Everyone dreams of such a present.
Cryptocurrency is the best present. Imagine you’ve given somebody their first Bitcoin in March 2020, when it was trading for $3,000. Skeptical as they are, chances are they would leave your generous present sitting there patiently in the wallet. And then 2021 comes along, and they get a $50,000 profit. All of a sudden, it becomes the best gift they’ve ever got unless they lose their mnemonic.
Gifting BTC works better with people who don’t have previous experience with crypto. Otherwise, it will be just a regular crypto transaction without the wow-effect. And, of course, you don’t have to give them an entire Bitcoin since it’s a bit pricey these days. Just buy as much as you feel like and teach them the basics.
Sending Bitcoin to someone who doesn’t have a crypto wallet might seem infeasible, but there are many ways to do so in reality.
Together with Unstoppable Domains, we’ve reviewed the top 5 easiest and safest ones.
Double Present: Hardware Wallet
If you’re gifting big amounts of money, or you’re determined to turn your friend into a crypto enthusiast, give them a hardware wallet like Trezor with BTC on balance. However, you can be creative here and gift some other crypto too. You’ll have to do much explaining about how to use it and why everyone else uses apps, but that’s the most sophisticated and considered way to do your crypto gifting.
Use or Gift Their Name with Unstoppable Domains
If you’re a regular crypto user, you know how inconvenient the endless copying and pasting of addresses can get. Instead of dealing with long and complicated crypto addresses, you can use a simple and easy-to-remember domain like [YourName].crypto at Unstoppable Domains. Then link your Mercuryo wallet or widget to send/receive funds in just one click.
For an extra treat, you can also gift someone a blockchain domain. Go to Unstoppable Domains and get [AnyName].crypto before it’s gone!
Good Old Paper Wallet
A slightly different way of gifting Bitcoin is to use a paper wallet. In case you haven’t heard of them yourself, you can download a paper wallet generator, go offline, generate as many wallets as you wish, print them out, and use them later via hot wallets. Keep in mind that a paper wallet contains both private and public keys, so you better hide it safely.
The Coinbase Way
Another easy method to give your friends or family a Bitcoin gift is to do so via Coinbase. First, you’ll need to register there yourself. Then you can send BTC to your friend’s email address. They probably don’t have a Coinbase account, but they can claim the gift once they create it. Otherwise, you’ll get your crypto back in 60 days.
The Cash App Way
If you and your friend are both using Square’s Cash App, gifting Bitcoin becomes a super easy affair. Once you’re both verified, you can enable Bitcoin deposits, get yourself some BTC, and send them to your friend’s Cash App’s Bitcoin wallet address. Obviously, you’ll have to ask them in advance to check where you’re sending the coins to, so the element of surprise will hardly happen.
A relatively new service that allows you to buy Bitcoin vouchers that can, later on, be redeemed on their official website to a wallet of your choice. So your job is to pay for the voucher (the value varies from $10 to $1,000), get the code, tell the code to your friend, explain to them how to set up a wallet, teach them about mnemonics, and then they can head to the Crypto Voucher’s website to sort out their gift.
The Bottom Line
Whatever Bitcoin gifting method you choose, you’ll be responsible for educating your friend on the crypto basics. Cryptocurrency can be overwhelming for beginners – remember yourself when you’ve started. So be patient and share the knowledge gently.