With Bitcoin taking off more and more in the last few years, you probably won’t be shocked to hear how easy it is to purchase cryptocurrency using gift cards.
In fact, it’s just as easy to purchase gift cards using Bitcoin too. The modern digital world offers a variety of different marketplaces that are optimized just for this purpose.
Gift Cards Explained
Strangely, gift cards have been on the rise for a number of years. Indeed, you can probably walk into a shop and browse a selection of gift cards. In recent years, we’ve seen more e-gift cards being sold, especially during the coronavirus pandemic.
There are lots of benefits to them, as there are so many you can get universal gift cards such as Amazon, offering the chance to buy many different things.
Nowadays, most people are perfectly happy to receive a gift card, and it’s very possible you’ve still got one lying around somewhere from last Christmas. So, consider turning it into Bitcoin with an easy trade.
Using An Exchange Site
When it comes to purchasing Bitcoin, there are two ways to do so. You can use a normal exchange site or a peer-to-peer site.
With a normal exchange, you use an order book to buy and sell, but neither the buyer nor the seller has any idea who the other is. There’s fundamentally a lot more privacy and obscurity with this method.
This is the most common way to trade currency into Bitcoin, usually with a debit transfer or general bank transfer. You can’t buy Bitcoin using gift cards and vice versa on regular crypto exchanges.
Peer-to-peer exchange, on the other hand, is a much more personal affair. Often, they are likened to a local marketplace as sometimes, face-to-face meetings may also be required.
There could be a range of information that would have to be exchanged, such as locations, usernames, IP addresses, or wallet details. There is much more of a personal connection here and indeed a community of crypto enthusiasts.
One such highly positively reviewed site to purchase is Paxful. They offer a variety of cryptocurrencies, including Bitcoin, Tether, and Ethereum. They have one of the best Bitcoin wallets that is available with 0% commission fees.
Using their optimized site, you can browse payment methods and countries. Here, they will allow you to purchase Bitcoin with gift cards, even letting you fine search for a specific one. The most popular gift cards traded are Amazon, Google Play, Apple Store, and PlayStation Network gift cards.
Finding The Right Seller And Offer
With any marketplace and transaction, you’ve got to be aware of people trying to rip you off, and people offering fair deals. Scammers will always exist in society, there’s no getting around that.
Sadly, cryptocurrency is no exception to this rule, there are ways to spot a scam, however. You should, firstly, always check the reputation and reviews of any seller. You’ll be able to tell if the reviews are legit or not and usually these are regulated.
When it comes to offers, bear in mind that sellers and buyers are usually looking out for themselves, so don’t be too offended by prices, there will always be someone else out there trying to undercut to get the sale themselves.