I have noticed that since the past few years, exchange platforms have become super user-friendly. Buying bitcoins these days is like online shopping, just get on a website, choose the amount, pay, and start trading.
I was wondering if buying crypto is really like online shopping, will I be able to buy bitcoin with a gift card? Everyone loves a good, ol’ gift card, where you have a fixed spend amount, so you don’t overindulge. They’re excellent for gifting and save you the hassle of accessing your preferred payment method.
The biggest advantage of buying a gift card is that you have the freedom to choose. Well, with bitcoins offering such attractive returns, I’ll choose to buy bitcoins with my gift cards any day.
Therefore, I researched more about the topic to learn whether I could really buy bitcoin with a gift card or convert gift cards to bitcoin to multiply my savings, and are gift cards a better option than bank transfer? I found some credible platfomrs that allow you to buy bitcoin with gift cards.
Let me guide you through.
Can you buy Bitcoin with a Gift Card?
Yes, yes, and yes. You can buy a bitcoin with a gift card, as simple as it gets. Think of all the possibilities now. Instead of shopping online or buying stuff, you’re actually investing it in crypto. The amount which you intended to spend may now offer you excellent returns.
Have unwanted gift cards lying around? Trade it for crypto and watch your money grow.
Now the next question that comes to mind is how I can trade gift cards? Let’s delve deeper.
Top 3 Ways to Buy Bitcoin with Gift Cards
While any peer-to-peer marketplace (P2P) or a P2P exchange platform can help you buy Bitcoins, I wanted reliability, ease of transactions, and trading options. The first thing you want to do while buying bitcoins from a platform is to avoid any risks.
I can buy bitcoin instantly from any local store, but it really boils down to how safe and user-friendly is the online marketplace. After considering all these factors and browsing through several websites, I have compiled this list to help ease the process for buyers.
Here’s a list of my findings- the best ways to get bitcoin directly using a gift card.
1. Purse.io
Purse.io allows you to use any amount from your Amazon gift cards. For example, if I had $100 on my Amazon gift card, I could buy Bitcoin worth $32.98 and spend the rest of the amount as I wish. How exactly does Purse.io achieve this? It’s their unique trading mechanism.
Here’s how it works- You purchase gift cards, help a shopper to buy items on Amazon, and you’ll receive Bitcoin in return. Please note that Purse.io only works with Amazon gift cards.
Let’s understand you can exchange your Amazon gift cards on Purse.io.
Step 1: Create your free account on the Purse platform. Click ‘Earn’ on the top menu bar to find the list of sellers offering BTC.
Step 2: Use filters to narrow down your search. You can use the ‘Filter by Country’ and ‘Filter by Amount’ options to select a buyer close to you. Again, don’t forget to check the seller’s credibility, rate, reviews, etc.
Step 3: Once you select an offer, Purse.io will give you the list of items you need to purchase on Amazon and the amount of Bitcoin you’ll receive in return. Click ‘Accept Offer’ and proceed.
Step 4: Use your Amazon gift card to purchase items from the Amazon shopping site. If you like the terms and the deals, you must click ‘Purchase items’ and complete the offer within one hour.
Step 5: After you add all the items to your cart and complete the order with your Amazon credit, you must copy and paste your Amazon ID to Purse.
Step 6: Lastly, you must upload the tracking information. When the shopper confirms that they have received the order, Purse.io will release the bitcoins from the escrow to your account.
3. CoinCola
CoinCola is a Hong Kong-based peer-to-peer exchange platform that offers a hassle-free ‘gift card trade’ option where you can view all offers at once. You can buy crypto with gift cards, cash cards, and e-codes from various retailers like Google Play, Apple Store, Netflix, Amazon, Steam, Spotify, and more.
Let’s look at how the platform works.
Step 1: Create an account on CoinCola. You’ll have to complete a document verification that’ll get you verified on the platform.
Step 2: Select the ‘Gift card trade’ option on the homepage. On the gift card trade page, you can choose to sell BTC or buy BTC with gift cards. Use the other filters such as ‘Currencies’ and ‘Gift Cards’ to narrow the search results. You can also filter the results using the labels option, where you can choose from physical receipts, e-codes, cash only, etc.
Step 3: From the search results, select a deal using the ‘Buy BTC’ option. The platform will redirect you to the page where you can calculate the number of BTC you’ll receive, the exchange rates, and the sell limit.
Step 4: Click on the ‘Buy Now’ option to proceed. Read the terms and agreement of the deal. If you’re satisfied with the offer, you can create the order by entering the ‘Amount’ and clicking on the ‘Buy Now’. Please ensure that you have the specified amount in your gift card, or else your deal will remain stuck in escrow.
Step 5: CoinCola gives you 30 minutes to complete the payment. Once you create the order, you can talk with the vendor through the chat window. You must send your gift card picture and receipt in the chat and tap the ‘I have paid’ option. After the vendor verifies your card, they will release the Bitcoin to your CoinCola wallet.
If you do not receive the Bitcoins, you can raise a dispute, and CoinCola will hold the transaction on the platform. You can also use the fiat options to meet card sellers in your region and obtain the coins using gift cards in local currency denominations.
Ways to Buy Bitcoin with Gift Cards- Honorable Mentions
In the process of selecting the best ways to convert gift cards to BTC, I also got to use several other upcoming platforms that deserve honourable mentions. Let’s look at a few of these:
Redeeem
Redeeem was in the news recently as the NASDAQ-listed Troika Media Group acquired the platform. I loved the platform for its versatility. Even though Redeeem works on a peer-to-peer basis, it allows you to buy and sell gift cards from more than 34 brands like Amazon, Google Play, eBay, and more.
Besides Bitcoin, you can also buy Bitcoin Cash, Ethereum, XRP, and a range of other popular cryptocurrencies. The most exciting feature of the platform that I found was its Telegram bot @Redeeembot, where traders can use their Amazon and Google play gift cards to trade gift cards on the popular messenger.
Pamcoins
Although Pamcoins operates in Nigeria, it offers a unique business model that other peer-to-peer platforms can follow. You simply need to text Pamcoins on Whatsapp and specify the gift card you want to sell. Several agents on the platform provide you a rate for Amazon, Google Play, and iTunes gift cards.
You can then select an agent and upload your card. Once Pamcoins verifies your card, they promise payment within a few minutes. Buyers can choose their payment method from BTC, ETH, or Nigerian Niara.
Crypto Voucher
Crypto Voucher is one of the most comprehensive global exchange platforms for gift cards and cryptocurrencies. You can upload your personal details, gift card and balance, and the platform will email you cryptocurrency tokens which you can redeem for BTC, BCH, ETH, and other coins depending on your choice.