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How to Get Bitcoin With Any Gift Card

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  • Eduard Ezhov
    ⭐ Features

    Many people keep useless gift cards in their wallets, here are four safe ways to exchange them for Bitcoin

How to Get Bitcoin With Any Gift Card
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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.

iTunes Gift card
 iTunes Gift Card

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.

Disadvantages

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

image
LocalBitcoins Interface

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:

  • Amazon

  • eBay

  • Target

  • Walmart

  • Visa

  • AppStore

  • Starbucks

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

image
Purse Interface

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:

  1. The user makes a request for a needed product from Amazon
  2. You pay for this product by your gift card and confirm shipping to his address
  3. 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

image
Cointal Interface

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

image
Paxful Interface

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.

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About the author

Eduard is a freelance crypto-journalist since 2013. He has a professional IT education and usually focuses on a technical side of blockchain projects.

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Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism

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  • Joseph Young
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    The so-called “China fever” on crypto like bitcoin has noticeably declined since President Xi’s speech on October 28.

Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism
Cover image via 123rf.com

Since Chinese President Xi Jinping expressed his support for blockchain technology on October 28, the so-called “China fever” on crypto like bitcoin has noticeably declined.

The price of bitcoin fell from around $10,600 to $8,500 and cryptocurrencies that are known have Chinese development teams such as NEO, Ontology, and TRON have slightly increased over the past three weeks, but not enough to be described as a speculative mania.

Why demand for bitcoin and other cryptocurrencies is not on the rise

Following the newly established vision of the Chinese government to push the development of blockchain technology, expectations for strengthened momentum of the cryptocurrency market rapidly increased.

Initially, such expectations combined preceded an abrupt overnight increase in the price of bitcoin to above a key “psychological level” at $10,000, but the price fell back to “pre-Xi” levels in a relatively short period.

Global markets analyst Alex Krüger said:
“Have mainland China investors increased their demand for bitcoin? BTC volumes quickly dropped back to pre Xi news levels; online searches in China are back down to pre Xi news levels; website traffic for exchanges catering to China barely changed since the news.

The ‘Chinese tokens,’ NEO, ONT and TRX, have all done well since the aftermath of the news, while VET (a supply chain oriented blockchain) has been cruising on China news. Don't think though this is a sign of a ‘speculative fever’ of any kind.”

The analyst emphasized that prior to the statement of President Xi on the focus of China to facilitate the development and implementation of blockchain technology, the penetration of cryptocurrencies in the region was already high.

Also, most mainland Chinese cryptocurrency investors are said to have been trading digital assets through overseas markets like Hong Kong, purchasing stablecoins like Tether with the Hong Kong dollar.

Hence, it is possible that the public already anticipated the government of China to eventually reiterate its plans to encourage blockchain development with the People’s Bank of China (PBoC) consistently stating that its plans for a state-operated digital currency is in the works.

“It is without doubt that with the announcement of Libra, governments, regulators and central banks around the world have had to expedite their plans and approach to digital assets,” Dave Chapman, BC Technology Group executive director, said.

Is this the end of the Xi-effect?

Some technical analysts have suggested that the upside movement of bitcoin to $10,600 in late October may have not been primarily fueled by the optimism around China’s blockchain development initiative, and that a cascade of short liquidations amidst a build up of sell pressure caused the rally.

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About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.

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