In this day and age, strangely enough GIFs are one of the main ways we communicate and express our feelings on the web, and lets face it - we wouldn't have it any other way.
There's tons of YouTube to GIF makers out there on the web, they've been around for years, but the majority of them don't export with any sort of quality, or you end up with an ugly watermark across your GIF.
Luckily Giphy have just released their new YouTube to GIF tool and it's pretty much perfect. Just enter your YouTube link in the field, navigate to a starting point in the video, and choose how long the GIF should run for. You can also add a caption and position the text more-or-less wherever you want on top of the GIF.
Once the GIF is created Giphy will spit out your creation as a GIF and a higher-quality HTML5 animation, what more could you want.
Check out the GIF maker here.