New Delhi: The art of gifting your friends, family, and near and dear ones is undergoing a change. Apart from gifting food, clothes or other valuable items this festive season, crypto gift cards are rapidly gaining popularity, especially among crypto enthusiasts.
Nowadays most people prefer financial gifts over conventional physical gift items. The rise of digital currencies have made people aware of crypto coins and crypto gifts which act as wealth creation.
What Are Crypto Gift Cards?
Crypto Gift Cards are like retail gift cards. A person who is interested in buying crypto gift cards can visit a website that sells Bitcoin gift cards. First he has to buy Bitcoins of his choice and pay the amount. He will receive a gift card, which he can share with the person he is gifting. One thing should be kept in mind that the receiving party (for whom the gift has been purchased) should have a crypto wallet. Companies such as Coinbase, Binance, CashApp, and Robinhood allow their users to purchase gift cards.
How To Redeem Crypto Gift Card?
The basic requirement to redeem crypto gift cards is the receiver should first set up crypto exchange or digital wallets, if they don’t have one. There are two types of wallets: paper wallet and hardware wallet.
Paper Wallet
A paper wallet is a printed piece of paper that contains keys and QR codes for cryptocurrency transactions. These wallets are created on specialised websites. One can also use a paper wallet, which includes the public and private keys. Visit a website, generate a paper wallet, and send them out as gifts. Anyone can get the cryptocurrency bought by you by scanning the QR code. The recipient can use the QR code by scanning the piece of code provided for buying crypto.
Hardware Wallet
Hardware wallet is also known as offline wallet. Here the data can be stored in portable device such as USB stick. One can buy these wallets online from crypto exchanges. After buying Bitcoin, a person should note down the private key and other details required to authorise transaction. Hand over the device to the recipient. Using the key, the receiver can unlock and authorise the transaction and receive the gift.