Gratitude for me has always been a lifestyle, especially showing it. I learned that it's key to leading a happier and healthier life. So here are my favourite ways of showing and receiving gratitude.
First on my list is by saying 'thank you ' with a smile on my face. As little as this may seem, I have seen it do wonders for me. Personally, I say thank you for the smallest act of kindness shown to me. I got this from my mother who would thank a customer for buying something from her provision store. Though intangible, a simple 'thank you' says a lot. It could be over a phone call and you could hear the enthusiasm in my voice, I even scream sometimes.
Another favorite way I show gratitude is by composing and sending a message (written note or text) over to the person or persons involved. This is especially done when distance is a barrier, or when I really need to express how they made me feel. On days when I have the resources, I send gift cards containing the message, and I ensure it's colourful.
Yea, I also give hugs, but this is sometimes selective because of the female gender (smiles). I've had to deal with explaining my innocent hugs on several occasions, as it is sometimes misunderstood by the female gender. So even when I feel like to show gratitude this way, I turn it down.

One new way I'm learning to show gratitude, is making out time to spend with people who I'm grateful to, and when I want to be a little extra, I appreciate them publicly, telling them how their action made me feel, and how grateful I am that they thought of me. I learnt this from a friend sometime last year during the pandemic, and it stuck with me ever since. So far, I've been enjoying doing this, and the last time I appreciated a friend publicly, the reaction was priceless.Depending on the benefit I receive, I give gifts. These gifts are in most cases, not monetary. In gifting, I go for what speaks to the person's heart, more like what they love or are interested in.
On receiving gratitude, I do not have many favourite ways. I wonder if it's just my perception, or there are several others who think so, but receiving gratitude does not always come easy, most especially when it is from an older acquaintance. This is largely attributed to the environment I grew up in. So I simply say 'welcome', and add a compliment when receiving gratitude. The compliment would look like "you deserve even more", or "you are simply amazing".