31 Jan '14, 11am

Buying Luck With Bitcoin This Lunar New Year

The annual tradition of gifting red envelopes loaded with cash on the Chinese New Year is getting a 21st Century makeover. While handing over physical banknotes or "lucky money" to friends and family has long been a tradition in Chinese culture, celebrants worldwide are increasingly using digital tools to exchange offerings--a signal that the white-hot industry will only getting hotter. Social messaging services, like WeChat, can be used to deposit funds directly into another's checking account. The application, which is powered by Chinese Internet giant Tencent Holdings, released a new feature last Sunday that allows its 600 million users to distribute monetary gifts to others. WeChat’s rival, Alibaba’s Alipay, offered a similar service last year. People are also starting to gift Bitcoin to celebrate the Spring Festival. ANX, a Hong Kong-based Bitcoin exchange, has given ...

Full article: http://www.inc.com/lydia-belanger/buying-luck-with-bitcoi...

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