Investing in cryptocurrency is no longer the domain of tech-savvy individuals. Even the least technologically apt individuals among us invest in crypto, irrespective of the risks that come alongside it. Companies are preparing for the future of crypto in various ways. A high number of e-commerce industries accept cryptocurrency as a means of payment. This increases the chances of cryptocurrency being more valuable in the future. Companies are also offering individuals a means of sending cryptocurrency as a gift. All this is just to prepare the world for the future of crypto. In this article, we’ll be telling you everything you need to know about gifting cryptocurrencies.
Which Cryptocurrency Would Make a Good Gift?
There are thousands of cryptocurrencies out there, and this makes selecting one even harder. Except if you or the person you want to gift the cryptocurrency to has something particular in mind, it’s safer to opt for the more well-established options like Bitcoin, Ripple, or Ethereum. Over the years, newer, cheaper cryptocurrencies have been introduced, but it would be almost impossible for them to stay in power as long as the well-established coins. Cryptocurrencies will always be high-risk options, and it is imperative to do some homework before purchasing.
Methods of Gifting Cryptocurrencies
The increasing popularity of cryptocurrencies has now made them easier to purchase. Here are two common ways of gifting these digital currencies.
- Gift Cards: Many websites now where you can buy gift cards with crypto. Find a trustworthy website, with good reviews, then select the amount of crypto you want to gift and pay. Immediately after the payment is made, you will be given a gift card equal in value to the deposited amount. The beneficiary can receive the gift by heading to the same website and inputting the details shown on the card.
- Crypto Exchanges: Another way of gifting cryptocurrencies is through an exchange. However, you can’t use this option if you aren’t a crypto investor. You first have to select an exchange, create your account, and then choose a payment method. When you are all set up, purchased digital assets can be transferred to your beneficiary’s wallet.
Storing Cryptocurrencies
After purchasing the gift, you need somewhere secure to store it. Keeping the gift on the platform you bought it from isn’t advisable. You have to take it someplace where it will not be compromised. Here are the options you have:
- Paper Wallets: This is the cheapest option you have. You can create a paper wallet by going on a specific website that develops keys and interrelated QR codes randomly and ultimately leads to a piece of paper that has all the information you need to access the crypto you bought
- Hardware Wallets: This is a safer option. Hardware wallets are just USB drives. They are offline, making them the most secure storage method for cryptocurrencies
- Physical Coins: Physical coins can safeguard your digital currencies
If you are considering gifting crypto to someone that doesn’t own digital currencies it is recommended you also give that individual a guide to receiving cryptocurrency. In the coming years, gifting cryptocurrencies is projected to be more mainstream than it is now.
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