How to sell cryptocurrency directly to a friend
Online trading apps are drawing in novice investors willing to risk everything on volatile stocks. It started in November , around the time of the US presidential election. She started reading about cryptocurrencies online, and the more she read, the more ads for trading platforms she was served on her social media feeds. Unlike listed stocks, bitcoin can be traded 24 hours a day. Flushed with success, she pulled her money out of bitcoin, downloaded the brokerage app Trading , and started investing in other cryptocurrencies and stocks: Ripple, a cryptocurrency and platform; companies that invest in the legal cannabis industry; psilocybin research brands; Beyond Meat, makers of plant-based meat substitutes; BioNTech, a German biotechnology company; businesses developing gene-editing technology and psychedelic medicine; and gold and silver. She joined an investing group on the ultra-private messenger app Discord.
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Cryptocurrency
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Learn more about how we make money. Well-known coins like Bitcoin and Ethereum keep hitting record highs, everyday investors are buying up cryptocurrency with Venmo and Cash App, and trading digital assets via apps like Robinhood and popular exchanges like Coinbase.
If someone in your life wants in on the action, you may consider gifting them cryptocurrency. So which of the more than 14, cryptocurrencies in existence are you going to give? There are cryptocurrencies like Ethereum, Solana and Avalanche that experts say are advancing blockchain technology, the underlying technology cryptocurrencies run on.
There are also stablecoins, which have values that are tied to an outside asset like gold or the dollar, and those that have specific purposes, like tokens video gamers can win and turn into actual money. There are also coins with no purpose at all like Dogecoin and Shiba Inu coin. With more and more cryptos being created everyday to support new innovations like NFTs , it might be hard to decide on one.
But when buying these digital assets for yourself or a gift recipient, experts say to stick with the more well-known, established cryptos, especially if you are a beginner. You can research cryptocurrencies on sites like CoinMarketCap and CoinDesk , but keep in mind that the safest cryptocurrencies include those offered on apps where newbies can buy, like Venmo.
Cryptocurrency exchanges are one of the most reliable and secure ways to give crypto, says Franck Kengne, lead product manager at the cryptocurrency exchange Gemini. Plus, it allows new users to not only receive cryptocurrency, but also store, send and buy additional cryptocurrency if they want to. Receivers will need to create an account with the exchange and add a payment method like a bank account, credit card or debit card in case they want to purchase more crypto in the future.
The key can be a QR Code or a long series of random letters and numbers. The sender will then scan the QR code or copy and paste the public key into the recipient field in their own crypto wallet. The receiver should then be able to open their wallet and choose to receive the payment.
The process may look different across exchanges, but you can often find a guide on how to send crypto for the specific exchange, like Coinbase and Binance. Robinhood introduced a crypto gift feature in December to allow users to send seven cryptocurrencies via the trading app, including Bitcoin, Ethereum and Dogecoin. While not an exchange, you can also send Bitcoin as a gift on Cash App. Some platforms, like BitCard , allow you to add U.
And some exchanges also have bitcoin gift cards integrated on their platforms. With Binance , for example, you can design a gift card yourself and include a personalized message with the Binance app. But be wary of scams. Tens of thousands of people get swindled by gift card scams every year, and cryptocurrency is a useful tool for those scammers since the payments are so easily sent and are irreversible.
The Federal Trade Commission warns that if anyone asks for you to pay for something with cryptocurrency or a gift card, it might be a scam. Be sure to only use well-known platforms that have proven themselves over the years and have good reviews. In order to give and receive cryptocurrency, both you and your recipient will need a crypto wallet , like a Ledger or Trezor. These are used to store your money securely. A paper wallet is a piece of paper with keys and QR codes printed on it.
Those keys and QR codes can be generated via an online generator, like WalletGenerator. To use the crypto on your paper wallet, you need to "sweep" the crypto into a live wallet or exchange like Coinbase by scanning the QR code or typing in the key information. But the problem is that even if a piece of paper can't be hacked, those generators or even networks your printer is on can be. And of course, if you lose or damage that piece of paper, your crypto is gone forever. While that makes them very difficult to hack — a hacker would need to get your hardware wallet and be able to crack your password — it does mean that losing your wallet without a backup means losing all of your money.
Plus, if you are using a custodial wallet — like you might while trading on a platform like Robinhood — the platform actually holds your wallet, not you. And while cryptocurrency can be a great gift, you want to make sure the recipient has a disclaimer about the risks of owning cryptocurrency. A cryptocurrency investor should also understand that the future of the asset is uncertain.
Still, crypto advocates see the asset as the future of finance and say that it is a solid store of value. If your recipient wants to learn more about cryptocurrency, point them to Money where we have guides on what cryptocurrency is , how to use it , how to invest in it and more. The IRS treats Bitcoin and other cryptocurrencies like property, which means if you make a profit selling it, you need to pay taxes. Crypto is taxed much like stocks.
So if you send Bitcoin from your Coinbase wallet to your loved ones, for example, they will be charged a fee if they sell or move that cryptocurrency off of the Coinbase platform. Gemini recommends setting up multiple wallets and practicing sending transactions back and forth to yourself, Kengne says. You can use two phones, a computer and a phone or even two mobile wallets on the same phone. As mentioned, hot and cold wallets both have their pros and cons.
Money has a list of the best crypto wallets of to help you out. As long as you and your recipient are willing to have crypto wallets, you can give cryptocurrency as a gift. The two common ways to do so are with gift cards that can be redeemed for cryptocurrency or by sending someone the gift via an exchange. You can buy cryptocurrency via a gift card with a platform like BitCard, which allows you to add USD to the card and have your recipient redeem the card for cryptocurrency.
Some popular cryptocurrency exchanges, like Binance, also let you design a gift card and include a personalized message right in the app. However, the IRS treats cryptocurrencies like property, so if your gift recipient sells the crypto you give them and makes money on it, that profit is taxable. Crypto is taxed much like stocks so the seller will owe short-term capital gains tax if they held the cryptocurrency for less than a year and long-term capital gains tax if they held it for more than a year.
This story has been updated to include the news of Robinhood and Cash App's new crypto gift features. Investing How to Gift Cryptocurrency. How to Gift Cryptocurrency. Sam Island for Money.
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How To Support a Loved One With a Cryptocurrency Addiction
Door No. Have any queries? Click here for more details. In recent months, cryptocurrency has acquired a lot of traction.
Do I need to pay tax on my cryptocurrency gains?
I spent the past 15 years flying to festivals, galleries, events, art fairs to exhibit and distribute my work while building my art practice. Most of these projects are unsustainable , so when I decided to lower my impact and cut plane travel, I started looking at alternatives. The CryptoArt market is a new way for artists to distribute digital works to collectors: often digital images and video files. The blockchain technology provides secure ownership, traceability, artist commission on second market sales and a thriving market place, with platforms emerging quickly: Nifty Gateway , SuperRare , MakersPlace.. With no travel involved, and a mostly digital distribution, this new model looks like it has the potential to become a sustainable practice for artists. Today was supposed to be my second CryptoArt release on NiftyGateway. The CO2 emissions, combined with a steady growth of consumption is pushing us towards a climate apocalypse.
How to sell Bitcoin
Yesterday some high-profile people had their Twitter accounts hacked by scammers who sent out fake tweets asking followers to send money using Bitcoin — a type of cryptocurrency or digital money. Cryptocurrency scams are now a popular way for scammers to trick people into sending money. And they pop up in many ways. Most crypto scams can appear as emails trying to blackmail someone, online chain referral schemes , or bogus investment and business opportunities. Nope, not ever.
What happens to your cryptocurrency if you die?
If you are using the cryptocurrency exchange app WazirX to buy and sell Bitcoins and cryptocurrency in India, you need to note that one major payment option will no longer be available. In a communication sent out to all WazirX users, the platform has clarified that their Paytm Bank account will not be operational now, which means the bank transfer option using NEFT or IMPS transfers from your bank account, will, not be available for the time being. That is till WazirX is able to find a new banking partner for bank transfer and deposit options. This is the latest in the unfolding chapter of cryptocurrency trading in India and the reluctance of banking institutions to engage with crypto exchanges. Once you choose the quantity of USDT you want to trade, the app then proceeds to match you with sellers or buyers who is looking to make a trade at that time.
How to send cryptocurrency as a gift
Did you know you can now send and receive cryptocurrencies for free using Binance P2P? Send crypto to other Binance users by entering the email address they used to sign up for their Binance account, or scanning a QR code from the Binance app. Simply put, platforms like Binance P2P allow buyers and sellers to transact directly with one another without any intermediaries. Firstly, unlike fiat currencies, crypto is accessible in most regions worldwide, so you can make borderless transfers using crypto to friends and family. All you need is a valid email address or QR code. Security and privacy is another reason to send crypto using Binance P2P.
Get your first bitcoin in minutes! Download the Bitcoin. Follow the instructions to buy. Each payment method carries tradeoffs in terms of convenience, privacy, and associated fees.
We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. At first, they held the tokens with an exchange based in China, but within weeks, a broad crackdown on cryptocurrency by the Chinese government meant they would soon lose access to the exchange, so they had to transfer everything to a hardware wallet. Reich and his friend chose a Trezor One hardware wallet, set up a PIN, and then got busy with life and forgot about it. By the end of that year, the token had sunk to less than a quarter of its value, come back up, and then crashed again.
Non-fungible tokens NFTs are all the rage. From digital kitties to collecting sports trading cards—NFTs are delving into the mainstream culture. NFTs enable users to own rare digital artifacts through the blockchain network that backs cryptocurrencies. The possibilities of buying and selling digital assets are endless. People are bidding thousands to own these collectibles, and some are even selling for millions.
The Bhutanese students in Australia have jumped to the virtual world by selling NFTs: cryptography-protected original digital art. NFTs are digital content linked to the blockchain, the digital database underpinning cryptocurrencies such as Bitcoin and Ethereum. NFTs transform digital works of art and other collectables into one-of-a-kind and verifiable assets that are easy to trade on the blockchain.
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