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Five Ways to Give the Gift of Crypto This Christmas
‘Tis the season to be jolly. And what better way to spread the cheer this Christmas than with a well thought-out gift? If it’s a crypto gift, even better.
Unlike traditional cash that will be eaten into by inflation or a fancy item whose novelty will wear off, crypto is the gift that literally keeps on giving — its value tends to grow over time, offering your giftee the chance to have something with the potential to appreciate in value.
Another perk of gifting someone in crypto is its decentralized and borderless nature — which means you can send it to anyone, anywhere, at any time, without any hassle or restrictions.
Here are five ways to give someone the gift of crypto this Christmas.
1. Direct Transfer
This is the most straightforward way to gift someone crypto.
Suppose you’re sending someone who’s already a crypto user. In this case, you only need them to share their wallet address, after which you can transfer a currency of your choice to that address.
If it’s someone new to crypto, you might first have to guide them through setting up a wallet or exchange account before initiating the transfer.
In addition to cryptocurrency exchanges, financial apps such as Cash App, Robinhood, and PayPal allow you to send crypto directly.
Currently, Cash App only supports sending and receiving Bitcoin. In contrast, Robinhood supports transfering crypto to any address that supports Ethereum, Bitcoin, Dogecoin, Polygon, Arbitrum, and Optimism. Meanwhile, PayPal currently supports sending Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
2. A Crypto Wallet
A crypto wallet is a thoughtful and unexpected gift to someone, especially for someone new to crypto. The best wallet to go with would be a hardware wallet, such as Ledger or Trezor.
Start by setting up the wallet for your giftee, including choosing for them a strong password and enabling two-factor authentication for added security.
After setting up the wallet, add some crypto to it. You can either send over some of your existing crypto or buy a specific currency for the gift.
If you’re gifting a beginner, guide them through the basics, such as how to navigate the wallet’s interface, how to access their crypto, how to transfer crypto to an exchange, and so on. Also, teach them safety best practices, such as using strong passwords and protecting their private keys.
3. Gift Cards
Other times, gifting cryptocurrency is as easy as purchasing a gift card. These cards are similar to standard gifting cards and are available through services or retailers like Bitrefill, Coinsbee, Gyft, Bitcard, and Amazon.
Gift cards allow you to specify the cryptocurrency amount and enter the recipient’s email address. Your recipient can then redeem the gift by entering the information on the card.
Some cryptocurrency exchanges also offer crypto gift cards.
- Crypto.com sends you the instructions for redeeming the gift card, after which you can share it with your friends or family.
- Binance allows you to send personalized crypto gift cards complete with a custom design and messaging and for any cryptocurrency and value you choose. Your recipient can then redeem the gift card, upon which the full amount will be credited to their Binance account.
- Coinbase has a gift-sending feature that allows you to send crypto to any Coinbase account holder in a country where the exchange supports crypto conversions.
4. Digital Land
If you want to kick it up a notch, consider gifting someone this Christmas with digital land. The concept of virtual land, or the metaverse, was first described by sci-fi author Scott Neal in 1992 in his book “Snow Crash” where people could own and interact with digital spaces and assets.
Now, thanks to blockchain, virtual real estate is a thing. And people are forking out thousands of dollars for parcels of land, which are represented by NFTs, in metaverse platforms such as Metaverse, Sandbox, Cryptovoxels, and Somniun Space. You can do quite a bit with digital land, including:
- Flip it for profit
- Lease or rent it for money
- Offer advertising space and get paid
- Host exclusive events such as concerts and charge entry fees
- Build spots such as casinos and clubs and generate income
In short, there’s a real opportunity for savvy users to profit off of the metaverse.
Note: While you can make money with the metaverse, it’s a highly speculative niche that’s as risky as it’s rewarding. A virtual land gift would work best for someone well-versed in crypto and NFTs.
5. Crypto Donation
Crypto gifts don’t have to be just for your family or friends. Indulge your inner altruist this Christmas by donating crypto to charity causes.
Donating crypto has become a popular way to contribute to causes due to the benefits on both sides. First, unlike debit or credit card donations, whose processing fees can reduce the amount the organization receives, crypto donations incur cheaper costs, enabling more of the donated amount to reach the intended cause.
In addition, some charities welcome crypto donations because they see it as an opportunity for the donated amount to increase in value over time.
Furthermore, donating crypto rather than cash has tax advantages. Crypto donations to IRS-recognized charities are not subject to capital gains tax, and you could potentially qualify for tax deductions.
There is a wide range of initiatives you can support with crypto donations, such as clean water, feeding programs, healthcare, and more. Consider contributing directly to charity organizations that accept crypto, such as GiveDirectly, UNICEF, Save The Children, and the Human Rights Foundation.
Alternatively, you can give to outfits whose primary goal is to help charities process crypto donations, such as The Giving Block, Daffy, and Crypto for Charity.
Final Thoughts: The Gift That Keeps on Giving
Gifting someone crypto is more than a gift; it’s a way to plug them into the crypto economy and provide them with something that has the potential to increase in worth.
A crypto gift is not only convenient, it’s also forward-thinking. So, go ahead and give someone the gift of crypto this Christmas.
