When would you ever want to give away your cryptocurrency or assets? Not only do many people across the world give crypto assets to family and friends as gifts, but they also invest for their children for their futures, and they have to think about where their crypto goes in the event of their unexpected or anticipated death. Just like any other asset, it’s important to learn how to give away anything valuable without incurring unnecessary fines, fees, or breaking current laws. Avoiding scams, understanding secure ways to transfer, and educating your digital recipients are also part of giving away digital assets.
Gifting Your Crypto
Giving crypto as a gift is fairly easy. Since the blockchain system is already set up for easy transaction transfers, Gifting isn’t much different from using your currency to purchase or transferring your coin from one exchange or wallet. If you’ve done peer-to-peer transactions before, it’s not very different. Here are a few things to note:
- Coinbase Exchange – Sign up for Coinbase. This is a pretty simple and popular service that you can use for free in some circumstances and inexpensive for the most part. Both you and the recipient need an account. If it’s Bitcoin (BTC) you’re gifting, you can purchase it as a fraction share and send it to them via the service. They can then sell from the same service when they want. You can also send Litecoin, ETH Classic, ETH. Other coins you send must be converted to BTC before being sent. Using any other exchange will require both parties to have accounts.
- Other Apps – You can also send Bitcoin through Cash App. It’s often faster than Coinbase, and many people already use the App. BTC transactions work the same as sending cash, but you must use the $Cashtag! ID for your recipient. Cash App also interacts with Square Cash App. Bitcoin is the only currency serviced through Cash APP at this time.
Part of developing your digital portfolio is being the expert regarding your digital assets. This includes transferring or giving your assets to others for transactions, safekeeping, or gifting. Giving other cryptocurrencies besides Bitcoin can be a touch more complicated but easier than you think. Want to know more or have a specific question about giving your crypto to others? Contact us at Aponte Crypto Consulting for more information today.