What to put under the Christmas tree for the cryptocurrency enthusiast in the family.
Each person who receives cryptocurrency becomes a member of a community already numbering in the millions, with common goals, interests and plans. But how can you find the right gift for the crypto enthusiast in your life when the holidays come around?
It’s no secret that people struggle to choose gifts when they want to meet the expectations of another person. This holiday season, Cointelegraph has put together a list of crypto gifts that crypto hodlers will appreciate.
It may seem too simple, but it can be difficult to find someone who refuses investments with great value. One option for a gift this holiday season is the gift of crypto.
But how can you present a crypto gift to the lucky recipient? Here are a few ways:
A direct wallet transfer is the easiest option. If this is done directly on Christmas Eve, the surprise will turn out quite well. The problem is that the recipient must have a wallet, and the sender must know their address to transfer, so this method may not be suitable for everyone.
Hot wallet. Since no personal data is needed to create a software-based hot wallet, gift-givers can easily create a wallet, deposit the necessary crypto, and transfer it to the recipient.
Cold wallet. A cold wallet is a physical device akin to a thumb drive that stores your crypto. They are considered the safest way to store cryptocurrencies because they provide offline storage without an internet connection. To make a transaction, the user should have a PC or smartphone and a hardware wallet.
5/ Cold wallets— Cantino (@chriscantino) October 4, 2021
A more secure solution for long term investments and NFTs. These are offline, USB-like devices that never share private keys with your computers. Store the bulk of your holdings on these.
I use Ledger Nano X. Other options are Trezor and the GridPlus Lattice1. pic.twitter.com/YNxzYhZ9F9
As a gift, this is a great option; it can be beautifully presented and made a surprise. The only thing is that the presenter will have to spend money not only on the cryptocurrency but also on the carrier.
Paper wallet. This is a subspecies of cold wallet since all data implies physical storage. The user should create a wallet on bitaddress.org (no data is needed for this). After that, they receive two QR codes: one is a wallet address and the second is a private key for transfers. The presenter could simply copy the codes electronically or print multiple copies. It is very important not to lose these codes because, without them, the recipient cannot access the wallet.
Bitcoin (BTC) or any other cryptocurrency does not need a physical form like coins made of precious metals, but this hasn’t stopped some companies from starting the production of such coins. Firms such as the Denarium project produce Bitcoin wallets with private keys inside from gold and silver.
The hype around nonfungible tokens (NFT) has died away, but it wasn’t a result of the NFT technology itself. The problem is that the scope of NFTs is much wider than just digital art, and the hype of 2021 created a strong association between NFTs and machine-generated drawings in the minds of mass audiences.
In essence, an NFT is a blockchain-based certification system that can be used in many areas: transport, real estate, finance and more. In addition to crypto art, there is a wide range of crypto-related digital items that can be bought or sold. NFTs range from collectible assets to items that can be used in video games, including even a virtual piece of land in a digital world like Decentraland.
The wide range of items represented by NFTs means you have lots of options for gifts.
One of the popular gifts for crypto enthusiasts is PC hardware for mining.
The most popular mining rigs are application-specific integrated circuits, or ASICs. But of course, these don’t come cheap. The most powerful S 19 XP model manufactured by Bitmain costs more than $6,000, but there are also younger models that cost half as much.
Another solution is the Coinmine console. This is a device for mining many coins at once, such as Dash (DASH), Ether (ETH) and Monero (XMR), that looks like an Xbox gaming console. The CoinmineOne model costs around $700.
Checking crypto prices can be a tedious task, as they can change every minute, but a useful device called a price ticker could be a great solution for any crypto trader. Such devices can be set up with WiFi and will show the latest coin prices. Tickers can display the prices of multiple coins, use different colors for each asset, and have an easy-to-view interface for traders.
One of the best gifts for a person who is actively investing in crypto is a book that gives a detailed, balanced look at digital assets. Anthony Lewis’ The Basic of Bitcoin and Blockchain: An Introduction to Cryptocurrencies and the Technology that Powers Them is one such option. It provides readers with a detailed overview of how the cryptocurrency market works and the technologies behind it.
Camila Russo’s The Infinite Machine: How an Army of Crypto-hackers Is Building the Next Internet with Ethereum is another option, as it describes the growth of the global blockchain ecosystem since its early days, with interviews with a number of key individuals who have been involved with the space since its inception. The book is structured as an easy-to-follow literary tale, making it accessible.
For advanced crypto enthusiasts, there’s Mastering Blockchain: Deeper insights into decentralization, cryptography, Bitcoin, and popular Blockchain frameworks by Imran Bashir. This book introduces the theoretical and practical aspects of blockchain technology. Its second edition takes an in-depth look at decentralization, smart contracts and blockchain platforms, such as Ethereum, Bitcoin and Hyperledger Fabric, with further attention to the cryptographic elements of cryptocurrency. While it delves into complex concepts, this book will be understandable to readers who have a basic understanding of computer science and minimal programming experience.
If you’re shopping for a passionate crypto trader, a premium trading membership could make an ideal present. Such memberships often come with a number of benefits, including increased limits, different trading indicators, branded goods and more.
There are also a number of market data aggregators that would make a fine gift, giving the crypto trader in your life access to a wide variety of advanced data points, charts, graphs and more.