Due to inflation, the value of fiat gifts keeps reducing over time. Give a loved one a $100 bill today, and in the next ten years, that paper may be worth less than $10. Fortunately, crypto veterans have devised an exciting way to give your loved ones gifts that can retain and even increase in value over a lifetime.
Table of Contents
The service is named after red envelopes (hóng bāo) used during the Chinese New Year gifting tradition. Hong₿ao lets you gift bitcoin (BTC) like cash during special occasions like weddings, birthdays, Christmas, and even business events. If you are tired of giving boring, traditional gifts to friends and family, Hong₿ao is the right platform for you.
This article explains how you can make your crypto gifts more exciting without spending so much or worrying about inflation.
What is Hong₿ao?
Hong₿ao is an open-source Bitcoin paper wallet generator. Although the company is primarily a bitcoin gifting platform, its services are not restricted to just giving people valuable presents. The founders created the platform for three reasons. With easy BTC gifting being the first, supporting Bitcoin miners, and fighting centralization follow suit.
The founding team says Hong₿ao enhances Bitcoin security by supporting miners with transaction fees. The company also opposes centralization due to the consistent accumulation of BTC by firms like the business intelligence entity Strategy. To do this, Hong₿ao is keen on putting satoshis in the hands of the people – the BTC gifting service is central to this goal.
Stéphane Bounmy, the creator of Hong₿ao, revealed that his grandmother’s Chinese New Year gifts inspired the company’s services. Bounmy complained that the content of the red envelopes he received has become worthless with time. To give his kids gifts that would retain value in the long term, he came up with Hong₿ao.
How Does Hong₿ao Work?
With Hong₿ao, you can create customized Bitcoin paper wallets that contain BTC to be gifted to people. The notes look like traditional fiat bills, but are made by artists and personalized with your face or that of loved ones. They can be created in any currency, ranging from the U.S. dollar to the Korean won, Indonesian rupiah, Chinese yuan, Russian rouble, and the euro. After printing, they are packaged in red envelopes and sent to recipients.
Gifters can choose to use existing paper wallets or generate new ones with the desired images. Opting to generate new bills on Hong₿ao comes with perks like free credits. Notably, this bill generation requires no fees or Know Your Customer (KYC) procedures.
The paper wallets contain keys that give access to your BTC, which is stored on the blockchain. The public key, represented as a QR code, enables users to check their balance or receive funds. The private key allows the movement of funds to other wallets. Gifters are advised against sharing the private keys with anyone other than the intended recipient to avoid losing funds.
To send a Bitcoin paper wallet gift to your loved one, follow these simple steps:
- Go to Hong₿ao and place an order for your desired number of red envelopes, according to the available packages. Each comes with a quote from a Bitcoin pioneer and the ₿ symbol engraved in gold.
- Generate the keys to a customized paper wallet or import your own.
- Send the crypto gift to the wallet using a credit card, wire transfer, or a blockchain transaction from your address.
- Cut out the left part of the paper wallet and fold it to create the gift.
- Slip the paper wallet into the Bitcoin red envelope to gift to your recipient.
It is worth mentioning that while the paper notes are easy to use, they are not recommended for long-term storage. This is because they can be lost, stolen, or damaged. Hence, recipients are advised to store the bills in secure locations or transfer their crypto to hardware wallets as soon as they receive the gifts.
Additionally, Hong₿ao says the maximum amount a donor can send is €100,000 (approximately $117,250) or €1,000 ($1,172) for instant transfer.
Key Features
- Offline mode: Hong₿ao generates all paper wallet keys using the Bitcoin JavaScript library.
- AI Design: Images on the paper wallet are generated using artificial intelligence (AI).
- Verify Balance: Recipients can verify their wallet balances and transfer funds using the scan button on the Hong₿ao homepage.
- Top-up: Donors can top up the wallets via public addresses, hardware wallets, or Hong₿ao’s partner Bitcoin exchange, Mt Pelerin.
A Look at the Team
Hong₿ao is led by a team of two: Bounmy and Salma Talbi. Bounmy has been involved in the crypto space for over a decade. Within this time, he has built four startups and even served as a Bitcoin miner in 2013. While Bounmy handles the dev part of the platform, Talbi multitasks to ensure the company runs smoothly.
The co-founders have been working together for years and intend to make people feel loved via Hong₿ao. Interestingly, they are collaborating with Bitcoin artists so that they can earn by sharing their work.
Final Thoughts
Is Hong₿ao worth your time? Definitely. With a few dollars, you can put lasting smiles on the faces of your loved ones. The best part is that you do not have to worry about your monetary gifts losing value, because BTC is a deflationary asset. Hong₿ao’s gifting concept, coupled with Bitcoin’s long-term potential, provides the perfect opportunity to give people a gift they will not discard.
xrp
usdt
