When Christmas is just around the corner, giving presents is in the foreground. Why buy something that your recipient may or may not need – like another sweater or tie – when you can make a gift that they could benefit from in the future?
Bonds are always free to give away, but they’re pretty dated and don’t necessarily offer a lot of earning potential these days. Several platforms are offering a new proposal: cryptocurrency.
The most notable player in the field is Robinhood, who announced a new gift feature specifically for cryptocurrencies. So if you’re falling behind on your Christmas list, here’s how to give away cryptocurrency.
Do you have to start at the beginning? Here are five tips for buying cryptocurrency safely.
The new gift function from Robinhood
From December 22nd, just in time for the holidays, you can give away crypto directly from the Robinhood app.
With crypto growing in popularity around the world, this is the perfect opportunity to invite your friends to try it out. You can only gift $ 1 directly from your Robinhood balance. There are seven crypto options to choose from, including:
The gifts are 0% commission and you can customize the overall design of your crypto gift and add a gift message before sending it.
How does someone use the crypto gift?
You can easily send this gift directly from the Robinhood app with your current balance. You don’t have any funds? You’ll need to deposit something first, which can take 3 to 5 business days so don’t wait too long!
After you’ve sent the gift, your recipient has 14 working days to receive it. The gift will be sent to the phone number via a link so it can be easily tracked. If the recipient does not accept, you will not be charged. Keep in mind that your recipient will need an existing Robinhood Account or create one in order to accept the funds.
After that, it is up to them how they spend or trade the cryptocurrency. Tap or click to listen to Kim’s Crypto podcast, which features ways to spend cryptocurrency and the companies that accept them.
Send crypto through Robinhood
Starting December 22nd, start using these steps to give away crypto to everyone your heart desires:
- Log into your Robinhood account. If you don’t have money to spend, deposit the amount you want to give away to your account.
- Use the catalog to select a photo and enter a personalized message for your gift.
- Enter the recipient’s phone number to send your gift.
- The recipient has 14 days to receive your gift.
Can I send crypto gifts anywhere else?
Robinhood isn’t the only player in town. You can also send crypto gifts through other platforms, including PayPal and Coinbase. If you’re into stocks but aren’t sure how crypto works or if it’s worth your time, a little research can go a long way.
What about NFTs?
Yes, we are talking about non-fungible tokens. Usually these are digital works of art which are hot gifts this season as well. To give one you have to buy it yourself first and then help your recipient set up their own wallet to store it. Sure, you can do it for him, but then you’ll have his password, so this isn’t the most secure.
If you are new to the world of cryptocurrency and digital assets, we can help. Kim made a great guide to get you started with her eBook. “Cryptocurrency 101. âShe delves into everything you need to know to buy and use cryptocurrencies safely – or at least understand what everyone is talking about. Get your copy now on Amazon.
ð¨ What it means to you
Cryptocurrency is not going anywhere. Even if you are not interested in buying or trading crypto yourself, it is likely that someone in your family or circle of friends jumped on board. If you decide to dive in, there are a few things to keep in mind.
â Cryptocurrency is volatile. The prices can fluctuate sharply up and down. Never invest more money than you are willing to lose.
â Scammers are looking for newbies to crypto in order to scam them out of money. Don’t let that be you Here are four crypto scams that are so bad the FBI issued a warning.
â Developers and companies sometimes send cryptocurrencies to their early users and investors. The money or tokens are automatically accepted by the recipient. Usually this is fine. Sometimes it’s a scam. Here’s what you need to know.