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Explained: Crypto gifts, how they work and why they are an ideal Diwali present

Explained: Crypto gifts, how they work and why they are an ideal Diwali present

Explained: Crypto gifts, how they work and why they are an ideal Diwali present
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By CNBCTV18.com Oct 21, 2022 4:31:04 PM IST (Updated)

In this article, we discuss the possible pros of crypto gifts and how you can go about gifting them to your near and dear ones this festive season.

Diwali is almost here, and if you’re someone who has not found the perfect gift despite all the mega sales in place — we might have something for you.

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Everyone you know, young or old, has undoubtedly heard of Bitcoin and the other cryptocurrencies by now. Even if they haven’t actively used or purchased cryptocurrency — they might know of its utility. In this article, we discuss the possible pros of crypto gifts and how you can go about gifting them to your near and dear ones this festive season.
Crypto gifts: The possibilities and how they work
The easiest option is to simply send someone a bunch of tokens. Just ask for the person’s public address and directly transfer the tokens to their wallet. If the person doesn’t have a wallet, you can help them create one — the education itself would be something special you’d remember for a long time (especially if the future is all about crypto). You could also load the crypto on a paper wallet and present the same in a celebratory envelope. It’s like giving someone a cash gift but with a modern twist.
If you want to gift someone an NFT, you can purchase one from OpenSea or any other NFT marketplace. If you want to create an NFT of your own, just choose a blockchain and get started. Whether it is Ethereum or Solana, or some other network, you should be able to find a guided tutorial to help you with the entire process.
You could also go for a crypto gift card. Nowadays, most noteworthy crypto exchanges, Indian and international, offer crypto gift cards. For instance, WazirX and Binance have Diwali Crypto Gift Cards that can be topped up and sent to your family and friends. While the WazirX gift card can only be preloaded with WRX (the platform’s native cryptocurrency), the one from Binance offers several crypto options.
You just have to select the amount of crypto you want to add to the card and then email it to your loved one. The person might have to sign up on the issuing platform to receive the coins, which is an advantage if the recipient is a first-time crypto user. After signing up, they can redeem the crypto for fiat currency, exchange it for other cryptos or hold on to it as a long-term investment.
The crypto gifting advantage
If you’re on the line about whether or not to give someone a crypto gift this season, the following advantages might help convince you.
A teachable moment
The biggest advantage of a crypto gift to someone unfamiliar with coins and tokens is that you’re their gateway into the digital asset realm. Gifting them crypto means they create a wallet of their own, learn how passwords work in the cryptoverse, how sending and receiving crypto assets works and more.
If it is a gift for your parents, it would be similar to getting their first social media accounts made. They will have something to talk about to their friends, know more than people their age and not be lost when you talk about crypto to them. More than anything else, it is another interest you can share with your parents — something you can converse with them about after long days of work at the family dinner table.
A gift that keeps on giving
With crypto, not only would the value of the asset increase with time, but they’ll also be able to stake them for more income (it doesn’t matter if the returns are tiny). Instead of a basket of dry fruits, why not give your loved ones a basket of various crypto tokens in the market? If the past is any indication of the future, one of the coins might lift off to the moon, in which case, you have every right to demand a treat in return.
The forever kind of gift
The blockchain is permanent. Anything that’s on it is also permanently bound on the ledger. If it is a gift for your special someone, you can create an NFT named after a memory the two of you share, perhaps your first photo together.
Then, even 100 years from now, if civilisation continues, you can look back at it and it will be there. These days, many people have their marriage certificates on the blockchain as NFTs, so you can surely think of something that you want to make permanent for the world to see.
Conclusion
We’re glad gifting is one of the many things that blockchain technology has revolutionised. We’re often so caught up and confused with what to give someone to show them how we feel. With the endless possibilities that crypto gifts bring, the task is much easier. Happy Diwali!
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