GiveBitcoin, a safe and easy way to give Bitcoin, officially launched today at GiveBitcoin.io. The service allows customers to give Bitcoins to friends and family, timelocks those gifts for a period of time, and teaches recipients about the world of Bitcoin. The goal is to turn recipients into “real Bitcoiners” by the time their gift unlocks.
“Bitcoiners love to spread the word, but it can be challenging,” according to founder Cory Klippsten. “GiveBitcoin gives them an easy, safe way to bring friends and family into the fold. It’s the perfect gift for the holidays.” Fundstrat co-founder Thomas Lee, a GiveBitcoin investor, says, “GiveBitcoin is a brilliant idea, providing a way for someone to gift Bitcoin while also providing a pathway to educate the recipient over the course of the timelock.”
Traditionally, the typical onboarding process to get started with Bitcoin is complicated. With GiveBitcoin, on the other hand, it takes just a few minutes to start an account, there’s no need for a special wallet or technical knowhow, and anyone can purchase their gift using a credit card. Compared to current alternatives, it’s far and away the simplest path to give Bitcoin.
The Los Angeles-based startup was founded in 2019 by tech investor and entrepreneur Klippsten, who wanted to solve problems he experienced with the cryptocurrency. “I was given some Bitcoin at a tech conference in 2014, but didn’t understand how to use it or why it was important. I missed out on the opportunity to start learning about Bitcoin and I also lost the private key so my gift was lost forever. Only later did I realize the magnitude of my loss. On the plus side, I realized there was an opportunity there too. We started GiveBitcoin to dramatically increase the chance that someone will receive a Bitcoin gift safely and get a clear path to understanding it.”
A Team of Bitcoin Leaders
GiveBitcoin’s investors and advisors include many well known Bitcoin advocates, including: Dr. Saifedean Ammous, economist and author of The Bitcoin Standard; Matt Odell, co-host of podcast Tales from the Crypt; Yan Pritzker, author of Inventing Bitcoin; Stephan Livera, host of Stephan Livera Podcast; Meltem Demirors of CoinShares; Michael “The Bitcoin Rabbi” Caras, author of Bitcoin Money; Murad Mahmudov of Adaptive Capital, and the aforementioned Thomas Lee of Fundstrat.
These experienced Bitcoiners recognize the massive hole that GiveBitcoin fills. Pritzker says, “GiveBitcoin will create conscientious Bitcoiners who understand the value of the gift they receive. That, in turn, will help the Bitcoin ecosystem grow and flourish.”
Ammous says, “Anyone who has tried giving the gift of Bitcoin to a loved one knows that the cost of the gift is not only in its monetary value, but in the time needed to explain to the recipient how Bitcoin works, and why it is worth holding. GiveBitcoin offers high-quality educational material that frees your time while ensuring your recipient knows what they’re receiving and how to use it, allowing you to save more time and give more Bitcoin.”
Odell comments, “Navigating the nuances of securely using Bitcoin has historically been very difficult for new users. GiveBitcoin is designed to make it much easier with a comprehensive education package built into the flow of receiving your first Bitcoin.”
Trust and Education
GiveBitcoin handles all of the paperwork and works with Prime Trust, a regulated technology-driven trust company that provides financial infrastructure solutions, to ensure that all gifts are secure and 100% owned and controlled by the recipient.
The education GiveBitcoin provides is a key benefit. A 12-part guide helps recipients learn all about Bitcoin so they understand the intricacies of the money they’ve received. Pritzker says, “GiveBitcoin takes good care of the recipient and makes sure a giver doesn’t have to be their Bitcoin IT guy forever.” The fact that the gift is time-locked (the giver decides how long the gift is locked before the recipient can access it) gives the recipient time to learn about Bitcoin and make thoughtful decisions.
The GiveBitcoin team aims to have a major impact on global ownership and understanding of Bitcoin. According to Klippsten, the company’s goal is to create 21 million new Bitcoiners, which would be a hugely positive development for the original cryptocurrency. They also have ambitions to take a big slice of the $125B US corporate gifting and $400B global gift card markets by making Bitcoin “the cool gift of 2020,” according to Klippsten.