With the high waves the crypto industry is making today, it is safe to say that many people would be excited about receiving cryptocurrency as a gift. Because of their value, you can easily trade cryptocurrencies and use them as a form of payment. For this reason, the practice of gifting cryptocurrencies has become popular in the last few years. Here’s a guide to teach you how to give cryptocurrency as a gift. It will come in handy whenever you want to surprise your family or friends with something special.
Bitmama Greenbox is easily the best option for gifting cryptocurrencies. With Greenbox, you can gift crypto to 2000+ with a single link. Download the Bitmama app to enjoy this feature.
Now, lets dive into the various ways you can give cryptocurrency as a gift.
Before we discuss how to give cryptocurrency as a gift, let’s briefly talk about what crypto is. Crypto, short for cryptocurrency, is a virtual currency established across a wide network of computers. It’s a completely digital form of currency, which means that there are no physical notes or coins to trade.
Since cryptos are created upon a digital, decentralized structure, they generally exist outside the regular constraints of federal governments and central banks. Since cryptocurrency is central and doesn’t belong to a particular country, investors can purchase, sell, trade, or gift cryptocurrencies without worrying about changes in conventional currency markets.
Can you give crypto as a gift?
Yes, you can give cryptocurrency as a gift because it is valuable and a lucrative long-term investment. You can decide to give crypto to your family or friends as a way to brighten up their day.
Which cryptocurrency would make a good gift?
The kind of cryptocurrency that would make a good gift primarily depends on what the receiver wants at that moment. However, if the recipient doesn’t have any specific coin in mind, then you should go for any of the mainstream tokens, such as Bitcoin, Ethereum, or Solana.
From a general perspective, most people prefer to gift stable coins due to them being pegged to the dollar. Stablecoins like USDT and USDC are pegged to the dollar and can be used to make online payments on most online platforms.
What should I consider before sending crypto as a gift?
Before you gift crypto to anybody, you must confirm if your intended recipient lives in a country where cryptocurrency conversions and trading are legal. This will ensure that they can claim the crypto gift without any hassle.
How to give cryptocurrency as a gift
Now that you’ve learned the basics of cryptocurrency and its gifting, here’s how to give cryptocurrency as a gift:
1. Use Bitmama GreenBox
When you think of gifting cryptocurrency, Bitmama’s GreenBox is the first and foremost choice. It combines the convenience of cryptocurrencies with the elegance of traditional gifting. With the GreenBox, you can:
Choose Your Amount: Decide how much cryptocurrency you’d like to gift. Bitmama supports various cryptocurrencies, making it a versatile option.
Personalized Message: Add a heartfelt message or a special note to make your gift truly unique.
Secure Delivery: The GreenBox is sent via a simple link, making it a safe and convenient way to send crypto gifts to your friends and family, no matter where they are in the world.
Easy Redemption: Recipients can easily redeem the gift by clicking on the link. It’s user-friendly, even for those new to the crypto world.
2. Transfer money through crypto exchanges
Transferring your digital assets through a crypto exchange is the easiest method of gifting cryptocurrency to your loved ones. If you don’t already have a coin to gift, you can buy it through a crypto exchange and also transfer it to the recipient through the platform.
Note that your recipient also needs to have an account to accept the transferred funds. All you have to ask your recipient for is their wallet address, which can be similar to a QR code (which you can easily scan with your phone’s camera) or a long string of unique numbers and letters to enter. You have to input your recipient’s unique wallet address when you want to make the funds transfer through any exchange of your choice.
3. Print a paper wallet
Paper wallets are another very simple and easy way to give crypto because they’re built for one-time use and you can easily transfer them by giving the paper to the recipient. Once received, you can send the funds held in a paper to a software or hardware crypto wallet by scanning the QR code on paper. Also, you can keep the paper securely.
Paper wallets are best for smaller amounts of digital coins because it is not the safest way to transfer cryptocurrency. Usually, these kinds of wallets reveal the location of the crypto token on the blockchain, so it is very easy for anybody who finds the paper to access it. Also, you can effortlessly destroy paper wallets.
4. Use a peer-to-peer money transfer app
There are peer-to-peer transfer apps that can let you purchase and send cryptocurrencies to other people. With an app like Bitmama, you can send Ethereum (ETH), Bitcoin (BTC), and USDT amongst others to other users.
5. Create a software wallet
This method of gifting crypto may be more stressful than the others since you’ll have to install software to create a crypto wallet to transfer. To gift a crypto software wallet, you have to start by downloading a mobile or desktop crypto wallet, such as one of these prominent wallet options, and follow the prompt to set up an account on it.
The most crucial step is writing down the seed or recovery phrase the crypto wallet generates. The seed phrase generally looks like a set of 12 or 24 random words, which are essential to recover your crypto wallet funds or send them to another person.
Once you are done preparing the seed phrase, you can transfer the specific gift amount to the wallet address. Numerous software wallets have unique features that allow you to buy crypto straight from the crypto wallet or transfer it from another exchange or another wallet.
You have to gift your seed phrase to your recipient alongside the rest of the crypto wallet information. Nonetheless, your recipient only needs the seed phrase to recover the funds held in the wallet. To make everything easy for the recipient, just write down the instructions to download the exact software wallet that you created, and once they input the seed phrase, they’ll instantly have access to the asset held in their device.
6. Gift Cards
There are so many websites that sell cryptocurrency gift cards. Just find one that is trustworthy and credible, preferably with satisfactory reviews, and can offer what you want, then choose the amount of funds you would like to gift the recipient and pay for it.
Once you make the payment, the platform will send you a gift card that is worth the amount. The recipient can then redeem the gift by visiting the same website and inputting the unique details shown on the card.
7. Buy a hardware wallet
Hardware wallets are also very complicated to use, but they are worth it because they are physical devices that you can wrap and send. Also, hardware wallets are a more secure crypto storage method, since you can’t access them online.
To gift a hardware wallet to another person, you’ll have to buy a device from a crypto hardware wallet company. Once you receive it, follow the instructions written in it to set it up and running and download the accompanying software. Just like what you have to do with a software wallet, it’s also essential that you document your 12- or 24-word unique seed phrase and hold it in a very safe place.
To add a cryptocurrency to a hardware wallet, just connect the device to your computer or smartphone. You can connect these devices through a USB cord, QR code or WiFi. Most accompanying hardware wallet software has inbuilt tools to help you buy crypto directly. Alternatively, you can simply send the crypto to the hardware wallet address from another crypto wallet or exchange.
Once you add the funds to the wallet, you can then wrap it and gift it to the recipient. Don’t forget to include the seed phrase information in the gift.
How do you send cryptocurrency?
Usually, sending cryptocurrencies to someone is as easy as logging into your crypto wallet or the exchange account where you keep them and just transferring the amount you choose to the receiver’s wallet address.
What is the best way to gift a cryptocurrency?
The best method for gifting cryptocurrency primarily depends on the method that is most comfortable for you. However, we recommend using the Bitmama GreenBox, which allows you to send crypto gift to 2000+ people with a single click.
If you haven’t already, download the Bitmama app and log in to your account. Make sure you have sufficient funds in your Bitmama wallet to cover the amount you want to send as a gift.
Step 2: Navigate to GreenBox
Once you’re logged in, navigate to the Bitmama GreenBox feature within the app and select “Fund” to fund your GreenBox wallet with the total crypto amount you wish to gift. Click on “Send a GreenBox” to proceed.
Step 3: Provide key information
Fill out key information like the amount of cryptocurrency you want to send as a gift (USDT, cUSD, or USDC), amount to gift (per person), number of recipients, name of GreenBox, Criteria for users to access Greenbox and valid duration. Confirm that all information checks out.
Step 4: Send crypto gifts
Once you’re satisfied with the transaction details, confirm the Bitmama GreenBox. A link will be displayed which you can copy and share with intended recipients.
Nonetheless, one of the best options you have is to purchase a hardware wallet and gift your recipient through this waller. These readily available devices are small, wrappable, waterproof, and virus-proof, and are also generally the safest way to hold cryptocurrencies.
Giving someone cryptocurrency as a gift is a good way to get them excited, especially if they are getting it for the first time. Since cryptos are generally valuable and have the tendency to appreciate, we can conclude that it is one of the best assets to gift in 2023 and beyond. Just read through the guide above to learn how to give cryptocurrency as a gift efficiently.
Bitmama GreenBox simplifies the process of crypto gifting, allowing you to send crypto gifts to 1,500+ people with a single link. Download the Bitmama app to get started today.