Giving Bitcoin as a Holiday Gift? Here's What to Know.
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Here's your money briefing for Friday, December 10th. I'm J.R. Whelan for The Wall Street Journal. We all have friends and family members who are impossible to buy gifts for. And sure, you could just give them cash. But this holiday season, many people are thinking about going a step further to make their cash gift a little more personalized, a little more 2021 in the form of digital cash like cryptocurrency.
You're gifting someone a value that could go up and then go down. And that's sort of teaching them along the way what it means for the crypto market.
But it's a complex and potentially confusing market. Coming up, our personal finance reporter Julia Carpenter will help smooth out the learning curve that comes with giving crypto gifts. That's after the break.
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Thanks for being with us. Thank you for having me. So, Julia, I suppose the first thing you need to consider if you're thinking of giving someone cryptocurrency is whether they actually know what it is, because a lot of people don't.
You need to make sure they know what it is and you need to make sure that you understand how they're going to get it and how they're going to use it. So cryptocurrency isn't an actual physical currency that you hold and use. It's a digital currency. And there's lots of different kinds of coins that people use for different things.
What should you know before giving cryptocurrency as a holiday gift?
So people might have heard of Bitcoin or Ethereum or meme coins like Dogecoin. Each of those costs something different and each of those is used for something different.
And then there are a lot of people who do know about these things, but they're probably skeptical about them.
People should be skeptical about them. They're used for different things. They cost different amounts of money. The value goes up and down. So definitely doing your research and understanding what the recipient could use this coin for and what their own personal risk tolerance is could be helpful going into it.
Yeah, let's talk about that volatility. I suppose you should make sure the person on your gift list knows that the cryptocurrency they get for Christmas could be different by Valentine's Day.
That's also why it's appealing to a lot of people as a gift. If you gift someone one of these things, the value could go up and you're gifting them an investment or you're gifting someone a value that could go up and then go down. And that's sort of teaching them along the way what it means for the crypto market.
OK, so how do you actually go about giving cryptocurrency to someone? Is it more than just sending them a link?
you have to make sure that the person is set up to receive what you are sending them. I know that sounds basic, but that means that they have to have a wallet in order to receive this. That's an account in which they can hold these digital assets. So someone can set up the wallet on their own. Maybe you tell them, I've bought you this piece of cryptocurrency. You just have to set up the wallet so that you can receive it, and then they do that on their own.
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