Bitcoin gift of choice for tech savvy Indian couple
The newlyweds plan on selling the Bitcoin they have received to fund educational projects for underprivileged children
PHOTO: BBC
Prashant Sharma and Niti Shree requested guests at their wedding for a unique present- Bitcoin.
The pair live in Bangalore and are founders of a tech start-up company, with many of their friends also employed at technology companies.
"So we thought of merging technology with gifting for the future," said Sharma. "We explained it to our parents and they were very receptive."
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Four days before their December 9 wedding, India's central bank issued its latest warning highlighting the dangers of investing in Bitcoin- though this didn't affect the couple's wedding guests. Over 90 per cent gave Bitcoin as a wedding gift- worth a total of $1,559.
"The concept is good," said one relative who gifted them Bitcoin. "I am sure its acceptance will improve though many governments may not like it now."
"Prashant and Niti did not decide on Bitcoin as a gift in the last couple of weeks," said Ravi Shankar, another guest. "It was planned a couple of months ago." Sharma was not worried at the predictions that Bitcoin speculation was a bubble ready to burst.
"If you buy something to sell it later then you are creating a bubble. We bought Bitcoin because we wanted to see how this technology moves forward," he said. "Bitcoin is not the only thing that has potential. Blockchain technology is the real deal," he added.
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"The disruptive potential of blockchain technology is so huge that it just cannot be banned," Sharma said. However, experts share the concern of regulators such as central banks.
"Regulators find that there is not enough transparency in the ownership and management of cryptocurrency," said Pranjal Sharma, an economic analyst. "It is not that they are bull-headed or orthodox. Governments just want to be careful."
The newlyweds plan on selling the Bitcoin they have received to fund educational projects for underprivileged children.
This story first appeared on BBC