Holiday shopping is in full swing this time of year as we all try to find the perfect gifts for our family and friends.
While there are plenty of options at the mall, why not give a unique and unforgettable gift that could have a big payoff down the road?
After all, the last two years have been tough on many people. Between the pandemic, the “great resignation” of jobs, and growing inflation, Canadians are feeling the pinch on their savings account. These growing financial pressures are why gifting bitcoin may be a great idea.
Consider that bitcoin has grown 300% since the start of the year and has had a 200% annual compound growth rate over the last 10 years. This means a little bit of bitcoin today could eventually go a long way tomorrow (by that we mean a few years!).
Here’s an example: If you had spent $100 buying bitcoin for your friend instead of buying a different gift two years ago, that bitcoin gift would now be worth around $1,400. Not a bad gift!
So how can you give the gift of bitcoin during the holidays? Here’s a quick guide:
Buying bitcoin in Canada
To give the gift of bitcoin (BTC), first you must buy bitcoin yourself.
Netcoins makes it easy to buy bitcoin and other cryptocurrencies in Canada. They are also Canada’s first publicly owned, fully regulated crypto trading platform.
Being fully regulated means that everything from how Netcoins operates to how they store funds and charge fees are vetted and approved by Canadian regulators.
Buying bitcoin on the Netcoins platform is easy. Simply start with creating a Netcoins account, getting verified, and depositing Canadian dollars via e-transfers. One of the advantages of Netcoins is that they don’t charge funding fees.
Once the funds are in your account, click “BUY,” choose “Bitcoin,” and enter the amount you’d like to purchase.
Bitcoin is available to buy in fractions, which means you’re able to purchase as little as $10.
Want to buy a different cryptocurrency? You can also buy ether, XRP, or other cryptocurrencies on the Netcoins platform.
Buying bitcoin and gifting it to friends and family
Now that you understand how to buy bitcoin, the next step is sending it to your friend or family members.
Netcoins offers two options for gifting bitcoin:
Option 1: Buy bitcoin and send it to a bitcoin wallet
If your friend has a bitcoin hardware wallet (similar to a USB drive device), you could buy bitcoin and send it directly to their wallet.
To do this, log into your Netcoins account, click on “Withdraw” then “Send crypto.” Select “Bitcoin”, enter the amount you’d like to send and add your friend’s wallet address (they will need to provide you with this address).
Just click send and then wait for a few minutes for the transfer to be complete.
Option 2: Buy bitcoin and send to another Netcoins account
If your friend is new to crypto, they probably don’t have a bitcoin wallet. They may prefer to store their bitcoin within the Netcoins platform until they find their footing in the crypto world.
To receive bitcoin, your friend or family member will need to create a Netcoins account. Once the account is open and verified, they will click “FUND” and then “Deposit Crypto.” This is where they can collect their Netcoins wallet address to give to you. You can then send bitcoin to the address.
It’s that simple to give the gift of bitcoin this year.
To get started purchasing cryptocurrency for your friends and family, visit Netcoins.ca to get started.