A Very Crypto Christmas

A chill in the air, shorter and darker days, fairy lights twinkling in the streets… it can only mean one thing – the Christmas period is upon us!

In the lead-up to the big day, the pavements are thick with tired shoppers struggling under heavy shopping bags, filing into stores that are full to bursting, and spending eternities waiting in till queues.

The whole process can make the prospect of Christmas unappealing to many. But Christmas is a time for traditions old and new, and there is something revolutionising the convention of gift-giving.

That something is Crypto

Decentralised gift cards, cross-border transactions, crypto vouchers, experiences, NFT artwork, and charitable donations. The opportunities for giving with crypto are endless – and so are the benefits.

Say goodbye to squeezing onto a crammed tube carriage and manoeuvring around huge shopping bags at your feet – the digital and decentralised nature of cryptocurrency means that buying gifts doesn’t require any physical shopping.

Decentralised gift cards, for example, can be bought for outlets such as JB Hi-Fi and even Airbnb, and asset tokenisation platforms ensure the easy transfer of gift cards as well as a minimised risk of loss.

Gift-giving using crypto is secure. Blockchains are a ledger maintained across a decentralised network of computers and designed to be immutable. This means that there is a reduced risk of fraud, the integrity of transactions is protected, and funds will reach the intended recipients while their privacy and anonymity are maintained.

The transfer of items is entirely transparent on the blockchain. Information regarding an item’s origin, ownership, uniqueness and lasting digital legacy is clearly documented. This is especially relevant in the context of charitable donations – donors can track them in real-time on the immutable ledger and ensure they reach those who truly need them this Christmas.

For those with family and friends in other parts of the world, crypto helps cross-border gift transactions. Whereas traditional banking often requires multiple intermediaries and can be a slow and time-consuming process, crypto enables fast global transactions without any currency exchange issues.

Crypto means that gifts are unique. Smart contracts, which are a key feature of most blockchains, could trigger the delivery of art, concert tickets or a holiday package once conditions have been met, so giving someone an experience is much easier.

What’s more – NFTs are unique digital assets / tokenised collectables on the Ethereum blockchain that enable the creation and exchange of personalised experiences. These gifts are one-of-a-kind, novel and sentimental digital items.

Gone are the days of giving everyone in your family a pair of socks! Crypto presents the opportunity to be truly personal (as well as avoid the unpleasant experience of the high street!)

Written by Emily Lockyer

Happy Holidays from the team at Durlston Partners – we wish you all the best for the New Year!

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