This unique idea might raise a few questions, since Bitcoin isn’t a physical asset:
How can you gift Bitcoin as easily as handing over cash?
This is impossible. Because how can you convey something that does not exist in principle (physically)?
Of course it's possible. Just load the private key on a physical device and you have some physical Bitcoin, like the Casascius or Lealana ones.
Why not surprise your loved ones with the gift of Bitcoin 🎁?
The idea is not bad, but not all your loved ones will totally appreciate receiving bitcoins from you this season because they don't know the value, and now is not the time to gift people bitcoin who will never appreciate it because bitcoin is becoming more important by the day—what you should be seeking ways to get more, not what you should be reducing what you have. For your action of gifting Bitcoin to be appreciated and not undervalued, you have to make sure that your loved ones really understand the value of what you're giving them so that they not just cherish it but also commit to keeping it secure and safe.
The question now is, do your loved ones know what bitcoin is and the value it has? If they don't, that is the first role you need to play.
The concept is that they receive a physical gift (a tangible item) with a special surprise inside. While some people may opt to give cash as a gift, which is perfectly fine, I personally prefer giving Bitcoin to my loved ones.
And I’m sure for those of us here in the forum, our families are already on board with the idea of Bitcoin, right?
I gave some hundreds thousand satoshis to two of my brothers a few years ago. I explained the big picture without telling the details but I asked them to hold for a few years. Now, they are shocked seeing the value of the Bitcoin in their wallet which was increased so high than the first time I gave them.
That makes them realize that Bitcoin can be more valuable in the future. I see they now add more satoshis to their wallet after Bitcoin hit $80k and with other coins. That is their choice but they are asking me if they don't understand. So the best way is you help them install a Bitcoin wallet, best is electrum on their phone, send some satoshis to them and say that they must keep it for a long time and let it be.
YEAH MAN! That's the idea. Orange pill them softly and let them realize to power of Bitcoin against inflation!
I personally dislike hardware wallets because I believe that in order to use bitcoin, you should not "pay" anything (ie. purchase a wallet device) but I can see their appeal.
This is why I personally believe that the best way is to use paper wallets.
Cons:
-- You have to find a good keypair generator that allow a strong entropy
-- You see the private key at some point
-- Weak support
Seeing the private keys is not a con. Remember this is your money that you are giving away (not selling) for it to be categorized as con. In fact you should keep a backup of that mnemonic (the keys you gave away) for the future. In case they lost the paper wallet so that those coins are not lost forever.
Oooof man, we don't have the same definition of "giving away money".
If you give away some sats, keeping a backup of the seedphrase is a bad practice. My 2 sats of course.
[moderator's note: consecutive posts merged]