Crypto tip: How to gift digital currency
Cryptocurrency began over a decade ago with the release of Bitcoin. Since then, the number of digital currencies has swelled to the thousands.
Shortly after Bitcoin’s launch, one crypto-mining pioneer built up 7,500 digital coins for next to nothing. He accidentally threw away the hard drive containing the Bitcoin some years later, when the value was in the millions. He is still searching for that hard drive today. Tap or click here for more on the story.
Stories like that might scare some away from investing in crypto. So why not get them cryptocurrency as a gift to get them started slowly? Keep reading to find out how.
Before we dive in, this is not financial advice. Cryptocurrency is inherently risky, and you should never invest money you are not willing to lose.
The gift that may keep on giving
Whether it’s a birthday, anniversary, congratulations or a simple thank you, crypto certainly makes for a unique gift that will stand out.
The investment app Robinhood makes it easy to gift cryptocurrency to anyone. There are seven types of currency available for this type of transaction: Bitcoin, Ethereum, Dogecoin, Litecoin, Bitcoin Cash, Ethereum Classic and Bitcoin SV.
Your gift can start for as little as $1. While Dogecoin requires a minimum of one whole coin to qualify as a gift, this doesn’t apply to the other currencies. You can give 0.000001 Bitcoin, for example.
Robinhood’s crypto gifts are commission-free, and you can personalize them with custom messages and designs.
How it works
You must have a Robinhood Crypto account to send and receive gifts. Once you create the gift, you’ll get a link to share with a recipient.
If the recipient doesn’t have an account, they must sign up to accept the crypto gift. Recipients have 14 days to accept. If they don’t, you won’t be charged. Learn more at go.robinhood.com/crypto-gifts.
Coinbase also offers crypto gifting. You can share any supported cryptocurrencies (complete list here), along with custom designs and messages. Note: Crypto gifts from Coinbase can only be sent to an email address.
As with Robinhood, the recipient has to have a Coinbase account to claim a crypto gift. Go to coinbase.com/gifting to get started.
What about NFTs?
Non-fungible tokens, or NFTs, can also be gifted. Tap or click here for everything you need to know about NFTs. You’ll need to buy the digital asset yourself and then help your recipient set up their wallet to store it in. Tap or click here to learn more about crypto wallets.
Tags: addresses, Amazon, apps, Bitcoin, classic, Coinbase, crypto wallets, Crypto-mining, cryptocurrency, email, gift, gifts, investment, money, Robinhood
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