Who doesn't want Bitcoin for Christmas, or maybe Bitcoin Cash, or Ethereum. Or how about some Ripple or Iota.
Our recommended gift list
- Ledger Nano S (hardware wallet)
- Paper wallet
- Bitcoin, Bitcoin Cash, Ethereum
Surprisingly giving cryptocurrencies as a gift becoming popular as it is somewhat easy to do. You can try to setup an account for someone although it would be in theory easier to do through a hardware wallet or even a paper wallet.
Tips for newbies wanting to give cryptocurrency as a gift
If you don't have any experience in buying cryptocurrencies then it's highly recommended you do a lot of research or preferably find one of your friends that knows the ins and outs of cryptocurrencies and get their help. Remember if you have a question, just ask us for help!
Hardware wallet as a gift
Hardware wallets as a gift are one of the best things to give. You could preload these with any type of cryptocurrency or just giving them as they are on their own should make anybody happy knowing these devices are not cheap. You top 3 options for hardware wallets are:
- Ledger Nano S
Paper wallet as a gift
Paper wallets are probably the easiest thing to give and you can conveniently fit it into a Christmas card too. Paper wallets are not easy to setup for all types of cryptocurrencies so they are more popular with Bitcoin. You can create your own paper wallet with Bitcoin here at https://www.bitaddress.org.
Paper wallets can be printed on fancy paper like the screenshot shown above, otherwise you can print on any printer at home.
Where to buy Bitcoin and cryptocurrencies
To keep it simple, we recommend Kraken.com which is one of the most popular and trusted exchanges out there. There are many more but we'll just recommend this one for now.
If you need to buy Bitcoin in a hurry, a Bitcoin ATM machine is as close to instant as you can get. Just keep in mind that Bitcoin transactions have been notoriously slow to process.
Ask a friend
If you need Bitcoin, a friend might be able to help you out although just a bit of warning. A 1 time transaction might not be a problem anywhere in the world although users should be aware of the laws in their country. Multiple transactions that look like a business may require a license in some countries especially the United States and there have been some individuals in the US that were charged for selling Bitcoins as a business. Otherwise we recommend sticking to other businesses that are in the business of selling or an exchange that let's you buy & sell.
Caution for gift givers buying any cryptocurrencies
Before you go out to buy someone some Bitcoin or any type of cryptocurrency, best to do some extensive research first so you don't end up coming across any type of scam.
What are some of the scams out there?
- questionable alt coins that haven't gone ablaze yet
- fraudulent exchanges on buying and selling
Questionable alt coins
There are a few cryptocurrencies that don't look good when you investigate them further. Taking one example like Bitconnect, they make it seem like you are buying Bitcoin when in fact you are buying their coins. There are a few of these types of cryptocurrencies around and it's only a matter of time before they go belly-up. Do extensive research before you consider buying anything!
We don't know of any fraudulent exchanges but any site you want to buy from, do your research and maybe find a recommendation. We recommend Kraken.com if you can't think of where to buy. Just note that exchanges will usually require some ID to prove your identity and require a bank wire of some sorts so it won't be an instant process to find your account.
Didn't get Bitcoin for Christmas?
Don't worry, there is always next year, although it might be worth a lot more 1 year from now!