoken about all those parameters and all the possible pros and cons of this. So if you are wondering how to give bitcoin as a gift 2021, then we guess you have got your answer.
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