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How to gift Bitcoin, NFT and other cryptos

8 min reading

This Christmas make the right decision and gift crypto to your loved ones. More details are available down here.

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From a financial point of view, that would be a very smart thing for a grandmother to do. Just giving $10 in bitcoins once a year for Christmas for the last five years will mean over $750 (1500% profit) in media - if you haven't managed to sell them before.

In fact, according to the latest data, since its launch in January 2009, Bitcoin has been profitable 96.2%, it is now more expensive than shipping. Given this ability to value capital, it's no wonder one in ten Americans surveyed say they donate bitcoin and other cryptocurrencies to their family and friends for Christmas.

So how do you do it?

How to give bitcoins and cryptocurrencies for Christmas

While working with cryptocurrencies may seem daunting at first, the whole process is actually a lot easier than you might think. The first thing you will want to do is decide which cryptocurrency to send. For those giving gifts to new cryptocurrency users, it is advisable to stick with Bitcoin or one of the leading coins as most platforms and services support it.

For those of you looking to send rare coins from the back of the crypto catalog, it's a good idea to use a market cap rating platform like Coinecko or Coinmarketcap. However, note that these cryptocurrencies may not be available on many of the apps and exchanges listed in this guide.

Once you've decided which digital asset to send, you'll need to find an exchange, broker, or mobile app to buy it.

Also read: Reddit, the social network, announces an aim to go public

Mobile app

For those who gift someone with cryptocurrencies, it makes sense to give them the coins via a mobile app that has low barriers to entry and, in the case of CashApp, can already be installed on the recipient's phone.

  • CashApp: CashApp is a US based mobile app that recently launched its own bitcoin and share rewards feature. The main difference that sets this service apart from other competitors listed below is that CashApp users do not need to buy bitcoins before sending. You simply send the value to the recipient in USD. However, it appears that only Bitcoin is currently supported.

 

  • Revolut: UK bank candidate Revolut is a mobile banking application that allows users to buy and send each other over 53 different cryptocurrencies. However, Revolut users cannot send cryptocurrency purchased through the Revolut Off Platform Market Service to non-Revolut users.

 

  • Coinbase: Coinbase has its own crypto rewards feature in its app that allows users to send digital gift cards with digital assets. All you have to do is enter the recipient's email address and Coinbase will guide them through their account registration process. You need a pre-created Coinbase account to access the service, and only five cryptocurrencies are supported - Bitcoin, Lightcoin, Ether, Star Lumen, and Bitcoin-Cache.

 

  • Robinhood: Robinhood has also entered the crypto rewards market with the recent launch of the Robinhood cryptocurrency rewards program (RCGP). It works similarly to other apps and requires both the sender and recipient to have a Robinhood account prior to the transaction. Currently, RCGP is available to all customers except Nevada and Hawaii.

Both PayPal and Venmo currently do not allow customers to send cryptocurrency to other users. However, it has been stated that the service will be launching soon.

Crypto exchange

Cryptocurrency exchange is a trading platform that allows you to buy a wide variety of different cryptocurrencies with a choice of options for fiat currency (US dollars, British pounds, euros, etc.) or other cryptocurrencies. Some exchanges are aimed more at experienced traders, while others make purchasing cryptocurrencies much more affordable for absolute beginners.

Binance and FTX are examples of popular crypto exchanges suitable for advanced cryptocurrency users or those experienced with book-based trading platforms. To use this platform, you need to create an account, fund it with a debit card, credit card or bank transfer, and follow the required Customer Awareness (KYC) and Anti-Money Laundering (AML) procedures. .

Coinbase is an example of a leading cryptocurrency exchange that makes buying digital assets easy for first-time consumers. By following the procedure above, users can link their bank accounts or cards to easily buy Bitcoin, Ethereum and various other popular assets. However, it should be noted that the range of assets available on Coinbase is much smaller than that of Binance and FTX.

If the recipient already has a crypto wallet, it is possible to send digital assets directly to them. There are two things to consider:

  • You will need a lot of spare cryptocurrencies to cover all transaction fees. Depending on which tokens you want to send, which blockchain you use and how much they are overdue at the time of delivery, the fees you will have to pay are determined. When you withdraw cryptocurrency from your exchange account, the platform automatically lists which options are available to you.

 

  • As mentioned above, multiple tokens are managed across multiple blockchains. For example, tether (USDT) can be sent as a token based on ERC20, TRC20 or OMNI. In some cases, sending the wrong type of token to a particular wallet can result in a complete loss of funds, so it's a good idea to first check which tokens are supported by the recipient's wallet.

Gift card

Binance is a leading example of a platform offering users an easy way to send and receive cryptocurrency via digital gift cards. According to the website, instructions for creating a gift card include:

  • Transfer cryptocurrency from your spot wallet to funding wallet.

 

  • Enter the coins you want to send with the amount.

 

  • Enter the recipient's email address.

 

  • Confirm the transaction by entering the two-factor authentication (2FA) code.

 

After the gift card is sent, the recipient must redeem the gift card by entering the code provided. Again, recipients need a Binance account to redeem these types of crypto gifts.

How to donate NFT

With irreplaceable tokens (NFT) becoming increasingly popular among both crypto and non-crypto users, it is quite possible this year to give a digital collection of cats or JPEG files as gifts to smoking monkeys. The process is similar to sending cryptocurrency from an exchange to someone's wallet, but instead of using a cryptocurrency exchange, you have to use an NFT marketplace.

If you are planning to buy a specific NFT, you will need to research what NFT market is available for unique digital items as some are available locally for certain blockchains and related platforms. If you are simply interested in exploring different NFTs and choosing which one you prefer, OpenSea is the most widely used NFT marketplace today. It is based on the Ethereum blockchain, which means you need to set up a compatible crypto wallet service to buy, sell and receive all kinds of NFT through the platform.

MetaMask is a leading Ethereum-based crypto wallet that resides in your website browser such as Chrome or Firefox and works seamlessly with all Ethereum-based services, including OpenSea. The sender and recipient need to set up a compatible wallet, which you can do using these steps.

You then need to fill your wallet with one of the three supported cryptocurrencies to buy the NFT you want to give someone.

  • Wrapped  Ethereum (WETH): ERC20 version of Ether.

 

  • Dai (DAI): A stable coin based on Ethereum.

 

  • USD Coin (USDC): A fiat-backed stablecoin issued by the Central Consortium; Partnership between Coinbase and Circle.

Once you have successfully purchased NFT, you can send it via the OpenSea website or through your MetaMask wallet. Open your collection in OpenSea and select the NFT you want to send. In the top right corner, you'll see a gift icon that says "Transfer" when you hover over it. Just enter the recipient's address there and pay the transaction fee.

In MetaMask, click the NFT tab next to the Tokens tab, find the NFT stored in your wallet, and click the Send button at the top of the window. Finally, follow the same process as above and your NFT will be transferred to the new address. Transaction fees and times may vary depending on network congestion.

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