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Giving a Returnable Cryptocurrency Gift [What If They Don't Want Bitcoin, Ether, etc?]

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A family member entrusts you to keep a backup copy of their cryptocurrency wallet seed. You gift them some bitcoin. Did you just give it to yourself? This is a great question that brings up some important points about gifting crypto to others. Watch this 2 min video to learn more.

This video is just one of the many questions aantonop answered in the Giving and Receiving Crypto as Gifts Livestream, which took place in November 2020. Watch the entire video here: https://aantonop.io/giftingcrypto. If you want to ask questions early (before the live event), become a Community Builder on Patreon: https://www.patreon.com/aantonop Patrons get early access to ask questions, view the latest bitcoin, ethereum, cryptocurrency, and open blockchains talks, behind-the-scenes content, and much more.

Many people want to give bitcoin, ether, and other cryptocurrencies as gifts. But for those of us who have done this, we know that too often the recipient loses their keys and our cryptocurrency gift is gone forever. Of course, they only let us know they've "misplaced" the gift when the prices soar, which makes it even worse! So, for those of you who are trustworthy, consider setting up a wallet for them, using a mnemonic and then keeping a copy of the mnemonic so that you can "take back" the gift if they don't want it. As suggested in the original question, if you have a copy of the mnemonic, then you can effectively be a 'backup" for the recipient. In the USA, it's common to give people gifts with gift receipts tucked into the box, so that if the person doesn't really want the gift they're not stuck with it. Keeping a copy of the mnemonic is one way of creating a returnable gift of cryptocurrency!

Related Videos:
How to Get People to Care About Security: https://youtu.be/Ji1lS9NMz1E
Key Storage Best Practices: https://youtu.be/A5I55aOgX2o

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Crypto 101

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