Are you one of the 14 percent of Americans who already owns cryptocurrency? Have friends or family curious about it but unsure where to start?
Gift cards are a longstanding means of sending someone money, and crypto gift cards provide a similar function, making them a good gift for anyone curious about owning crypto.
But if you want to gift crypto to someone, where do you find these cards and how do they work? Let’s take a look at the basics before you start investing.
Choose Your Currency
If you’ve invested in crypto before, you’re probably aware that the first step is always picking the currency you want to buy. This impacts what wallet you use and sometimes where you can make your purchases.
Unless you’re really familiar with them, it makes sense to stick with well-known types for a gift to someone new to the game. This makes it easier for them to take the next step since a bitcoin gift card could be converted at a bitcoin atm.
How Do Crypto Gift Cards Work?
Cryptocurrency gift cards work like retail gift cards you might give for books or coffee. Once you find a source, you buy the card with the amount of crypto you’d like to give and pay for it. The card comes in the mail so you have something physical to share.
The recipient takes the gift card, visits the website where you purchased it, and redeems it for the currency. The crypto is deposited in their digital wallet once they provide that information. You might consider setting up a wallet for them as part of the gift.
These gift cards are also similar to traditional ones in that you aren’t actually buying the crypto any more than you were buying the books or coffee. The card has to be redeemed for the person to own any currency.
Where to Get a Card
Most of the big crypto players offer gift card options for their users to buy online. You might start by checking with the exchange you use to see what your options are.
Eventually, crypto gift cards will make their way to the racks you see at supermarkets and drugstores, making it possible to buy a card going online or waiting for the mail.
Interested in Crypto Giving?
Crypto gift cards attempt to bring a familiar way of giving and receiving to the potentially mysterious world of digital currency. For someone new to crypto investing, it can be a way to get them started with some funds, although they will have to take additional steps to turn the card into crypto tokens. While you can probably get them wherever you keep your digital wallet, expect to see them hanging with other types of gift cards at stores soon.
Interested in learning more about buying and gifting crypto? Check out other articles on our site about bitcoin and crypto investing.