Offering Bitcoin as a gift this Christmas is probably the best idea since its price keeps going up. Here are five ways to give Bitcoin to friends and loved ones.
Send a Paper Wallet
If you want to give away a small amount of Bitcoin, paper wallets provide a straightforward option. Just create an address and wallet key in your wallet of choice, print it, and deposit Bitcoin from your own existing wallet.
It’s easy to send paper wallets by mail or include them with a larger gift.
However, you should be aware that paper wallets are not very secure or durable. You should only give small amounts of Bitcoin in this way, and the recipient should transfer their Bitcoin to a new wallet after they receive it.
2. Send Cash with a Note
Alternatively, consider giving someone cash with a note that encourages them to buy Bitcoin. Whether you write a note in a card or add a comment in a PayPal transaction, this gift is simple—just refer the recipient to your favorite crypto exchange.
3. Help Someone Join an Exchange
If you want to give Bitcoin to someone who doesn’t know how to buy it on their own, you can help them set up an account on Jubiter or another cryptocurrency exchange. After you do this, send the recipient Bitcoin from your own wallet.
Be sure that the recipient keeps their account data private. That way, they can rest assured that you do not have access to their cryptocurrency holdings.
4. Hardware Wallets
If you know someone who already owns Bitcoin, consider giving them a Trezor or Ledger hardware wallet for extra security.
In this case, it is best to send cryptocurrency to the recipient after they set up their hardware wallet. Alternately, you can attach a paper wallet and allow the recipient to transfer the cryptocurrency to their hardware wallet themselves.
5. Gift Cards
If you have Bitcoin left to spare, you can buy gift cards from Gyft or BitRefill.
These sites offer regular gift cards, just like you would find in a store. Once activated, Bitcoin no longer comes into play. However, gift cards are a good option for anyone who wants to spend Bitcoin on gifts in the simplest way possible.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.