Many people that do not know what to give their friends or family choose gift cards. Actually, this is a good and prudent decision, because gift card owner can buy whatever they want for this money, so the present certainly will be valuable. The problem is that people often want to buy something in another shop, not in the one they have a gift card for. Hence, the gift card becomes useless. In this case, to save money, the card should be sold or exchanged for Bitcoins.
Benefits of exchanging the gift card for cryptocurrency
The benefit of converting gift cards for Bitcoins is that this is a kind of investment. If a gift card is just kept in your wallet, you will not get any profit from this. At the same time, if you exchange it for Bitcoins, you will get a digital currency that tends to increase its course. Hence, after a while, Bitcoins may be quite more valuable than the cardwas. The money will not go down the drain.
There are many services that allow exchanging gift cards for Bitcoins. It is important to note that any card is a less liquid asset then cryptocurrency. Hence, it is no wonder that after exchanging the amount of cryptocurrency you will get less than the value of the card.
There are four ways to exchange useless gift cards for cryptocurrency safe and profitably.
LocalBitcoins is one of the most popular markets for buying and selling Bitcoins. It provides an easy way to find a buyer who will consider exchanging on mutually beneficial terms, so it is easy to buy Bitcoins with a gift card. It is kind of stock exchange, but unlike classic exchanges, LocalBitcoins has some features:
1. P2P deals. This means that users exchange the assets with each other, without any intermediaries.
2. Exchanging different assets. This is a key-point because different assets mean currencies of different countries, physical money and gift cards as well.
It is no wonder that the most valuable cards are issued by popular internet-shops and online-services. Best-selling gift cards usually belong to such companies as:
However, LocalBitcoins does not have any restrictions. You can try to sell any of your gift cards, even if it were issued by an unpopular store.
It is difficult to say how much money you will get for the card. The price usually goes down, on average about 50 percent on this service. However, it is still better than just keeping a useless card in a wallet.
Purse – is a less popular but also quite helpful service, which is specialized on Amazon cards. The main point of Purse is that it provides finding a buyer that will send you Bitcoins in exchange for a needed product from Amazon. In practice it works quite easily:
- The user makes a request for a needed product from Amazon
- You pay for this product by your gift card and confirm shipping to his address
- In return, you get an equal amount of Bitcoins
Purse provides a service to avoid scammers in such deals. It can ensure that buyers will get their stuff and gift card sellers will get the cryptocurrency. Actually, Purse ensures an escrow service in transactions.
There is another way to sell a gift card. You can sell it directly to Purse Company. It is less beneficial if we are talking about money, but the deal executes instantly, so you get money quite faster.
Cointal is a relatively new service for buying and selling cryptocurrency. It is slightly similar to LocalBitcoins. The advantage of Cointal is that it supports exchanging not only Bitcoin but also other cryptocurrencies, including Ethereum and Ripple.
This is also a P2P service that provides users to implement deals with each other. Overall, Cointal is an open marketplace for buying and selling cryptocurrency different ways. Here you can buy Bitcoin not only with a gift card but also with PayPal, Google Wally and many more digital wallets.
Paxful is a New-York based online Bitcoin store. It accepts more than 300 payments because the service supports a lot of digital assets. And the most important thing that it is provides to buy Bitcoin with an iTunes gift card.
It is important to note that Paxful is an open service. Hence, there may be many scammers trying to steal money. To ensure a safe exchange you should choose a seller prudently and always pay attention to the user’s reputation.