The current situation on the crypto market is very promising, and it seems like it won’t take long until the whole world embraces digital currencies, and starts to implement them in the global economy. In some countries, people are able to mine, trade, and exchange their crypto savings, and get real money for that. Some countries allow citizens to invest in cryptocurrencies and give them options to withdraw the money. There are also freelance clients who are offering the freelancers to pay them in Bitcoins for the completed job. Also, some websites, online casinos, or web-shops allow the clients to pay with cryptocurrencies, or choose to receive their prizes in Bitcoins or any other crypto coin they prefer.
We all know that vouchers are a popular gift, and when you don’t know what to bring as a present to someone, it’s always a nice idea to give them a gift card, so they can buy what they want. That leads us to the idea to send and receive cryptocurrencies as tips or gifts. But, is that practical? How can you, as a receiver, benefit from it? Will you have some additional requests when it comes to tax?
Here we are, to explain some things for you if you are in a situation like this.
Receiving the coins on your account
This action, by itself, it’s not taxable, and there are only some fees that are included in the transaction. After that, it’s on you to decide what will you do with it. For example, you can save them on your e-wallet, until the currency reaches the rate that you find appropriate to exchange. When you receive a present in a form of cryptocurrency, then you need to have a basic knowledge about how it works, and what needs to be done so you can sell or exchange it for fiat money.
Also, if you need to receive your present in money, and it’s taxable in your country, you can exchange it, or request the person who is giving it to you to convert into some cryptocurrency, so you can avoid huge taxes and losing most of the value for nothing.
Maybe it’s also important to know the initial value of the cryptocurrency you have, but it’s not that necessary, since at the moment you get it, it’s anyway more worth than you already have. For example, if you buy a Bitcoin when it’s at it lowest rates, and then give it to someone, it’s on them to decide if they will exchange at the same moment, or they will wait for it to reach even better values, and get more than you had before.
What if you want to give a gift like that?
To avoid any law issues, you need to be sure these transactions are legal in your and the receiver’s country. Following the everyday news on this topic is a must, no matter how unimportant it looks.
According to some sources, giving a Bitcoin, or any other crypto coin as a gift is one of the ways to pay the lowest crypto-taxes, or even to completely avoid them. This is another reason why you need to be informed and updated about everything that is happening on the market, so you can know how to plan your next step.
Knowing that Christmas is coming, and taking in mind the current situation with the pandemic, you may think that vouchers or cards are the best way to show someone you take care of them because probably we will need to avoid gatherings more than we expected before. Cryptocurrencies are now listed as a gift that pays off, and it’s on you to follow the market around Christmas, and see how things go. As we can see, there is a huge chance for Bitcoin to reach exceptional rates of $18,000 per coin. Another thing you must check is if the recipient really wants to have crypto coins as a present, no matter what was the reason.
Some people aren’t ready yet to own anything digital and you have to be respectful of that. That means, you will need to choose who you are giving it, because the people who know nothing about cryptocurrencies, won’t know what to do with it.
What to do after you received a crypto present?
You have a few options. You can exchange it immediately, and get the money that is equal to the current price rates. If you don’t like that idea, then you can save it, and someday, maybe you will want to trade on the market. You can even pass it to someone who is into trading and investing, or there is also an unpopular option, to give it back to the person who sent it and make a deal with them.
What if both sender and recipient are a part of the market?
You can both make a deal, to use the most optimal way to perform the transaction. For example, you can choose a trading platform, and complete the registration with the required information. Then, choose the email address to send the wished amount to the recipient. The good thing with cryptocurrencies is that you can even make a small fraction of one coin, and it still is worth enough money, to be considered as a gift.
Finding a trustworthy and legit crypto trading platform is not an easy task, because you must know what is online trading, and how these websites work. Most of them also have blogs, and clear instructions too, and you can easily adapt to the way they work, and start sending and receiving cryptocurrencies today. Once you create an account, you have to enter all the required data, sync the profile with your digital wallet, and follow the changes and fluctuations of the market, so you can be ready for trading. Giving crypto gifts or tips is also a form of trading, and that’s why you have to choose an appropriate platform and make all of that through it.
For more information check: https://immediate-edge.co.