The world has evolved to the point that we can now gift someone digitally. Crypto as a virtual currency has made this easier and more accessible for even the least digitally inclined. Now that many E-commerce companies accept cryptocurrency as a form of payment, the concept of issuing crypto gift cards has surged in adoption lately. For instance, a survey by Block Fi revealed that one in ten Americans opted to give crypto as a gift in December 2021.
Benefits of giving crypto as a gift
Crypto is gaining traction as a gift card for every season of celebration. The reason crypto gifting is popular can be attributed to the value crypto offers. Secondly, it saves extra costs as it is done digitally. Crypto exchange platforms have also made crypto gifting simpler by promoting ease of access for users. In addition, it enables many people to grow their digital assets.
Also read : 5 Popular Cryptocurrency Scams and How To Avoid Them
How can you give crypto as a gift?
Thus, if you are interested in doing something different for your loved ones by gifting them crypto, here is how you can do this.
Know the crypto coin you want to gift
Deciding what cryptocurrency to gift is the first step. Contrary to popular opinion, Bitcoin and Ethereum are not the only crypto coins available on the market. Over 7,600 cryptocurrencies are being traded regularly. Bitcoin and Ethereum are the most traded coins, hence, their popularity. However, the current volatile nature of the crypto market has caused many cryptocurrencies to fall in value. Furthermore, not all cryptocurrencies are accepted depending on your crypto exchange platform.
Know the platform you want to use:
You can either gift crypto through gift cards or a crypto exchange platform. Crypto exchange platforms like Robinhood and Coinbase allow you to gift crypto through. Platforms like PayPal and several currencies also offer crypto gift cards that can be redeemed by the person receiving the gift. You must ensure the credibility of any platform or website you decide to use.
Also read : Is it Smart to Invest in Cryptocurrency? Here are 4 Top Cryptos to Consider for Your Portfolio
Know how you want to store the gift
If you do not own a crypto wallet, you must first choose an exchange platform, set up your account, and decide your payment method. In addition, the person you want to send the crypto gift to might require a crypto wallet. You can send your crypto gift to their wallet directly or set up another account with their name and give them the wallet details when you want to give them their crypto gift.
The decentralized attribute of cryptocurrencies has made them a go-to option for several purposes, including gifting. The simple fact that it can be sent to anyone from any part of the world also gives it a pass mark. First, however, it is important to know the tax policies and transaction costs that come with the crypto market and, subsequently, crypto gifts. No doubt, exploring giving cryptocurrencies as a gift to your loved ones, can be the a creative and valuable surprise.
