- The receiver might also get a wallet for bitcoin.
- Coinbase’s hot wallet is well rated.
Though most people have never invested in or traded a cryptocurrency. It’s far more straightforward than you may think to do so as a present. Moreover, it has the potential to provide a significant profit. Despite the recent drop in cryptocurrency values. Many experts still see it as a potential asset. It is expected to rise in the future years and is (slowly) becoming popular with more online retailers.
Stick With Major Coins
If purchasing a gift for a crypto newbie, it’s usually better to go with Bitcoin or Ethereum, the more popular currencies. The sender doesn’t have to purchase a complete coin to give cryptocurrency as a gift, thanks to services like Coinbase and Binance. For example, if a single Bitcoin is worth $47,000, $100 can get you only 0.0021 percent of a Bitcoin.
The receiver of a gift card from either Coinbase or Binance will need to register an account to send the crypto. As an alternative, you may send cryptocurrency using Cash App, a money transfer service that accepts just Bitcoin.
Earlier this year, both PayPal and Venmo made news by introducing cryptocurrency purchase capabilities. However, neither service currently permits cryptocurrency transfer to a third party. The receiver might also get a wallet for bitcoin, which keeps the money and records transactions on a blockchain ledger if they don’t already have one.
The private key for a hot wallet is stored online. Thus, making it convenient to use, making it more susceptible to hackers. Coinbase’s hot wallet is well rated. NFTs may be found on sites like OpenSea, and the quickest (and safest) method to acquire them is using a wallet.