Earlier cryptocurrencies were restricted to financial tech nerds and millennials, and many people even referred to bitcoin as a fad and scam. But now, even the most miniature technology-friendly people are familiar with the name of bitcoin. People are investing, trading, and paying for stuff with digital currencies as it is the new trend. Digital currencies do not merely act as a store of value, but they can also make a great way of transacting money abroad. Click here for more essential cryptocurrency tips
Government is wary of bitcoin because of some risks incurred in each digital currency transaction. Some people also say investing in bitcoin is a waste of money, but none of Bitcoin’s long-term investors have criticized bitcoin. Gifting cryptocurrencies is the new trend in the digital currency community, as users are making their loved ones aware of the concept of digital currencies by gifting them. Here is everything you should know about how to gift a cryptocurrency to anyone.
Key Takeaways!
Cryptocurrency as a gift can be used as a store of value and investment asset and payment option by the recipient.
Cryptocurrencies are exceedingly easy to purchase and gift to people. You can outright buy a cryptocurrency gift card from a trusted platform and gift it to others.
Storing information regarding the gift card online is a bit vulnerable. Therefore, once you have bought the cryptocurrency gift card, you should retain the crucial information of a gift card in a physical vault.
One highlighting factor of gifting cryptocurrencies is that digital currency gifts are not subjected to taxation unless the receiver sells off digital currencies present inside the gift.
Why is cryptocurrency a good gift?
Many price trackers like coin market cap keep a live track of the number of digital currencies present in this community. Currently, the number of digital currencies present in the market has exceeded 20,000. The market cap of the cryptocurrency community is on a roll, and the future of these digital currencies is ultimately bright. If you don’t intend to give a specific digital coin, always choose the established digital currencies.
Mainstream digital currencies might not offer returns similar to the emerging altcoins, but the existence of such coins in the future is guaranteed. Bitcoin is the utmost vanilla token in the cryptocurrency community to give since day one.
You can gift other mainstream tokens like ethereum, binance coin, and ripple. There has been an intense influx of new altcoins in the past years, but it is a matter of concern whether they will acquire similar popularity and growth as mainstream digital currencies.
How to Gift Cryptocurrency?
Since digital currencies are trendy now, many platforms have made it simple to gift digital currencies to people. Here listed are some potential methods that you can use to gift a cryptocurrency to the users.
Gift Cards!
Gift cards are the most common and obvious way to give digital currencies to anyone. There are dedicated platforms popular for selling gift cards incurring digital currencies. However, it would be best not to go for any gift card platform you see on the internet. Before buying a gift card incurring cryptocurrencies in it, you must look for a trusted platform with a well-established user base and a good rating from the existing user base. In short, choosing a trustworthy gift card platform is very necessary to avoid any prospects of hacks and scams.
The notion of cryptocurrency gift cards is similar to a traditional gift card, and you can redeem it virtually by visiting the platform where you bought it. However, to obtain a gift with cryptocurrencies, you have to pay the number of fiat currencies or digital currencies you want in the gift card.
Cryptocurrency Exchange!
When it comes to any actions related to transacting digital currencies, without digital currency exchange, it is incomplete. Nowadays, digital currency is also equipped with features to buy gift cards. Suppose you are already a verified user of cryptocurrency exchange. In that case, you don’t need to perform a KYC program and if you are not a user of digital currency, performing KYC is necessary.
In short, the above listed two methods can help you buy cryptocurrency gift cards, and after buying the gift cards, you can send the gift card to the receiver.
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