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I would like to give a hardware wallet as a birth gift. Do I need this every time I want to deposit coins or is there another way?

No, you don’t need the hardware wallet every time you want to make a deposit. All you need to do is set up the hardware wallet and generate an address for the corresponding cryptocurrency.

Cryptocurrency can now be regularly sent to this address in the desired cycle without the need for the hardware wallet. The address does not expire.

It is a very good idea to use a hardware wallet if you want to give cryptocurrencies as a birth gift. Only a hardware wallet can ensure the secure generation of private keys. This means that the coins remain safe for many years until the child grows up. The cryptocurrencies can then be sent using the hardware wallet or the recovery seed in order to exchange them for fiat currencies, for example.

Step-by-step cryptocurrency gift for birth

So how do you go about giving cryptocurrencies as a birth gift?

  1. The first thing on the agenda is to buy a suitable hardware wallet. The Trezor Safe 3 is a very good and inexpensive hardware wallet.
  2. Set up the hardware wallet and store the recovery seed and pin securely.
  3. Generate a public receiving address with the hardware wallet, for example for Bitcoin.
  4. Send the desired cryptocurrency to this address.
  5. Now you can, for example, write the public reception address on a card and give it to the parents for the baby’s birth. The hardware wallet with pin can also be transferred.
  6. Cryptocurrencies can now be sent to the public receiving address by any person at any time. The hardware wallet is only required again for withdrawals.

Note: The recovery seed should be stored securely, as anyone with this information can access the cryptocurrencies even without the hardware wallet.

Trezor Safe 3
Ledger Nano S Plus

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