Crypto Gift Cards | How to use, where to buy: everything you need to know

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New Delhi: The art of gifting to your friends, family and loved ones is changing. In addition to offering food, clothing, or other valuables this holiday season, crypto gift cards are rapidly gaining popularity, especially among crypto enthusiasts.

Nowadays, most people prefer financial gifts to conventional physical gifts. The rise of digital currencies has raised awareness about cryptocurrencies and crypto giveaways that create wealth.

What are crypto gift cards?

Crypto gift cards are like retail gift cards. A person interested in purchasing crypto gift cards can visit a website that sells Bitcoin gift cards. He must first buy Bitcoins of his choice and pay the amount. He will receive a gift card, which he can share with the person he is offering. One thing should be kept in mind that the receiving party (for whom the gift was purchased) must have a crypto wallet. Companies such as Coinbase, Binance, CashApp, and Robinhood allow their users to purchase gift cards.

How to use a Crypto gift card?

The basic requirement for redeeming crypto gift cards is that the recipient must first set up a crypto exchange or digital wallets, if they do not 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 portfolios are created on specialized websites. You can also use a paper wallet, which includes public and private keys. Visit a website, generate a paper wallet, and send them as gifts. Anyone can get the cryptocurrency you bought by scanning the QR code. The recipient can use the QR code by scanning the piece of code provided for the purchase of crypto.

Hardware portfolio

The hardware wallet is also known as the offline wallet. Here, the data can be stored on a portable device such as a USB stick. One can buy these wallets online from crypto exchanges. After purchasing Bitcoin, a person should write down the private key and other details needed to authorize the transaction. Return the device to the recipient. Using the key, the recipient can unlock and authorize the transaction and receive the gift.

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