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Rather than gifting crypto to loved ones- educate them first

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Vandana Mrigwani Follow

INDIA

Jan, 11 2021

Jan, 11 2021

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Cryptocurrency may appear like a great holiday gift this year, but teaching is the key when determining how to give digital assets. 


The mainstream has taken a rising interest in cryptocurrency as the value of Bitcoin (BTC) continues to reach all-time highs. To put this interest into perception, researchers at the Cambridge Centre for Alternative Finance freshly found that 101 million people across the globe presently hold Bitcoin and other digital assets. The report shapes that in 2018, findings estimated the number of unique verified digital asset users to be about 35 million worldwide. 


With such development ongoing, it should not come as a wonder that crypto holders would get the impression of gifting cryptocurrency this holiday season. Social distancing necessities amid the pandemic have led to virtual holiday gatherings and digital gifts being sent across numerous geographies. 


Yet, while the notion of gifting cryptocurrency to friends and family may sound interesting, there are considerations to take into account before sending them to your loved ones — expressly newcomers. 


Education comes first 

Bill Zielke, chief marketing officer at Bitpay, a chief Bitcoin (BTC) payment service source, told Cointelegraph that transfer crypto person-to-person has constantly been prevalent, noting that the firm believes more consumers to do so this break given the bullish market. Though Bitcoin remains the crypto of option for purchases, XRP and Ether (ETH) have vividly increased in status, representing 8% and 7% of Bitpay transactions individually, he said. 


Conversely, when it comes to transferring cryptocurrency to new users, Zielke clarified that education is key, as there are several coins and numerous ways to store them. There are also inquiries like whether the wallet being used is open-source and noncustodial. Possibly more significantly, the person that has expected crypto should know what these terms mean. 


The saying, Not your sources, not your Bitcoin may come to attention here. While hardware and paper wallets are recognized for being more safe forms of Cryptocurrency storage.  


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Vandana Mrigwani

CBW - External Analyst

INDIA

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