With Christmas fast approaching, you may be thinking about giving Bitcoin to someone close to you who hasn’t yet decided to invest.
I am therefore offering you a non-exhaustive comparison of the different methods of offering Bitcoin for this occasion. It is an ideal gift for someone who would like to learn more about Bitcoin or for someone you would like to introduce to cryptomoney.
If you plan to evangelize a loved one with little affinity for new technologies, a physical room might be a good idea. These metal parts are a good way to conceptualize the value that an intangible asset can have. On the front, they are stamped with the symbol of the asset of your choice, in this case Bitcoin. Unfortunately, while these mythical corners were common in the early years of Bitcoin, major producers have since closed down.
Another solution exists however: OpenDime, the small usb sticks that allow to transmit physical bitcoin, literally from hand to hand!
In order to limit ancillary costs and to offer as many satoshis as possible within your budget, you may choose to donate a paper wallet. It physically stores public and private keys on a piece of paper that you print yourself. You can even get festive designs on bitcoinpaperwallet. Once you have created and printed your paper wallet, you’ll need to load it with bitcoin by sending the amount you want to donate to the public address of the wallet.
The satoshis are stored offline, so they are safe from digital pirates. However, the cardboard medium can be quite fragile. In addition, it is a piece of paper that could easily be misplaced. And anyone who finds it can use Bitcoins. Finally, it has happened in the past that some clever guys have attacked sites that generate such wallet papers.
It should also be noted that paper wallets should be exchanged in their entirety. It is not recommended to leave a balance and reuse the same public key, so that they cannot really be spent, but only transferred or sold.
You could also purchase a Bitcoin gift card for your family or friends on a site such as StackinSat. Cards can be used to purchase Bitcoin at the rate in effect at the time of redemption. But taking into account the market trend, you would be better off buying them directly, as Bitcoin may increase in value until you give them away. In fact, you don’t buy Bitcoin, but you tell someone that they have to buy a certain amount of Bitcoin themselves.
The first hardware wallets were little more than USB keys containing private and public keys. The latest models offer many options to suit your budget – touch screens, cameras to scan QR codes, etc.
Physical wallets are the ultimate solution for storing digital currency and private keys. Cold storage – the offline storage of your cryptos – is the most secure storage method.
Ledger nano X
Physical wallets are quite expensive, but have the advantage of being usable for several years. Contrary to the first 3 methods, satoshis are therefore stored offline and can be transferred when the wallet is connected to a computer. This simplicity of use along with the physical wallet makes it an ideal gift.
There are several well-established brands in this segment, including Ledger, a nugget of French tech. Ledger and Trezor offer several models ranging from the USB key to the full-featured wallet with integrated screen and camera. However, it should be noted that this solution also comes with its share of risks, as Ledger’s mega-data leak yesterday will remind everyone.
You have here the 4 best methods to offer Bitcoin for Christmas, the paper wallet being the cheapest method. Personally, if I were to receive Bitcoin for Christmas, my preference would be a room to put on my desk, once the satoshis are transferred, or a physical wallet in USB key format, simple, secure and functional. To conclude, beware when you buy, given the volatility that is expected after the last historical high!