How to Give Bitcoin & Ethereum as a Gift this Christmas

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What do you get the person who has it all for Christmas? Socks? A hamper of BBQ sauces? Other useless novelty items?! Why not a gift that just keeps on giving? 
It’s no secret that cryptocurrencies have seen unimaginable growth over the past 6 to 12 months; Bitcoin surged from almost $1000USD at the beginning of the year to an all time high of over $17,500 in December; but this doesn’t mean you can’t still get in on the action!
Bitcoin, Ethereum, and other cryptocurrencies are decimal based; you don’t have to buy a whole” Bitcoin for ~$17000, instead, you can buy $200 worth, which at the time of writing is about 0.012BTC (Bitcoin). In decimal form, it may not sound like much. But with Bitcoin analysts predicting prices as high as 40,000-100,000 US Dollars, that $200 could be worth a little more! 
It’s the perfect gift for someone who’s interested in cryptocurrencies; whether it’s your teenage son, loving husband/wife, or even your parents; giving cryptocurrency as a gift is arguably a future proof and practical gift! 

How Do I Gift Bitcoin???

First you need to buy some Bitcoin. This is often the first and largest hurdle. You’ll need to get started with a reputable cryptocurrency exchange, such as CoinSpot, where you can trade real money (Fiat) from your bank account, in exchange for Bitcoin, Ethereum or other cryptocurrencies.
Check out our guide to get started with CoinSpot, get verified, and then make your first purchase. Alternatively, you can use an exchange such as BTCMarkets, CoinJar, Independent Reserve or many others, supporting Australian payments.
Next, we need a gift card. You can’t just walk into a store and buy cryptocurrency gift cards, yet. So we have to be a little creative.
You’ll want to create what’s called a paper wallet”; essentially an offline and paper representation of the cryptocurrency account you will be gifting to your loved on. To do this, we suggest using one of the following sites to generate a paper wallet:

Alternatively, you can grab a hardware wallet such as the Trezor Wallet or Ledger Wallet Nano S to enable even more secure transactions; Trezor has exceptionally fast shipping available and you can have a Trezor delivered in a matter of days, just in time for Christmas!

MyEtherWallet

The following instructions are provided by MyEtherWallet:
  • Enter a strong but easy to remember password. Do not forget it.
    • This encrypts (protects) your private key. It does not generate your private key. This password alone will not be enough to access your Ether.
  • Click the “Create New Wallet” button.
  • Download your Keystore / UTC file & save this file to a USB drive.
    • This is the encrypted version of your private key. You need the password to access it. It is safer than your unencrypted private key but you must have your password to access it in the future.
  • Read the warning. If you understand it, click the “I understand. Continue” button.
  • Print your paper wallet backup and/or carefully hand-write the private key on a piece of paper.
    • If you are writing it, it is recommend you write it 2 or 3 times. This decreases the chance your messy handwriting will prevent you from accessing your wallet later.
You should get something like this: 
We suggest printing this as a PDF and paper, storing it just in case your paper version is damaged; save it somewhere safe such as an encrypted USB key or Dropbox so you can transfer it to your loved one if needed (but don’t be a dick and use it for yourself later down the track!)

WalletGenerator

Click Paper Wallet” and then click Randomly generate”. Similar to MyEtherWallet, you’ll want to print this out to PDF as well as to paper.

Load It Up!

Now that you’ve got your paper wallet sorted, grab the public key” or address” and head over to your Bitcoin (or other cryptocurrency) wallet on CoinSpot, and very carefully enter in the address to send Bitcoin to the paper wallet. It should look something like this (with our address, if you feel so inclined to donate to us for this super handy guide!).
!!! Be super careful with this step !!! Sending cryptocurrencies is irreversible; if you enter the wrong address and click send, it will be gone and could end up in someone else’s wallet!!
When you click Send”, funds will be sent across to your paper wallet, and you can then verify the balance by using a blockchain explorer and entering the address you sent to:
It should look something like this; showing the actual funds you sent. 
Note that the Bitcoin blockchain may take some time for the transaction to confirm; this can take minutes to hours depending on network congestion. 

Finishing up

Once you’ve confirmed the transaction, you’re all done! Fold that paper wallet up, tuck it into a classy Christmas card, and give it to your friend/relative/loved one! Easy, huh?

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