Companies such as Coinbase, Binance, CashApp and Robinhood allow their users to purchase gift cards.
The rush to buy gifts for friends and family this holiday season has begun. One of the most coveted gifts this Christmas and New Year is crypto coins as people see them as a way to boost wealth. Most people these days prefer financial gifts over books and clothes. The rise of virtual currencies such as Bitcoin and Ethereum have made people aware of the new industry that promises rapid wealth creation.
So if you are thinking of investing in the future to build an asset class, cryptocurrency could be an option. These coins are a versatile gift option and you can give them to anyone, within or outside the country, without going shopping in the crowded market. Here's how you can gift crypto coins.
Crypto Gift Cards
The cards work like retail gift cards. Visit a website that sells Bitcoin gift cards, buy the Bitcoins you wish to give and pay the amount. You will receive a gift card, which you can share with your loved ones. They can visit the same website and get the Bitcoin deposited in their digital wallet by entering the details. Companies such as Coinbase, Binance, CashApp and Robinhood allow their users to purchase gift cards.
Crypto Exchanges
Another way of gifting crypto coins is through a crypto exchange. You can send the number of the crypto coins directly to their public address. If the recipient does not have an account on a crypto exchange or digital wallets, they will have to set up one.
Hardware wallets
These are also called offline wallets as the data is stored on a portable device like a USB stick and considered safer than online wallets. Hardware wallets can be bought online from crypto exchanges. To use this method, you need to buy the Bitcoin and note down the private key and other details that may be required to authorise the transaction. Simply, give the device to the recipient. Using the private key, the recipient can authorise the transaction and receive the gift.
Paper Wallets
This essentially is a printed piece of paper that contains keys and QR codes for cryptocurrency transactions. These are created on specialised websites. Visit any of these websites, generate a paper wallet and send them out as gifts. Anyone can get the cryptocurrency bought by you by scanning the QR code.
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FAQs
The way they work is really simple: they contain a specific amount of cryptocurrency, like Bitcoin. To activate the card, you need to use the code on the card and transfer the crypto to your crypto wallet. If you want to buy a gift card crypto, you will need a crypto exchange platform that will allow you to buy it.
Is buying gift cards from crypto safe? ›
There are a number of benefits to buying gift cards with Bitcoin. It offers a level of security and anonymity that traditional payment methods might not offer, to start with. Users can obtain more privacy and security against identity theft because bitcoins are used for transactions.
How do I redeem my crypto gift card? ›
Open a browser and go to https://cryptovoucher.io/redeem-now.
- Enter the code of your Crypto Voucher and your email address. ...
- Log in with your Crypto Voucher account details. ...
- Then enter your phone number and verify the code you will receive by SMS.
Buy gift cards with crypto
- Download the BitPay app or get the Chrome extension.
- Choose a gift card.
- Choose your amount.
- Pay for the card with your preferred wallet and cryptocurrency.
- Receive your gift card instantly.
Yes, you can withdraw cash from your Crypto.com Visa Card. To do so, ensure that you have funds loaded onto your Crypto.com card, either through cryptocurrencies or fiat currency using the Crypto.com app. Once your card is funded, you can use any ATM to withdraw cash.
What is a crypto card used for? ›
Crypto credit cards work exactly the same as any other rewards credit card on the market: you're rewarded as you spend on the card. But in this case, you're given cryptocurrency for your purchases. However, keep in mind that each card differs in how they process and award the cryptocurrency for their cardholders.
Can I withdraw cash with my crypto card? ›
Bitcoin debit cards are issued in partnership with major credit card services (usually Visa) and can be used online or in-store wherever the major credit card is accepted. Cardholders can also withdraw cash at any ATM supported by the credit service.
How do I cash out my crypto balance? ›
Here are five ways you can cash out your crypto or Bitcoin.
- Use an exchange to sell crypto.
- Use your broker to sell crypto.
- Go with a peer-to-peer trade.
- Cash out at a Bitcoin ATM.
- Trade one crypto for another and then cash out.
- Bottom line.
Note: Please be aware that you cannot transfer money back to your Fiat wallet after you've topped your Crypto.com Visa Card.
How do I withdraw from crypto to card? ›
Log into Your Crypto Wallet or Exchange: Access your account where your crypto funds are stored. Navigate to the Withdrawal Section: Find the option to withdraw funds and select it. Choose Your Debit Card for Withdrawal: Add your card details to your account if you haven't already.
BitPay gives you the power to pay bills with over 100 of the most popular cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), USDC (USDC), Polygon (MATIC), Dogecoin (DOGE), Shiba Inu Coin (SHIB), XRP (XRP), and dozens more.
Where can I exchange crypto gift cards? ›
Several platforms support this, and Prestmit is one of them. For instance, if you have a Google Play gift card you don't need and are willing to exchange it for Bitcoin, you can easily trade it on Prestmit in minutes. Here at Prestmit, we pride ourselves on offering unbeatable gift card rates.
How does a crypto pay card work? ›
How does the card work? Cryptopay card works just like your regular bank card, so you can use it to pay for goods and services both offline and online.
What can I use my crypto com card for? ›
You can use your Crypto.com Visa Card to pay in over 40 million Points of Sale (POS) worldwide (look for the VISA logo) and countless online retail shops. Bear in mind, the Crypto.com Card is a Visa prepaid debit card.
Are crypto cards real? ›
These cards convert stored Bitcoins or other cryptocurrencies into whatever fiat currency is needed to make a purchase. Bitcoin debit cards can also be used to withdraw cash from ATMs in whatever fiat currencies the card supports.
What can you do with a Bitcoin gift card? ›
Binance Bitcoin Gift Card FAQ. What can I purchase with a Binance Bitcoin Gift Card? It can be used to add Bitcoin balance to your Binance Wallet, where you can trade, send or invest the money as you want in the Binance exchange platform. How will my Binance Bitcoin Gift Card be delivered?
