An Innovative Way to Give Bitcoin and Cryptocurrencies as Gifts

Wednesday May 18, 2022

LendenX

This holiday season, there’s one gift that has been on nearly everyone’s list, and it’s giving cryptocurrency gift cards to friends and family who are in the crypto world or just getting started. They’re great for spreading knowledge about cryptocurrencies, and by stocking a few of these stores, you can become the go-to person amongst your circle to help people get started on their crypto journey!

As the price of cryptocurrencies continues to rise and soar, it’s becoming more and more frequent that such currencies be used as a form of gifting. These crypto investors assume that these assets will continue to grow in value until they eventually begin gifting physical gold with their cryptocurrencies.

Unfortunately, purchasing gold can often be challenging without buying some of the material itself. And then selling it back is also no easy feat! So by using cryptocurrencies instead, recipients can convert them into cash if they want outright access to paper money rather than those pesky gold bars!

Cryptocurrency Gift Card is a Revolution Now

Cryptocurrency gifts are not taxable events globally as long as they remain within the annual gift tax exclusion threshold. The ability to transfer value is one of the essential features of cryptocurrency. And there’s no better way to test the waters than by gifting them to someone who will not be deterred by their lack of familiarity with how to use or store cryptocurrency.

As a business that receives cryptocurrency, you should show your appreciation for gifts in kind by accepting them without expecting any form of payment in return. Conscious efforts like this one help bridge cryptocurrency into mainstream adoption by removing some of the newcomers’ initial hurdles after receiving a digital token on their first exchange.

Non-fungible tokens (NFTs) have begun to play a significant role in the digital arts industry as gifts. NFTs are items of value that can be earned or purchased. In addition, they are represented on the blockchain and can be transferred from one person to another, which is unique to them compared with other forms of digital art that require only the artist’s permission to use them.

It’s easy to give coins as a gift if the recipient is already into cryptocurrency and has access to a digital wallet, as you need to transfer the asset from your wallet to theirs. However, there are now more ways of presenting the coin to make it more personal such as packaging them with dedicated cards, which can be sent worldwide thanks to services that help with such requests as GlobalCoinCard.

Which Crypto Should You Choose?

There are over 18,000 cryptocurrencies out there, but consumers can expect to see new coins constantly launched. Therefore, it may be difficult for potential cryptocurrency gifters to choose one specific digital asset without diminishing its value over time. However, suppose someone knows that the recipient will enjoy surprises and wants to give them something exciting and fun this Christmas (or any other holiday, really). Then, they might want to consider picking a new coin with a reputation for having some great features or innovative technology backing it.

Amazon Gift Cards

Amazon doesn’t accept Bitcoin or other cryptocurrencies as payments on Amazon. Yet, it has offered crypto gift cards for a long time to help convert your cryptocurrency into fiat via BitPay more accessible. This is great for any Amazon spender! You can use the bitcoin gift card from Amazon today. A similar process has been open to the Christmas Club members who pay with bank transfers.

Other services like bitcoin gift cards from Walmart and Bitrefill offer gift cards that can be purchased with crypto in multiple retailers, from H&M to Airbnb, Ikea, and various supermarkets. On the other hand, if you’d like to give someone a cryptocurrency-based gift, there are a few different options that should suit most people’s circumstances – for example, you could:

1) Give someone cryptocurrency as a token of appreciation for their hard work or as an investment in their future
2) Run your non-profit campaign on behalf of your cause that accepts donations in popular digital currencies
3) If a loved one or friend loves shopping online at websites such as Overstock, NewEgg, and Expedia, you could give them an Amazon Gift Card loaded with the equivalent amount of crypto!

How to redeem the crypto gift card?

Want to know how you can redeem the crypto gift card? Read on. These digital gift cards look like standard retail gift cards that you would use to shop at trendy clothing stores or even popular online shops. The difference is that instead of using a credit card or some other form of currency, you are inserting money from your cryptocurrency account onto the card to make a purchase. When the recipient uses their digital card to make a purchase, they will enter the code provided by the gift card and confirm how much money they want to withdraw.

Conclusion

When receiving a cryptocurrency as a gift, one of the best ways to keep it safe is by storing it in a digital wallet. However, if you have received some from someone or an organization that you are familiar with, keeping track of this information could help reduce the chances of your coins being stolen. This is because some crypto exchanges tend to get hacked. Therefore, to avoid losing your money, we recommend preserving it in paper and hardware wallets rather than online crypto exchanges where others can easily access it!

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