With Christmas around the corner, gift-giving is at the top of your mind. Why buy something your recipient may never use or doesn’t need — like yet another sweater or tie — when you can give a gift that could benefit them in the future?
You can always give the gift of bonds, but they are pretty outdated and don’t necessarily offer much earning potential these days. Several platforms are offering a new suggestion: Cryptocurrency.
The most notable player in the field is Robinhood, who announced a new gift-giving feature specifically for crypto. So, if you are falling behind on your Christmas list, here is how to give the gift of cryptocurrency.
Need to start at the beginning? Here are five tips for buying cryptocurrency the safe way.
Robinhood’s new gifting feature
Starting Dec. 22, just in time for the holidays, you can give the give of crypto directly from the Robinhood app.
With crypto growing in popularity worldwide, this is the perfect opportunity to invite your friends to give it a try. You can gift as little as $1 directly from your Robinhood balance. There are seven choices of crypto 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 you send it out.
How does someone use the crypto gift?
You can easily send this gift directly from the Robinhood app using your current balance. Don’t have any funds available? You’ll need to deposit some first, which can take 3 to 5 business days to show up, so don’t wait too long!
Once you’ve sent the gift, your recipient has 14 business days to accept it. The gift is sent through a link to their telephone number, making it easy to track. If the recipient doesn’t accept, you won’t be charged. Keep in mind your recipient will need an existing Robinhood account or they will need to create one in order to accept the funds.
After that, how they choose to spend or trade the cryptocurrency is up to them. Tap or click to listen to Kim’s crypto podcast that includes ways to spend cryptocurrency and the businesses that accept it.
Sending crypto through Robinhood
Starting Dec. 22, use these steps to gift crypto to everyone your heart desires:
- Sign in to your Robinhood acount. If you don’t have funds available, deposit the amount you wish to gift into your account.
- Use the catalog to choose a photo and type a personalized message to go along with your gift.
- Enter in the receipents’ phone number to send your gift.
- The receipent has 14 days to accept your gift.
Can I send crypto gifts elsewhere?
Robinhood isn’t the only player in town. You can also send crypto gifts through other platforms, including PayPal and Coinbase. If you dabble in stocks but aren’t sure about how crypto works or if it’s worth your time, a little bit of research can go a long way.
What about NFTs?
Yes, we’re talking about non-fungible tokens. Usually, these are pieces of digital art, and they are hot gifts this season, too. To give one, you’ll need to buy it yourself first, then help your recipient set up their own wallet to store it in. Sure, you can do it for them, but then you have their password, so that’s not the most secure.
If the world of cryptocurrency and digital assets is new to you, we can help. Kim created a great guide to get you started with her eBook, “Cryptocurrency 101.” She dives into everything you need to know to buy and use cryptocurrency safely — or at least understand what everyone is talking about. Get your copy now on Amazon.
🚨 What it means for you
Cryptocurrency isn’t going anywhere. Even if you’re not interested in buying or trading crypto yourself, it’s likely someone in your family or your circle of friends has jumped onboard. If you do decide to dive in, here are a few things to keep in mind.
✅ Cryptocurrency is volatile. Prices can fluctuate up and down wildly. Never invest more money than you are willing to lose.
✅ Scammers are on the hunt for people new to crypto so they can con them out of money. Don’t let that be you. Here are four crypto scams so bad the FBI put out a warning.
✅ Developers and companies sometimes “airdrop” cryptocurrency 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.