Do you know that with gift cards, you can buy bitcoin? Buying bitcoin has never been so easy. But the huge demand for bitcoin and other digital currencies, however, has led to several payment options made available. Today there are different ways of buying bitcoin or any other cryptocurrency. And using gift cards from online retailers is one of them.
Gift cards can be described as a prepaid voucher. As the term suggests, they contain gifts (most times a specific amount of money) redeemable or use for purchases online. There are different gift cards and they always come with an initial loading amount. Notable examples include iTunes gift cards, Amazon gift cards, Google Play gift cards, etc.
In this article, we provide a step-by-step tutorial on how to buy bitcoin or any other coin using your gift card. There are a few better bitcoin or crypto exchanges to look at if you want to use a gift card to buy bitcoin.
Where to buy bitcoin with gift cards
Bitcoin or crypto peer-to-peer exchanges are a popular marketplace where you can trade your gift card for bitcoin. They connect both buyers and sellers together, and charge for escrow fees. While there are many P2P exchanges that support converting gift cards to bitcoin, the major ones include
- PaxFul – https://paxful.com/
- LocalCryptos – https://localcryptos.com/
- LocalBitcoins – https://localbitcoins.com/
These three platforms are probably the most popular peer-to-peer exchange in the crypto marketplace, and they have grown to become a favourite choice amongst users. The platforms are easy to navigate, they also have a high volume and a lot of buyers and sellers across the world.
These platforms require you to create an account first. Both PaxFul, LocalCryptos, and LocalBitcoins require you to provide a username, email, password. Then they will ask you to verify your email before completing the registration.
Afterward, you will be requested to prove ownership of the details used by uploading a valid government identity card for verification. It’s important that you get your account verified to avoid scammers and attract buyers and sellers. PaxFul, for instance, will require that you complete the ID verification before you can place an offer.
How to trade your gift cards for bitcoin
- Choose any of the P2P platforms listed above and create an account. Complete the registration and get verified.
- Take a quality screenshot of the gift card front and back using your smartphone camera or any other device with a good resolution.
- There two ways you can use to buy bitcoin with gift cards. First, you can buy from the offers listed on the homepage (that is, traders selling their bitcoins for gift cards). Second, you can create a ‘sell offer’, for your gift cards and accept bitcoin as your payment method.
- If you are buying from the available offers, click on the one you want, and proceed with payment. Ensure you double-check the verification status of the trader and look out for reviews from previous buyers.
- If you decide to create your own offer, go to the ‘buy bitcoin section’ on your preferred platform and select your payment method as gifts card.
- On the bitcoin buy tab, where you have already selected gift cards as your payment option, they will ask you to fill in the necessary details, and as well request you upload the card.
- Once you are done, your offer will be placed on the market. Potential buyers will see your offer and then you can negotiate the conversion rate with them.