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Donation cryptocurrency is a great idea because it helps someone learn about cryptography and although the value varies very often, it is still a good investment for the first time for young people. So, if you want to give your loved ones something that can help them start investing and learn about cryptocurrencies, here are some methods on how to give cryptocurrency in India.
Also, read | 5 Ways to Buy Things Using Bitcoin and Other Cryptocurrencies India
Cryptocurrency gift in India
Before you learn how to buy cryptocurrency as a gift, let us talk about which one you would ideally give away. We recommend that you go with upcoming currencies that show future potentials like Ripple, Saltworks, or Cardano. We did not recommend Bitcoin, or Ethereum since they are very expensive and also have high transaction fees.
There are only a few methods by which you can give someone cryptocurrencies in India, and we will briefly walk you through each of them.
Cryptocurrency exchanges
Crypto exchanges allow you to buy, sell, trade, exchange and store cryptocurrencies. They are a great place to start, especially for a new investor. You can set up an account for them or take them through the billing process and then buy them cryptocurrency.
It will also allow them to track their gift and the performance of other currencies. We recommend exchanges like CoinDCX, WazirX and Coinbase.
Related article CoinDCX app: How to use, refer to, buy and sell cryptocurrencies and withdraw money
Digital crypto wallets
You can set up a crypto wallet for someone you want to donate cryptocurrency to, and then just transfer coins or tokens to their wallet and give them a private key to access their wallet.
This is a particularly good method because it also allows you to donate NFTs since certain wallets like MetaMask and Coinbase allow you to store NFT.
Related article | MetaMask Wallet How to create, set up an account and other tips
Don’t forget to inform them that they are storing their private key properly as the loss will lead to the loss of the account.
Paper or hardware wallets
Paper wallets are similar to digital crypto wallets. You will first need to set up a wallet that allows you to print the private key and address it as a QR code. You can add funds to your wallets, then print out the QR codes for the private key and address and give them away. They can scan codes and have access to their resources.
Hardware wallets work like paper wallets because they give access to the wallet via QR codes or PIN codes, but they also provide greater security and are expensive options.
Also, read | 7 best hardware crypto wallets for offline cryptocurrency storage in India 2021.
Finish
We have discussed some good ways you can donate cryptocurrency here in India. The Bitcoin Gift Card is also another good option as it does not require opening an account and transferring funds, but there are currently not many reliable places where you can buy it. We hope we have helped you get a good idea of how you can donate cryptocurrency in India.
Also, read | Top 3 Ways to Buy and Sell NFT in India
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