How to gift Bitcoin, NFTs, and other Crypto
Bitcoin has been lucrative 96.2% of the time since 2009, which means that if you gifted bitcoin to anyone in the last 12 years, it is worth more now.
How rich would you think you would have been if your friends gifted you bitcoin for every birthday instead of a lunch at Cafe Javas or The Patio? To bring this home, in 2009, one bitcoin sold at $0.0009 (Approx. 3 Ugx). Currently each bitcoin is valued at $48,663.95 (172,027,063.25 Ugx.)!
If you received $10 (35,350Ugx) in bitcoin on your birthday every year for the last five years, you’d have almost $750 (2,651,250) ,1500%increase in 2021 if you didn’t sell any before then. From a financial standpoint, this would have been a very wise decision on your family and friends’ part.
According to current data, bitcoin has been lucrative 96.2 percent of the time since its inception in January 2009, which means that if you gave bitcoin to a loved one at any point in the last 12 years, it is certainly worth more now than it was then.
Given the power of capital appreciation, it’s no surprise that most people are planning to gift or have gifted their loved ones with bitcoin this year and it is expected to increase in the years to come. If this is your plan, how do you actually give Bitcoin or any other Crypto?
While working with cryptocurrencies may appear intimidating at first, the procedure is actually much simpler than you may imagine. The first thing you’ll want to do is choose which cryptocurrency you’d like to send. If you’re giving a present to a beginner crypto user, stick with bitcoin or one of the top coins, as most platforms and services will accept them.
It’s worth using a market capitalization ranking platform like Coingecko or Coinmarketcap if you want to transfer less prevalent currencies from the back of the crypto catalog. Once you’ve decided which digital asset(s) to send, you’ll need to purchase them from an exchange, brokerage, or mobile app.
Giving coins through mobile apps, which offer a low barrier to entry and, in the instance of MTN Momo App , Binance, Chipper Cash, and bank apps may already be installed on the recipient’s phone, which make sense for people gifting to someone who is new to cryptocurrencies.
Best Exchanges to buy Bitcoin in Uganda
Cryptocurrency exchanges are trading platforms that allow you to buy a variety of cryptocurrencies with a variety of fiat currency options (such as US dollars, Uganda Shillings, British pounds, euros, and others) or other cryptocurrencies. Some exchanges cater to more experienced traders, while others make bitcoin purchase considerably easier for total beginners.
Binance, the world’s largest bitcoin exchange, now allows Ugandans to buy and sell bitcoin. Binance accepts mobile money deposits for bitcoin purchases. Furthermore, after selling cryptocurrency, you can withdraw payments by bank transfer or mobile money. Binance is the quickest option to acquire bitcoin in Uganda when compared to the other exchanges on this list. You may also buy other cryptocurrencies like Ethereum, Binance Coin, and USDT on Binance. In late July 2020, Binance announced the arrival of Ugandan Shillings to Binance.com. You can sign up on the Binance platform here
Luno is one of the world’s most well-known cryptocurrency exchanges. Similarly, Luno has carved out a position for itself in emerging markets, recently adding Uganda to its list of supported countries. The exchange has a strong reputation in Uganda as a good place to acquire bitcoin (BTC). In terms of deposit options, Luno allows you to fund your wallet for free through bank transfers.
Luno is a simple platform for purchasing bitcoin with Ugandan Shillings (UGX). Its user-friendly interface and cheap cost structure make it an excellent choice for new customers wishing to buy bitcoin.
Yellow Card has been assisting Ugandans who want to join the new financial train of Crypto since 2019, providing the most secure web and app-based wallets for trading Bitcoin, Ethereum, and Tether in Uganda.
You can load money into your account and trade bitcoin, ethereum, or Tether using Yellow Card’s different payment options, such as Mobile Money or Bank. The best part is that you may trade against the Ugandan Shilling as well. The platform boasts of its accessibility, instant services, security, and multiple payment options.
Binusu is a bitcoin exchange established in Uganda that allows Ugandan traders to acquire bitcoin using their local currency, the Ugandan shilling (UGX). This exchange has been active for quite some time, and it is one of Uganda’s most popular local exchanges. The exchange currently accepts deposits via Airtel Money or MTN Mobile Money.
It is possible to deliver digital assets straight to the recipient if they already have a crypto wallet. When performing this, you should keep in mind that:
- To pay any transaction fees, you’ll need some spare cryptocurrency. The costs you pay will be determined by whatever coin you intend to send, as well as which blockchain you utilize and how congested it is at the moment of sending. When you withdraw cryptocurrency from your exchange account, the site will provide you with many options open to you.
- As previously stated, some tokens can be used on various blockchains. Tether (USDT) can be sent as an ERC20, TRC20, or OMNI-based token, for example. It’s worth double-checking which tokens the recipient’s wallet supports beforehand, as sending the wrong token type to a specific wallet can result in a full loss of cash in some situations.
Binance is a notable example of a platform that allows users to transfer and receive cryptocurrencies via digital gift cards in a simple and convenient manner. The instructions for making a gift card, according to the website, are as follows:
- Getting cryptocurrency from your “Spot Wallet” to your “Funding Wallet.”
- Enter the amount you want to send as well as the coin you want to send.
- Entering the email address of the receiver.
- Entering your two-factor authentication code (2FA) to confirm the transaction).
The recipient must redeem the gift card by entering the code supplied after it has been sent. To redeem these types of crypto gifts, the recipient will need to have a Binance account.
How to give NFTs?
The procedure is identical to sending bitcoin from an exchange to a wallet, only you’ll need to use an NFT marketplace instead of a crypto exchange.
If you want to buy a certain NFT, you’ll need to find out which NFT marketplace the unique digital object is accessible on, as some are only available on specific blockchains and platforms.
OpenSea is by far the most extensively utilized NFT marketplace accessible today if you simply want to browse a large number of various NFTs and pick the one you like. Because it’s based on the Ethereum blockchain, you’ll need to use a suitable crypto wallet service to buy, sell, and receive NFTs through the site.
It is time we begin revolutionizing gift giving, don’t you think so?