How to Give Bitcoin as a Christmas Gift

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Giving Bitcoin as a gift can be a unique and meaningful present for someone who is interested in cryptocurrencies.

Bitcoin has had an exciting run, breaking its price record in 2017 before settling back down again. Plus, it serves multiple purposes that other investment vehicles can’t: it’s a store of value and a medium of exchange, on top of being a great way to diversify a portfolio. For these reasons, Bitcoin makes a perfect gift for your loved ones. As we head into the holiday season, let’s explore some unique ways to gift bitcoins to your family and friends.

Paper Wallets

Paper Wallets are an easy way to gift bitcoins since it’s literally printed on physical paper. The paper wallet contains all the relevant information needed for spending the coins. The public and private keys necessary for making bitcoin transactions are printed on the paper wallet. In addition, a paper wallet usually has a QR code which can be scanned and added to a software wallet to make quick transactions.

Gift Cards

Bitcoin gift cards are another easy way to give bitcoins as a present to family and friends. The buyer needs to select the denomination and just fill the order form online on portals such as bit4coin. Once the payment is made, the gift card or voucher is mailed to the specified address. The recipient can easily redeem the gift card against bitcoins at an exchange rate at that time. Such portals not just help with the redemption; they also guide on how to open your own wallet. (Read more about cold storage for Bitcoin.)

Hardware Wallet

Bitcoin keys stored in a device like a USB drive or a hardware bitcoin wallet make a decent way to gift bitcoins as well. The hardware wallets are becoming a preferred choice to secure a wallet in offline mode. They are small devices which are water and virus proof and even support multi-signature transactions. They are convenient for sending and receiving virtual currency, have a micro storage device backup and QR code scan camera. Trezor is an example of such a hardware device.

Physical Coins

Additionally, physical manifestations of these virtual currencies are available, which can be gifted. These belong to the category of collectibles and make aesthetically attractive gifts; Denarium and Casascius coins are the popular ones in this category. These come in brass, silver, and gold and are issued in limited edition. They are beautiful works of art and come with an impressive casing or box. While these are more for show, they still have very real value. They come with a bitcoin address and a private key underneath the tamper-proof hologram which can be used to redeem the funds.

How to buy physical bitcoin? Answer here

The Bottom Line

Bitcoin is inherently valuable: the recipient can use them to shop, pay bills or keep to sell later at a higher price. Just like gold and cash, the value of a bitcoin gift is pretty apparent, which means no need to remove price tags. It’s a great gift for someone who has been interested to learn more about bitcoins or perhaps for someone whom you would like to introduce to bitcoins. Happy holiday shopping – the bitcoin way.

 

Source: Investopedia