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With the Chinese New Year almost upon us, now is an excellent time to spread the word about Bitcoin. Using the red envelope tradition, this is a perfect day to educate the Chinese people all over the world on what Bitcoin is and how it works. One Reddit user has taken up the idea of printed specific Bitcoin-themed red envelopes, all of which contain US$1 in BTC. An intriguing concept, to say the least.
Bitcoin Red Envelopes Can Make An Impact
The concept of using paper Bitcoin wallets is anything but new. Most of these wallets come with custom themes and designs, allowing people to use this powerful tool to give the gift of Bitcoin whenever the need arises. In some cases, paper wallets can also be used for educational purposes, particularly during special events.
The Chinese New Year, for example, is a century-old tradition in this regard. Chinese residents exchange red envelopes which contain money. Due to the growing digitization of financial services, digital red envelopes have become far more common these days. In a way, this presents an excellent scenario to promote the usage of cryptocurrency in general. Look at it as a mini-Bitcoin airdrop, if you will.
One Reddit user printed a few dozen of these Bitcoin-themed red envelopes for his co-workers. Quite an intriguing plan, as the red envelopes act as a functional paper wallet at the same time. All cards are loaded with a balance of US$1 worth of BTC. The bigger question is whether or not these co-workers will appreciate the gesture, or throw the wallets away after a while.
At the same time, it would be in the best interest of the recipients to hold on to this Bitcoin red envelope for quite some time. With the value going up nearly every year, there is no reason to “spend” it all right now.It is a nice gesture, after all, and events like these should be embraced to promote the viability of Bitcoin as a currency and asset.
The only downside to loading up these Bitcoin red envelopes with a US$1 balance is how a portion of the money will get lost in transaction fees. It is certainly possible to transfer the funds without paying a fee, yet those transfers can take days or even weeks to confirm. Roughly 10% of the entire transaction will be spent as a fee to get quick confirmations right now, which is a shame. Nevertheless, it is a great effort.
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