how to gift someone your bitcoin

(Photo : Karolina Grabowska)

Gifting your loved ones with Bitcoin portrays the best friendship and connection while allowing them to grow in value over time. Bitcoin has projected significant growth since its launch. And this means that your loved one can hold the gifted Bitcoin and allow it to grow in value, after which they can use it. If you are a newbie in the trading world, it is recommended to use a reliable trading platform like profit-builder.org to enhance your trading skills.

You might want to analyse Bitcoin’s value before gifting someone. That way, you will know the exact value of the gift you have shared. Notably, Bitcoin trends change by the day. Hence, today’s price may not be the same as tomorrows. Therefore, keeping a close watch on the prevailing price changes is necessary. Here are practical and straightforward ways you can gift your Bitcoin:

Cryptocurrency Exchange 

The most common way of gifting Bitcoin is through cryptocurrency exchanges. With many such platforms available, you can transfer your Bitcoin to your loved one directly to their accounts. The best thing about cryptocurrency exchange is that the receivers can convert the Bitcoin into their local currencies or hold the gift for further trading. Considering the versatility of crypto exchange, you will gain exposure to various altcoins, which you can use to your advantage once you convert your Bitcoin.

It is, however, notable that Cryptocurrency Exchange is centralized. And this means there is a central regulatory point accessible by third parties. Therefore, looking for a reputable cryptocurrency exchange platform is integral to mitigating the chances of scams. Many experts recommend this for receivers who wish to retain their gifts for future investments.

A Paper Wallet 

Also, you can use a paper wallet to share a Bitcoin gift with your loved ones. In this case, a paper wallet is a printed piece containing a QR code. Upon scanning the QR code, the receiver can facilitate various transactions using Bitcoin.

Notably, paper wallets don’t connect to the internet, hence a secure mode of gifting someone. With the rising cases of digital currency insecurities, it would be ideal to adopt a way that can hardly expose pertinent details to third parties. Only the sender and receiver share critical information.

Gift Cards 

Appreciating your loved ones using gift cards is not all about dollars. You can as well share a gift card in Bitcoin form. All you need is to purchase a gift card from a reputable platform. You’ll receive a code via your email, which you should enter into a specific part of the website from which you purchased the gift card. You can, after that, convert the dollar value of the gift card into Bitcoin and send it directly to your preferred/intended wallet address.

With the increasing number of gift card scam cases, choosing a reputable and well-established gift card dealer would be necessary. It is possible to lose your money if you settle for any dealer you come across.

Bitcoin Hardware Wallet 

The good thing about Bitcoin hardware wallet is that you won’t expose your Bitcoin private key to third parties at any time. Notably, hardware wallets operate entirely offline to preserve your Bitcoin gift. To authorize any transaction, you will require the personal/private key, which is, in this case, shared between the receiver and the sender. Most hardware wallets connect offline via encrypted Bluetooth or USB to a specific custom app. Safety is guaranteed when using this mode of gifting Bitcoin.

Conclusion 

Safety in giving someone your Bitcoin is cardinal in all aspects. Therefore, the channel chosen should fully account for security. Most importantly, the medium should be easily accessible to the receiver.

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