How to Buy Bitcoin with Gift Cards in 2020 – Simplified Guide
Bitcoin is no doubt the most used cryptocurrency today. However, acquiring it could prove quite a hustle especially for someone without cash or an account on any of the cryptocurrency exchanges. Nonetheless, that does not mean you still can’t acquire Bitcoins.
Because you can buy Bitcoins by exchanging your gift card for Bitcoins.
There are currently many different gift card sellers including Amazon, Booking.com, eBay, Airbnb, Uber, McDonald’s, Nike, PayPal, Skype, Steam, and Walmart among many others.
To get started purchasing Bitcoins using gift cards, you will need to find a proper platform where you can exchange the gift card for Bitcoin securely. And in order to sell your card, the platform will require an image of the back of your gift card since it shows the code of your card. The platform may also require a photo of the receipt that you were given after purchasing your gift card.
In case you purchased your gift card online, some platforms actually do accept voucher codes or the e-codes that were sent to your email. And several platforms offer these services, however, you will have to do due diligence to know which is the best one for you.
But since today there are so many different gift cards crypto exchanges, it could actually end up being a bit off a struggle to figure which platform to use.
That being said, below we’ve gathered a list of the best marketplaces where you can buy and sell Bitcoins and other cryptocurrencies using many different Gift cards:
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1. Paxful
Paxful is one of the world’s largest peer-to-peer platform where sellers and buyers meet to exchange cryptocurrencies like Bitcoin. The platform allows the use of over 300 payment options including over 120 different gift cards.
If you have some unwanted gift cards, you can easily use them to purchase Bitcoins from another person selling Bitcoins and accepting Gift cards as a method of payment. Trades involving the purchase of bitcoins with gift cards are settled instantly.
When you buying Bitcoins on the platform, the site does not charge you anything and the only fee that you pay is the mining fee for the blockchain network. However, when you are selling on the platform, you will need to pay a 1-3% fee on top of the blockchain network mining fee.
To get started with Paxful, you will create an account on the website using your email address, you can then find a reputable Bitcoin seller by browsing the available offers. Note that it depends on the sellers whether you can use cards purchased online and whether you are required to process ID verification for purchases made with Gift cards.
2. Redeeem
Redeeem is a Peer-to-Peer crypto exchange platform focused specifically on gift card trading. The platform allows users to buy and sell gift cards with over 32 cryptocurrencies including Bitcoin, Ethereum, Monero, and many others.
And with over 30+ retail brands, which include Walmart, Amazon, Home Depot, eBay, and Best Buy among others it has certainly a lot of options.
For those wanting to buy gift cards with Bitcoin, the platform offers a discounts of over 20%.
Interestingly, users can also buy Bitcoins by selling gift cards through telegram through the @RedeeemBot.
And unlike many other platforms that charge high conversion fees, Redeeem users enjoy 0% commission fees on all gift card trading.
Redeeem also does not require KYC documents for trading, therefore it’s perfect to get started for those looking security through the anonymous means.
3. LocalCoinSwap
LocalCoinSwap is a Hong Kong-based peer-to-peer cryptocurrency exchange platform where users can sell and buy Bitcoin and a couple of other cryptocurrencies.
Currently, the platform allows the use of over 250 payment options, most of them being gift cards from different retailers.
LocalCoinSwap does charge a 1 % fee on offers that end up being successfully completed trades. And on top of that traders are required to pay the usual mining fee, which of course depends on the Bitcoin blockchain network.
But because LocalCoinSwap is strongly against requiring any type of KYC documents, registering an account is a fairly simple and easy process, as you only need an email address to start selling and buying on the platform.
4. CoinCola
CoinCola is a cryptocurrency exchange based in Hong Kong that supports peer-to-peer trading. It has a separate gift card trading section where traders can sell and buy Bitcoins for gift cards.
The platform has over 30+ gift cards to choose from, and besides gift cards trading the platform also has support for spot and margin trading, with a variety of cryptos, including Bitcoin, Ethereum, and Litecoin.
Similar to other platforms, it depends on the buyers and sellers, whether the use of cards that are purchased online is allowed. Coincola also chargers an additional 0.7% fee for sellers.
To get started with Coincola, you are required to process with KYC documents, but other than that it is still a perfect place to buy Bitcoins using gift cards.
Conclusion
If you have unwanted gift cards that are just sitting in your wallet, what could possibly be a wiser investment then purchasing some Bitcoins with them?
Not only can you bypass government regulations, and access the world of digital goods with Bitcoins, but you may also increase your buying power, as the government money printing continues. Therefore it is actually quite a smart investment as well.
That being said, these are our most recommended choices when it comes to purchasing Bitcoin using gift cards. Note that as you are selling gift cards for Bitcoin, it’s also possible to buy gift cards with Bitcoin, which is by the way a slightly easier process.
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