In an emergency situation like the current coronavirus pandemic, anything can turn into currency as the fiat system may experience cash shortages and devaluation. Cryptocurrency users have options to trade bitcoin beyond traditional money. A number of platforms will let you exchange retailers’ gift cards with digital coins or sell you just about any gift card for crypto.
Also read: If You Don’t Trust Yourself, These Crypto Vaults Will Help You Hodl Safely
How to Sell Gift Cards on P2P Exchanges
One of the exchanges that facilitate gift card-crypto trades is Paxful, a leading peer-to-peer (P2P) marketplace with global presence. It supports purchases and sales of BTC using a wide variety of payment methods. You can trade over a hundred gift cards for crypto through its website. Popular options include cards issued by well-known retailers such as Amazon, Ebay, Google Play, and Walmart. Domino’s, Uber, and T-Mobile refill cards as well as any Visa, Mastercard or Amex gift cards are also accepted.
If you have an Amazon gift card you don’t need but are looking to acquire cryptocurrency, Purse is an online platform that will help you get rid of the card and buy coins quite easily. It offers you to pay for someone’s orders on Amazon and earn BTC or BCH in exchange, while allowing the other side to spend some bitcoin. Once a shopper confirms the merchandise has arrived, you’ll receive the crypto from escrow. Purse can also convert points and credits earned from Mechanical Turk, Amazon Associates, Ebates, Swagbucks, and others.
Redeeem presents itself as a crypto exchange for discount gift cards. The platform operates on a P2P basis and you can buy and sell gift cards from 34 retail brands like Amazon, Ebay, Walmart, Home Depot, and Best Buy, using 32 cryptocurrencies including BTC, BCH, XRP, and ETH. Supporting the fight against the coronavirus pandemic, Redeeem recently introduced a 0% trading fee for all grocery store gift cards. The website claims the average discount that gift card buyers get is over 20%. In early March, the exchange launched a Telegram bot, @RedeeemBot, and now traders can sell gift cards in the popular messenger.
Another cryptocurrency exchange supporting peer-to-peer trading, Hong Kong-based Coincola, maintains a gift card trading section, where users can buy and sell BTC with cards and e-codes for numerous retailers and other platforms including Apple Store, Netflix, and Spotify. The page lets you choose the gift card you want to sell for bitcoin and filter the offers by fiat options. That latter feature allows cryptocurrency buyers to meet card sellers in their region and obtain the coins using gift cards denominated in local currency.
Getting a Crypto Offer for Your Gift Card
Some platforms are focusing on specific markets. Pamcoins, for instance, operates in Nigeria which has demonstrated heightened interest towards Bitcoin in the past year. The service helps users trade Amazon, Ebay, Steam, Google Play, and Apple gift cards for either Nigerian naira or BTC and ETH.
To do this, Nigerians have to contact Pamcoins on Whatsapp and specify the gift card they want to sell with its amount to get the current rate from an agent. After they upload the card, Pamcoins promises payment within minutes. Crypto Voucher works in a similar way, providing a global exchange platform for gift cards and cryptocurrencies. First you get an offer depending on the card and its balance. Once you provide the card and your personal details, the platform will email you a cryptocurrency voucher you can redeem for a choice of coins including BCH, BTC, ETH, and DASH.
Gift cards also provide an opportunity to spend your bitcoins with businesses that don’t accept cryptocurrencies directly. If you are looking to purchase cards for major retailers with BCH and BTC, you can check out Bitcoin.com Store’s Gift Cards section. The cards are sorted in multiple categories from Food, Clothing and Health, to Fuel & Auto and Sports & Outdoors. You can also send a gift card to a friend with a few clicks and a fast crypto transaction. The service is powered by Egifter, itself a platform providing cryptocurrency holders with access to hundreds of gift cards.
Bidali is another alternative for gift card buyers offering a rich selection of cards and dozens of supported cryptocurrencies, stablecoins and tokens. Gyft lets you choose between over 200 retailers and pay for gift cards with crypto. Wegift has more than 500 retailers’ gift cards for sale, while Bitrefill claims you can purchase gift cards or mobile refills for more than 1,650 businesses in 170 countries from its website using major cryptocurrencies.
What other options to trade gift cards with cryptocurrencies would you recommend? Tell us in the comments section below.
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images courtesy of Shutterstock, Purse, Crypto Voucher.
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