How To Gift Crypto And NFTs?
Do you want to give Cryptos as a present this holiday season? It’s not as difficult as you may assume? This would have been a pretty wise decision from a financial perspective. Assuming you gave $10 in Bitcoin each year on Christmas Day for the past five years, you’d have made nearly $750 (1,500 percent increase) at press time- assuming you didn’t sell any.
As per current data, Bitcoin has indeed been successful for about 96.2% of the time ever since its creation in January 2009, which means that if you give Bitcoin to a loved one at any point in the previous 12 years, it is undoubtedly worth more now than it was then. Given the potential of capital growth, it’s no surprise that one out of every ten Americans surveyed stated they plan to give Bitcoin and other Cryptocurrencies to their folks this holiday season. So what’s the best way to go about it?
Also read: 5 Best Cryptos To Invest In This Christmas
Although working with Cryptocurrencies may appear intimidating at first, the procedure is a lot simpler than you may imagine. The very first step you should do is choose which Crypto you’d like to transfer. If you’re giving a present to a beginner Crypto user, stay with Bitcoin or one of the top currencies, as most platforms and services will accept them. It is indeed advisable to use a market capitalization ranking site like Coingecko or Coinmarketcap if you want to transfer less prevalent currencies from the rear of the Cryptocurrencies catalog.
After you’ve decided whichever Digital asset(s) to transfer, you’ll have to purchase them via an exchange, brokerage, or mobile app. giving coins using mobile applications, which offer a low barrier for entry and, in the instance of CashApp, may have already been loaded on the recipient’s phone, may make sense for people gifting to somebody who is a novice to Cryptocurrencies.
One may also get the receiver a Crypto wallet, which saves them money and records transactions on a Blockchain Ledger if they don’t have a way to store their new digital assets. Hot wallets and Cold wallets are the two types of wallets. Hot wallets keep the private key a string of integers that serves as the wallet’s address on the internet and are simple to use, but they are also more vulnerable to hackers. Whereas, Cold wallets use hardware such as a USB drive to keep the private key offline, for example, the Ledger Nano X. However, anybody sending Cryptocurrencies as a present should be aware of the currency’s unpredictability, which means that the value of your gift might drop and fluctuate at any time. For example, Bitcoin’s value has dropped by nearly 30% in the last month from a high of dollars 68,000 on November 10.
BTC & Cryptos:
Coinbase has a Crypto gifting function that allows users to give one another digital gift vouchers holding digital assets. Simply input the recipient’s Email address, and Coinbase will walk them via the account creation procedure. To use this tool, you must first create a Coinbase account, and currently supported Cryptos are Bitcoin, Litecoin, Ether, Stellar Lumine, and Bitcoin Cash.
Also read: 4 Tips For Crypto Beginners
CashApp is a mobile app that recently announced Bitcoin and stock giving options. The major difference between CashApp and the other services is that customers are not obliged to acquire Bitcoin before transferring it. Instead, they can easily send the USD-equivalent value over to the recipient.
Revolut, is a mobile banking app that allows users to purchase and send over 53 different Cryptos. However, Revolut users cannot send Cryptocurrencies purchased using Revolut’s marketplace service off-platform to non-Revolut users.
NFTs & Collictibles:
NFTs are typically characterized as authenticity for digital assets, whether they be works of art, music, or just about anything else that is often acquired with Cryptocurrency and monitored via Blockchain technology, are the last option for gifters to consider. Wearables and Nifty Gateway marketplaces, for example, can provide ideas for NFT presents, including an animated rainbow cat artwork for 0.6 Ethereum. NFTs can increase in value depending on the product’s attractiveness and supply of availability. You may look around the NFT market on websites like OpenSea, and the simplest and safest method to acquire NFTs is to use a wallet.
Despite NFTs growing more famous among Crypto and non-Crypto users, you’ll likely want to give the gift of digital collectible cats or smoking pipe JPEGs this year. The procedure is identical to moving Cryptocurrency from an exchange to a wallet, only you’ll need to use an NFT marketplace rather than a Crypto exchange. If you want to buy a certain NFT, you’ll find out which NFT marketplace the unique digital object is accessible on, as some are only available on specific Blockchains and platforms.
OpenSea is perhaps the most broadly utilized NFT marketplace accessible today if you just want to browse a large number of various and pick the one you want. Because it’s based on the Ethereum Blockchain, you must use a suitable Crypto wallet provider to buy, sell, and receive NFTs through the site.
MetaMask is a popular Ethereum based Crypto wallet that works with all Ethereum-based services, including open, and can be installed in your web browsers like Chrome or Firefox. A suitable wallet must be set up by both the sender and receiver. To buy the NFT, you want to give someone; you’ll just have to fill your wallet with one of three supported Cryptocurrencies. For example, DAI is an Ethereum-based Stablecoin. You may transfer and NFT using the open web page or via your MetaMask wallet; after you’ve safely bought one, go over to your collection in OpenSea and pick the NFT you want to transmit.
Once you click over the present icon in the upper right corner, it will indicate “transfer”. Just paste the recipient’s address and pay the transaction charge from there. Next, hit the NFT tab near the “token” tab in MetaMask, navigate to the NFT in your wallet, and then click the “send” button at the top of the window. Lastly, repeat the process to have your NFT moved to the new address. Fees and transaction times may vary based on network traffic.
The value of MemeStocks skyrocketed at the beginning of this year. Their value kept on fluctuating continuously. GameStop, AMC, and other tickers have now become household names in the midst of it all. Another way to invest in MemeStocks is to gift a share of such stocks.
Also read: 3 Best Software Wallets For Cryptocurrency
Individuals who crave to make an ethereal world of Cryptocurrencies, NFTs and decentralized finance physically will be drawn to the tungsten cube. These Cryptocurrency lovers use tungsten cubes, which are nearly twice as thick as the lead. A 2-inch cube costs $400, while a four-inch cube costs $3000.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.