Should we Give Cryptocurrency as a Gift?

Many of you might have had friends and family seeking about Bitcoin and other cryptocurrencies since their duration arise this past year. Even after you answered their questions, many of these people probably did not buy in. Perhaps they didn’t see the value, or maybe they were frightened by prices and volatility. If they won’t buy it, some might have wondered if giving crypto as a holiday gift is a good idea. Maybe not, we would argue.

If it’s a small amount, really not bitcoin

Perhaps the granddaddy of all crypto will always be Bitcoin. Even though it is well above US$15K a coin, many still trust it is still exceedingly undervalued. However, Bitcoin can still poise many problems for gifts that are smaller.

For example, my group of friends mostly has about a twenty dollar extent for gifts. This is not because we are cheap, but rather that there are many of us. Between gifts for family and friends, it can shelve up. For this reason, we would never get my friends Bitcoin at this time. The fees are just too high, and we would not feel gentle stranding their present in a paper wallet, revelation them, “Maybe one day the fees will be low enough to pierce that twenty.”

Now, Dogecoin as a smaller description present might be a different story…

If they aren’t technically savvy

Let’s face it. With cryptocurrencies, money is now technology. Currently, cryptos are not all that user-friendly. There are horror stories of people losing millions of dollars by throwing divided hard drives, forgetful keys, and vouchsafing other forms of information spoil hurt their holdings. This, joined with the several scams and other pitfalls for the non-tech lettered population, creates crypto potentially more of a con than it’s value for some present recipients. They might not appreciate you, and they might just be needlessly confused about what a private pivotal is, because their open pivotal is so hard to remember, or because the paper wallet you gave them has two QR codes on it.

Even with minute instruction, many recipients might not know what the heck to do with themselves or, worse, might not know that throwing divided that paper wallet or not subsidy up mobile wallets can effectively reduce the present supply of cryptocurrencies.

But if you just have to get someone a cryptocurrency-related item…

Buy them a book about it

The best way to get people into this space is by educating them. Talk with them, take them out to dinner, but most importantly, yield them with tools for self-education. For this, we suggest books and a PDF of the Bitcoin whitepaper. If they’re a visible or an audio learner, maybe send them a couple to Andreas Antonopoulos’s YouTube channel. Better yet, watch those videos with them. Cryptocurrency is about community and education. Helping someone see the value in it over the skyrocketing prices will assistance them be a more constant and eager user. That’s good for all of us, but generally them.

In short: Give your friends and family the present of your cryptocurrency knowledge, and let them make the preference to buy or not to buy on their own. Forcing cryptocurrency on someone who can't use it or does not want it is reduction than ideal for everyone.

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