• Team
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms Of Use
  • Submit Guest Post
  • Editorial Policy
Nilsen Report
  • Home
  • TORONTO
  • MONTREAL
  • VANCOUVER
  • QUEBEC CITY
  • HAMILTON
  • BEST RATED
  • News
    • Brand Post
    • International
    • Canada
    • Tech
    • Entertainment
    • Music
    • Health
  • Home
  • TORONTO
  • MONTREAL
  • VANCOUVER
  • QUEBEC CITY
  • HAMILTON
  • BEST RATED
  • News
    • Brand Post
    • International
    • Canada
    • Tech
    • Entertainment
    • Music
    • Health
No Result
View All Result
Morning News
No Result
View All Result

How To Give Crypto To Your Friends And Family

Kanish Parihar by Kanish Parihar
June 21, 2022
in Tech
0
crypto to friends and family
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Gifting can be daunting, especially if you have no clue of the likes and preferences of the person you want to present it to! 

 

READ ALSO

Experts predict the crypto winter won’t end soon. How can investors thrive during this time?

Will A 500 hz Monitor Be A Must-Have For Gamers?

However, what if we told you that there was an option that would make the perfect gift for every receiver?

 

Yes, we’re talking of cryptos, a gifting option that’s both practical and unique. 

 

The popularity of these digital assets has already taken a boom, making them the perfect replacement for those lotto tickets.  Adding to it, prominent crypto projects like BTC and ETH keep hitting record highs, giving the investors a significant return on their investments. 

 

But, with only 14% of Americans owning cryptos and some type of digital currencies, we understand how gifting them as presents could become a tough job for beginners. So, to help you figure it out here’s a walkthrough of the different steps in gifting cryptos to your family and friends. 

Different Ways Of Gifting Cryptocurrencies

Thanks to their soaring popularity, cryptos are now an easy buy! Today, it’s possible for you to gift cryptos in not one but several different ways. Listed below are some of the common ways in which you might present it: 

 

Gift Cards

Buying gift cards is possibly one of the most convenient and effortless ways to present crypto tokens to your family and friends. Once you’ve decided on the crypto token you want to gift; the next step is to go to trusted payment processors that allow you to exchange your fiat for these cards. 

 

For instance, you could easily head out to Coingate and purchase their Flipkart gift cards in exchange for your crypto or fiat money. Once you’ve processed the payment, you’ll receive a gift card of the same value. Similar to the operations of a standard retailer gift card, the recipient can redeem the tokens by entering the card details on the same website. 

 

Crypto Exchanges

Another option is to gift crypto tokens via an exchange. Again, a feasible option for existing investors; here, all you do is transfer some of your tokens to the recipient’s wallet address. 

However, if you’re new, you’ll have to sign up with an exchange, set up an account, and then decide on a payment method (preferably debit or credit card). Once your account is active, you can transfer the token to the recipient’s address. 

 

Paper Wallet

Paper wallets are a more convenient, hassle-free gifting option. As the name suggests, these wallets come on paper and have public and private keys printed on them. In addition, some wallets might also come with a scannable barcode (or a QR code) that is created via an app. 

 

Once you present it to anybody, all they need to do is scan and put the public and private keys to withdraw the cryptos into wallets of their choice. 

 

Hardware Wallet 

You don’t always need to gift crypto tokens to enthusiasts. Sometimes it’s the related accessories that do the magic too! Therefore, next time you decide to gift something, try gifting the enthusiast a hardware wallet to store their funds. It can be a great gift in itself.

Things To Keep In Mind Before Gifting Crypto Tokens

While the idea of gifting sounds excellent, it is the last step that comes into the picture. So, to start, you must first keep a few things in mind. Some of which are: 

 

Cryptocurrency Taxes

Gone are the days when cryptos were taxless! Today, if you decide to gift a token to somebody, they should have proper knowledge of the taxes these gifts will attract. This is because the IRS considers Bitcoins and other similar crypto tokens equivalent to tangible assets. 

 

Therefore, when you profit from them, these tokens are taxed much like stocks. Crypto gains within a year (short-term) are taxed at a similar rate as the ordinary income tax, while gains over a year (long-term) are taxed at a scale of 0-20%, depending on your income.

 

Takeaway Note: Gifting crypto tokens under the value of $15,000 isn’t taxable under the gift tax allowance act 2021.

 

Transaction Costs

When gifting tokens, keep in mind the charges that you attract. While many exchanges won’t charge you for transferring crypto from one wallet to another (if you’re both registered under the same platform), a certain fee is attached to it. 

 

For example, established payment processors won’t charge you fees for storing or transferring from one account to another. However, it has some charges surrounding selling, buying, or converting cryptos. 

 

Errors In Transaction

When transferring cryptos, ensure that you are attentive to the details! Since crypto transactions are irreversible, you’d want to ensure that every piece of information you put is correct, or you might send the tokens as a gift to some other crypto wallet. 

 

Experts also suggest creating multiple accounts and first practice sending tokens to yourself before you can send them to others. 

Be Open To Experiment With New Platforms!

When gifting cryptos to your loved ones, you don’t always need to stick to the traditional gifting options! Thanks to the increasing prominence of these tokens, today, we have several other financial applications venturing into cryptos. 

 

Venom and PayPal, for instance, are some of the most famous platforms that now allow users to gift cryptos over a matter of clicks (at additional costs to the transaction). So wait no more, gift them the perfect present today! 

Related

Related Posts

crypto winter
Tech

Experts predict the crypto winter won’t end soon. How can investors thrive during this time?

February 22, 2023
Will A 500 hz Monitor Be A Must-Have For Gamers?
Tech

Will A 500 hz Monitor Be A Must-Have For Gamers?

February 16, 2023
blockchain
Tech

Why Smart Contracts Matter in Blockchain Technology

February 17, 2023
Apple Gears Up for Internal AI Summit – WWDC for AI : What to Expect From The Event?
News

Apple Gears Up for Internal AI Summit – WWDC for AI : What to Expect From The Event?

February 7, 2023
ChatGPT Gets a A New Update With improvement Factuality and Mathematical Capabilities
News

ChatGPT Gets a A New Update With improvement Factuality and Mathematical Capabilities

January 31, 2023
nvidia raises
Tech

Nvidia Raises the Bar on Game Streaming Platforms

January 25, 2023
Next Post
Why Is Online Gambling on the Rise in Canada?

Why Is Online Gambling on the Rise in Canada?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular News

Diana Jenkins net worth

Diana Jenkins Net Worth 2023: Biography, Love and all you need to know

March 3, 2023
Casino gaming: From offline to online

Tips To Find The Best Online Casino in Canada For Yourself

March 3, 2023
The Mandalorian Season 4

The Mandalorian Season 4: When will it Release and what to expect?

March 3, 2023
Dr. Pimple Popper Season 3

Dr. Pimple Popper Season 3: When will it be released and what to expect?

March 3, 2023

EDITOR'S PICK

doubling down

Doubling Down with the Derricos Season 4 will release at Early 2023!

November 19, 2022
chicago pd

Chicago P.D. Season 10: Release date, Cast, and Plot

July 8, 2022
the musical

High School Musical: The Musical: The Series Season 3: Release date, Cast and Plot

February 11, 2022
Missing: The Other Side Season 3

Missing: The Other Side Season 3 – Release date and Cast updates

January 8, 2023

About

Nilsen Report is an independent publication house which believes in bringing light to the latest News. We have explored nooks and corners of the world . This blog has well-crafted articles explaining the need-to-knows about the things happening around the globe.

Follow us

Categories

  • BEST RATED
  • Canada
  • Cover
  • Cover 2019
  • Design
  • Entertainment
  • Events Toronto
  • Fashion
  • Festival Season 18
  • Film Maker
  • Film Studio
  • forex
  • Games
  • HAMILTON
  • Health
  • Hip Hop
  • Home 10
  • International
  • Interviews
  • LifeStyle
  • MONTREAL
  • Movies
  • Music
  • News
  • Opinion
  • Sports
  • Tech
  • TORONTO
  • Travel
  • TV Shows/ Web Series
  • Uncategorized
  • VANCOUVER
  • Videogames
  • Viral
  • World Cup 2018

Recent Posts

  • Arlo Parks Net Worth 2023: Girlfriend, Lifestyle and Family
  • Save Me season 3: Release date and Cast updates
  • Brain Works Season 2: When will it Release and what to expect?
  • Deadwind Season 4: Release date and All you need to know
No Result
View All Result
  • Home
  • TORONTO
  • MONTREAL
  • VANCOUVER
  • QUEBEC CITY
  • HAMILTON
  • BEST RATED
  • News
    • Brand Post
    • International
    • Canada
    • Tech
    • Entertainment
    • Music
    • Health

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.