How To Give Crypto as a Christmas Gift
By Despina Karpathiou
If you are unsure on what to give a particularly challenging family member this Christmas, maybe cryptocurrency is the way to go!
With cryptocurrency being the talk of the town, it’s market value briefly surpassed $3 trillion in November, with Ethereum hitting an all-time high.
Other digital assets, like non fungible tokens, or NFTs, jumped in value as well. Also in November, NFT marketplace OpenSea surpassed $10 billion in total volume.
1. Binance Gift Cards- On July 2021, Binance launched their Gift Card product for Binance users to easily send cryptocurrencies as gifts to their friends and family. This gift cards can be sent through email or text messages, and can be accessed on the Binance app.Binance users can create gift cards with their preferred card design, and add a personalized message. Recipients can redeem the gift cards through the unique card code. On Binance’s 4th anniversary on July 31, 2021, they launched a special commemorative gift card.
2. Coinbase Gift Cards- While Coinbase does not have an official gift card, it has partnered with London-based startup WeGift to allow users to buy virtual gift cards using cryptocurrency. Users can go to the WeGift site and authorize the app to access their Coinbase account. From there, they can purchase gift cards using their crypto assets. While these gift cards do not contain cryptocurrencies, it can be used at over 120 retailers, making it a perfect gift when you are not sure what to get.
Alternatively, you can also use a paper wallet. Cryptocurrency transactions involve a public and private key. The public key is like your bank account number, and the private key is a bit like your PIN. A paper wallet is a secure way of printing the key on a piece of paper (often using a QR code). The recipient can scan the code and move the crypto into a wallet of their choosing.
If you are buying for a crypto enthusiast, use a hardware wallet.
A physical hardware wallet could be a great gift in itself. These are small devices that are kept offline, so they’re less likely to get hacked.
Always remember to do your own research!
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