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A gift card is a great gift because not only is it personalized, but also it gives people the option of spending money the way they want to. For those individuals with a plethora of new or unused gift cards lying around here are some of the more popular brands which one can exchange for new Bitcoin:. Among the rest, iTunes gift cards, Amazon gift cards, Google Play gift cards, eBay gift cards, Walmart gift cards, Target gift cards, Starbucks gift cards, and VISA gift cards are the most popular gift cards used for buying bitcoin.
On Paxful , you have a near limitless selection of gift cards you can buy or sell for bitcoin. With LocalBitcoins, your gift card options are more limited. CardCash carries gift cards for more than retailers. On eGifter , you can purchase over different gift cards using a plethora of payment methods including bitcoin.
There are two types of exchanges: the peer-to-peer and normal. On normal exchanges, you use an order book to match buy and sell orders between people. Normal exchanges are the most commonly used method of exchanging your local currency into bitcoin usually with a bank account or debit card.
An example of a normal exchange is Coinbase probably the biggest and arguably most well-known exchange in the world. Compared to the privacy and anonymity that normal exchanges may have, peer-to-peer exchanges require a bit more interaction between buyers and sellers. The information that you might have to exchange can be a bitcoin wallet address, forum usernames, location, IP addresses, and can even involve a face-to-face meeting.
Peer-to-peer exchanges are kind of like your local marketplace. It would be very troublesome for you to hope to randomly stumble across that person on a normal exchange because the chances of that happening are meager. Instead of that method, you can initiate a peer-to-peer transaction with that person, and it should make your purchase A LOT easier. While Coinbase may be one of the biggest normal exchanges in the world, its counterparts, Paxful and LocalBitcoins , are the biggest peer-to-peer platforms in the world.
No type of exchange is better than the other, but the preference of the user is what matters the most when it comes to choosing the type of exchange. In this case: buying bitcoins with gift cards, peer-to-peer platforms are the ONLY way to go.
The first step to buying bitcoins with gift cards is making an account on either Paxful or Localbitcoins. Creating an account on either of these is extremely easy. Paxful is a person-to-person marketplace that supports over payment methods.
Paxful, over recent years, has grown to be one of the biggest platforms in the world and they continue to grow. This can be attributed to the attention to detail they have in regards to user experience.
Paxful offers over payment methods , allowing its users to buy and sell bitcoin easily. As with any other peer-to-peer platform, Paxful struggles with filtering the scammers out of their platform.
They pride themselves on having every payment method imaginable and providing anonymous options for people who want to keep to themselves. When everything in your trade goes smoothly or you are dealing with an honest and decent trade partner , Localbitcoins is a fast way to buy bitcoin. Localbitcoins, like Paxful, is also susceptible to scammers as all peer-to-peer platforms are. In our opinion, Paxful is the way to go if you want to trade gift cards for bitcoins.
The difference between the two peer-to-peer platforms is that Paxful has a better customer support system. That is the key factor that Paxful has over Localbitcoins. With Localbitcoins on the other hand, people including myself have complained about both a laggy site and an unhelpful customer support team.
Some people may have different opinions, but whoever is reading this should know that the key to choosing a platform is a preference. Choose whatever makes you feel more comfortable. There are two parts to choosing the best offer: 1 being able to filter the scammers out and 2 selecting the best deals concerning pricing. The trick to minimizing risks depends on the platform you decide to trade on.
The risks are something that every trader should be aware of. These risks include the code being ripped from your gift card and sellers being unresponsive. Each platform has different tips and tricks when it comes to minimizing these risks. They knocked down records left, right and center and soon, they effectively became the one currency everyone wanted to invest in. The investment sector boomed like anything post the crazy popularity hike of the Bitcoin, and the financial sector went through some major changes.
Several leading corporations and their leaders went on record saying that the Bitcoin was going to play a huge role in the future and that sooner or later, it would be the one central currency of the world. These were big words coming from big men. But since they were in context of the Bitcoin, nobody questioned them. The unprecedented popularity of the Bitcoin continues to this day and is in fact responsible for the big push currently experienced by the cryptocurrency industry.
However, only recently have they received the kind of fame they deserve, and they owe it all to the Bitcoin. But for something that was explicitly created to make our lives easier, it sure can get pretty tricky to purchase Bitcoins.
Here in this article, we aim to explore one of the lesser known methods of buying Bitcoins, that is, through gift cards. We first give you a little introduction on the matter, then go on to explain why buying Bitcoins with gift cards is great. Subsequently, we list the procedure you can use to buy Bitcoins using your gift cards, and finally list out the various services or platforms which will allow you to do that, along with the respective pros and cons for each.
There is actually a lot to cover, so let us simply dive in. Bitcoin gift card is sort of a blanket term. It covers exchanging your gift cards for Bitcoins, and vice versa as well. In this article, we will focus only on the former that is, exchanging gift cards for Bitcoins. However, just so you know, it is, in fact, possible for you to buy your favorite gift card, be it for Amazon or Coffee Shop, by exchanging them for Bitcoins.
Bitcoin gift card can actually prove to be the ultimate solution for a lot of worried users. For anyone who is finding buying Bitcoins from these exchanges a hassle, can always opt for this neat little method and have instant access to Bitcoins. The constant influx of regulations by the United States government, coupled with the lack of feasible and convenient international buying options have only worsened the situation.
But with the gift card method, you simply bypass all these restrictions and get direct access to your coins. And all you have to lose is a few of your gift cards. You can, for example, buy Bitcoin with Walmart gift card. The great part is that gift cards from almost all retailers work for the exchange. In fact, even Master Card or Visa gift cards will work just as well and allow you to easily buy Bitcoins.
If you are going to buy Bitcoin using Visa gift card , or any other gift card you desire, the first step, pretty obviously, is to first obtain these gift cards. You can buy them any of the many retailers that sell them. To initiate a transaction, in most cases, the first thing a seller asks for is an image of the back of the card which clearly lists the actual gift card code. They will also be requiring the receipt of the gift card which you must have received at the time of the purchase.
Interestingly, some sellers may even accept e-codes or simply voucher codes that you get online, so you can possibly use them too. Now we will talk about the exchange services or platforms which will actually allow you to make such a transaction. For your convenience, we went ahead and scanned the internet for cryptocurrency platforms and exchange services, and started focusing on those which allowed for gift card exchange for Bitcoins.
There were LocalBitcoins and Paxful. So the next step in this procedure is to obviously create an account on either of these websites. Be sure to read up a little on both of these, so you may choose for yourself the one that suits you best. Now the registration process in itself on both of these websites is pretty simple and takes up very little of your time. Now for you to start the trade, you need to conduct a search on the website you have chosen for sellers that actually accept gift cards.
Once you do that, you will be shown a list of sellers, and you have to choose one from among them. Be sure to read up on their trade offered, and the price they are willing to take so that you may make an informed decision on the best seller for your needs. Once you have found your perfect seller, you need to click to start a trade. That way, you will know that it is safe to give your gift card information to the seller. Similarly, in case you have in possession an e-code for a gift card, all you have to do is look for a seller who accepts such an e-code, and then follow all the above instructions to make your payment.
Now what is left is for you to conduct the transaction. As soon as the seller receives the gift card information and checks for its validity, they will immediately release the coins from the escrow. Once they do, the coins will be credited to your personal account. They will available either in your wallet if you chose to link one, or whatever website you had chosen to carry out the transaction on.
And that is it, you are all done and you now have access to your own Bitcoins, all in exchange for a gift card. The one thing you should ideally do before you exit is to leave some kind of feedback on the seller on the website so that future buyers may benefit from your experience, irrespective of whether it has been a positive or a negative one. You can then finally visit your wallet in order to check your new balance of Bitcoins which will certainly be updated after your latest transaction.
And even better is the fact that the complete transaction was completed in less than a day and did not take up a couple days or so as is usually the case with some credit card transactions. There are some decisions that the buyers need to take for themselves as it is practically not possible for the website to carry out background checks on each and every seller that registers on their platform.
Not every seller may be equally respectable or worthy to place your trust on, and this distinction must be made by the buyer himself. In order to keep yourself safe and potentially free from all kinds of fraud, here are a few tidbits you may follow, which could, in the long run, prove to be pretty handy in case someone tries to cheat you. Make sure to take screenshots of your transaction and purchase process at various steps so that you have a saved record of how and when the transaction was taking place.
Every detail that you submit to the website could prove to be critical and important. To keep yourself safe, keep a good record of whatever information you have submitted to the website, and make sure to protect your personal details as much as you can. Until it is absolutely necessary, do not give away your information. Remember that the very last thing you could want is for you to simply lose your money.