This year crypto is more than a buzzword! With over 18465 cryptocurrencies already making their movements in the market, investors are getting innovative with how they spend their crypto earnings!
With the summer breaks right around the corner, it’s time we understand the need to gift essentials to your loved ones. So forget about the festive scented candles, noise-canceling earphones, and toasting machines.
At the end of this blog, you’ll come across the different aspects of using cryptos in your everyday life and also get an idea of some unique gift items in the future. So let’s check it out!
Cryptocurrencies As Gifts?
Cryptocurrencies are digital currencies that operate on Blockchain technology. The simple mechanism behind cryptocurrencies is the elimination of the middlemen from the sphere. For instance, when you send money through the conventional mechanism, there will always be a middleman in between. This middleman is responsible for authorizing your transaction before the receiver can access the money.
This is where cryptos act as a monetary gift! Besides, users who aren’t much into using cryptos have the option to convert them into gift cards, making them a more efficient and cost-effective medium to send and receive money.
Are Businesses Ready To Accept Cryptocurrencies?
The answer to this question is more complex and nuanced than one might imagine. Many businesses are already accepting cryptocurrencies in exchange for their products and services.
On the other hand, some businesses still remain hesitant about dipping their toes into cryptocurrencies. Lastly, you can also find businesses that accept cryptocurrencies but not to the extent you would want them to. For instance, Microsoft accepts cryptocurrencies in exchange for its online virtual products and services.
On the bright side, today there are several platforms that allow you to buy gift cards using cryptocurrencies. These processors help you convert your cryptos into a legalized tender. You can use these gift cards to purchase products and services from a brand that caters to your preferences. This includes many prominent brands such as Apple, Walmart, and many more companies of similar stature.
5 Unique Gift Ideas With Cryptocurrencies
As more businesses are warming up to the idea of accepting cryptocurrencies, the last few years have witnessed a significant increase in the ways you can spend your cryptos. In the section below, we have walked you through the different ways of spending your cryptos and deriving optimum value from them in the process.
1. Buy A Crypto Investment
Cryptocurrencies are an excellent investment option as long as you know the market. Many people have made unimaginable fortunes with their crypto investments. However, this is not always as simple as it may sound because various factors influence the values of cryptocurrencies.
So it is always recommended you carry out your research and understand the nuances of cryptocurrencies. Once you have a clear idea, you can gift someone a crypto investment that can change their lives for good.
2. Online Purchases
As surprising as it may sound, many online businesses accept cryptocurrencies. Moreover, studies show that crypto surpasses prevalent online payment methods such as PayPal.
For instance, there is a platform called Overstock, an online marketplace. The platform has been accepting Bitcoins since 2014 and still going strong. This is just one of the many online platforms that accept cryptocurrencies enabling you to buy the gift of your choice with cryptos.
3. Gift Cards
Gift cards are evergreen and have held the ranks as one of the most convenient ways to gift something to anyone. These are especially useful when you are not sure of the receiver’s likes and dislikes.
Many prominent platforms, such as Coingate, make your gift-giving experience highly convenient and easy. You can also use cryptocurrencies to buy gift cards from giants like Walmart and Apple. This way, the receiver is free to choose a gift as per their liking, and you are free to select the mode of payment.
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Store Of Value
You are probably no stranger to headlines where some individuals made fortunes from crypto investments simply because of the rising value. Gifting cryptocurrencies to someone and using it as a store of value can yield significant returns in the future. While cryptocurrencies are known for their volatile nature, long-term investment in cryptocurrencies is always beneficial.
5. Crypto Debit Cards
Gifting someone a crypto debit card can be great. Why? Crypto debit cards allow you to spend your cryptocurrencies just as you would spend your fiat currencies. You can use these cards to pay for products and services, and the vendor will receive the amount in fiat currencies.
Final Thoughts
Cryptocurrencies are not going anywhere anytime soon. More and more people are now choosing cryptocurrencies for the perks that come with them. So even you must think about using cryptocurrencies for your everyday uses as well as gifts. This ensures you reap the promising benefits of digitization and technological advancements.