How to give Bitcoin as a gift
in Bitcoin (BTC)
Bitcoin is one of the coolest gifts that you can give someone since it’s one of the few presents that can go up in value the longer you hold onto it. The one problem is that since there is no such thing as a Bitcoin gift card, this is a gift that requires a bit of technical skill to give.
In this article we’ll explain the best way to give BTC as a gift and how to set up a Bitcoin wallet so that the person you’re giving the coins to can keep them safe for years to come.
Anytime you’re dealing with Bitcoin the first thing you should be thinking about is security. If you lose access to a Bitcoin wallet, or send BTC to the wrong address, it’s gone forever. That’s why it’s important to set up your BTC wallet carefully. When you set up the wallet be sure to write down the seed phrase and keep it somewhere safe. If the person you give the Bitcoin to loses access to their account, you can restore BTC with the seed phrase.
For most investors the easiest way to buy Bitcoin is to use Coinbase. Some people have asked how to send Bitcoin from Coinbase?
It’s impossible to give one single set of instructions since every crypto wallet is different. In general, all you need to do is generate a receiving address in a BTC wallet. Copy that address and paste it into Coinbase. Make sure the address is correct and then send the BTC from Coinbase to the wallet.
Opendime USB Bitcoin Stick
The Opendime BTC stick is the closest thing there is to a Bitcoin gift card. The Opendime is a USB drive with a single-use Bitcoin wallet. Anyone can send funds to an Opendime but to access the Bitcoin you have to physically remove a piece of the USB stick. As long as the outer layer of the Opendime is not removed, you can be sure that the BTC is still on the device.
A 3 pack of Opendimes costs just $50 so you can give multiple Bitcoin gifts.
What’s cool about the Opendime is that even though you have to open the device to access the Bitcoin, at any time you can plug the Opendime into a USB port to verify that the BTC is on the device.
The problem with an Opendime is that there’s no way to backup the Bitcoin or initiate a recovery. If you lose the device the Bitcoin is lost forever. That’s why this is only a good option for a small Bitcoin gift. For a large Bitcoin gift card it is much better to use a hardware wallet.
Giving a Hardware Wallet
Giving someone a hardware wallet, like a Ledger or a Trezor, is even better than a Bitcoin gift card. A hardware wallet is the most secure way to store Bitcoin. If you give this gift to someone you can be sure that they’ll never lose their coins to a hack.
The cheapest hardware wallets only cost about $70 so they’re an affordable way to store Bitcoin. Hardware wallets are also super easy to use. The Ledger in particular comes with an application called Ledger Live, which is very user-friendly. Even someone who has never used crypto before can figure out how to use this program.
Unlike the USB key, a hardware wallet is reusable and someone can store multiple cryptocurrencies on a Ledger or Trezor. This makes a hardware wallet a great Bitcoin gift to give.
Giving a Bitcoin Wallet
A crypto software wallet is the cheapest and easiest way to give someone a Bitcoin gift. To set up a BTC wallet that’s like a Bitcoin gift card you just have to:
- Download a Bitcoin wallet
- Write down the seed phrase when you set up the wallet
- Once the wallet is installed send a BTC gift to it
To give a BTC gift, simply write down the wallet seed phrase and hand it to someone. They can restore the wallet using the seed phrase whenever is convenient.
If you want to give a Bitcoin gift using a software wallet, Exodus is one of the best wallets you can use. One of the best things about Exodus is that it supports dozens of cryptocurrencies, not just Bitcoin. You can give someone a wallet with BTC, ETH and ADA. You can give all of these coins as a present using a single seed phrase.
Another cool feature is that Exodus works as a desktop or mobile wallet. The person you give the Bitcoin to can restore the wallet onto their cell phone or desktop computer. They can also use Exodus to swap between different cryptocurrencies, or earn a passive income by staking coins like Tezos and Cardano ADA.
The Gift that Keeps on Giving
However you choose to do it, Bitcoin is a great gift to give. We’re in a crypto bull market right now and there’s a good chance that by the time you give someone some BTC, it’s already gone up in value!
A BTC price prediction is tough to make, and nobody knows for sure what kind of crazy price Bitcoin will end up reaching... However, if you give someone some Bitcoin and they hold it for a few years, the coins will probably be worth a lot more than what they’re worth today.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.