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Giving Crypto as a Gift

Crypto-As-A-Gift
3 Minute Read

Can you give crypto as a gift? Cryptocurrency is growing in popularity and reputation, which may make it the ideal gift you can give to someone you care about. It’s both distinct and useful because it’s still a way of giving out cash, but more interestingly. There’s a good possibility the recipient knows about crypto and has heard about it, but they don’t possess any actual blockchain tech – yet.

However, even if you wind up gifting crypto to someone who has no prior experience with it, you may utilize the medium to introduce it to them. In 2021, digital currencies made even more progress toward widespread use, and they are on the verge of taking over the investment and financial sectors.

When you expose a crypto newbie to the beautiful world of crypto space, it can even become a memorable gift. But what are the most efficient means of achieving this? Let’s have a look.

1. Decide on the Crypto to Give Out as a Gift

Crypto coins, NFTs, or digital crypto gift cards, could be a terrific option for someone you care about. Cryptocurrencies are already owned by over 19 percent of Americans, and more people are buying and selling NFTs online. So, whichever one you choose, make sure it’s a well-known cryptocurrency that can be exchanged or sold easily. Nobody wants to get cryptocurrency that they can’t use, even if it’s only for keeping and memories.

2. Make Research on the Chosen Crypto Flexibility and Fees

If you’ve chosen the best cryptocurrency to offer as a present to your loved ones, learn about the fees involved. You should also look into things like taxes and so forth. It is critical to understand these expenses, much as it is in the case of NFTs, where you may be required to pay for gas if you mint your own NFTs.

3. Is the Recipient a Crypto Fan? Prepare to Explain  Crypto to Your Gift Recipient

This is where crypto gifting becomes difficult. Giving a crypto newbie digital crypto gift cards, NFTs, or crypto coins may not be surprising after all. The truth is that they would undervalue or even underestimate the gift. So, what’s the solution?

Because everything you do on crypto is dependent on the digital wallet, you may want to make sure your recipient understands crypto and has a digital wallet. NFTs, like your coins, cannot function without these wallets; thus, they require a wallet account in order to receive them.

You may need to make sure your recipient knows how to safely store their crypto gift, as well as where they can learn more if your gift has piqued their curiosity. They should be able to trade their cryptocurrency or cash it in if they desire.

4. Select the Best Crypto Exchange Platform to Make Your Purchase

The best cryptocurrency exchanges make it simple to buy and sell the currencies you choose, with low fees and strong security measures. These platforms allow you to buy and sell digital currencies such as Bitcoin, Ethereum, and Dogecoin. The top cryptocurrency exchanges are determined by several factors, including supported currencies, pricing, withdrawal choices, and security.

5. Choose the Best Way to Present Your Gift

When it comes to offering gifts to people, you choose the most attractive and exciting approaches. So you can think of the best way to provide these cryptocurrency presents. Gifts in the form of art, such as NFTs, may be a good option. Depending on the type of art you give away, it could provide both emotional satisfaction and future value worth thousands of dollars.

The receiver will need digital wallets to accept any NFT as a gift. And, if you’re giving or planning to give an NFT, you’ll need to have a collection, preferably digital.

Remember that your receiver will require a digital wallet to accept any crypto gift and subsequently be able to utilize or trade it as an asset.  During the holidays and the festive season, people are continuously exchanging digital gifts and NFTs. You may need to verify that your receiver has a wallet and has a basic understanding of cryptocurrency. And then prepare to share the joy of cryptos.

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[10:44 PM] Valerie Marszalek-Boik