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How To Turn Gift Cards Into Bitcoin

Shortcuts And Solutions At Your Fingertips

How To Make Money Converting Gift Card To Bitcoin On Paxful

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How Do You Convert A Gift Card To Cash

There are several ways to convert your single-use gift card to cashheres what you can try:

Conversion Method
KioskMany grocery and department stores have vending machines that offer cash in exchange for gift cards

While these methods are options, all of them have the same drawbackyou will not get the full value remaining on your card. Typically, you will be offered a maximum of 8590% of the true balance on your gift card.

Your next option is to get a cash reimbursement directly from the vendor.

Buy Bitcoins Instantly With Gift Cards Via Peer

Paxful removes the middleman, allowing potential buyers and sellers from all over the world to meet and trade directly with each other, easily, quickly and securely.

They offer over 300+ different payment methods, such as cash, Paypal, bank transfer and more. Gift cards are one of the most popular payment methods on Paxful because its easy and simple to trade.

You can start buying bitcoins with as low as $1 gift card credit. Gift cards like Google Play, Barnes & Nobles, iTunes, Target, Amazon, Hotels.com, Grouon, H& M, BestBuy, IKEA, Xbox and many more are accepted. Besides that, you can also use OneVanilla prepaid gift cards. Just buy one at a drug store or grocer and find a great Bitcoin deal on Paxful.

Whats more, youll be protected by their secure escrow system, you can be assured youll get your bitcoins directly in your wallet once payment is made.

Let see exactly how this works:

First of all, youll need to create a free account at Paxful.

2. Search for an offer

Login to your Paxful account. To search for an offer, click Buy Bitcoin at the top menu bar.

Then select your preferred payment method , type in how many bitcoins you want to buy in your own currency and clickSearch for an offer.

3. Choose your preferred seller

Paxful will immediately give you a list of real-time offers of sellers who are accepting your chosen gift card type for Bitcoin.

Pick a trustworthy seller that has a good reputation.

4. Accept Offer Terms

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What Are The Best Gift Cards To Exchange For Bitcoin

With so many gift cards to choose from, you may be wondering how you know which to get if you want to exchange them for crypto or which gift cards you have lying around that could be the most valuable. While it does vary depending on the region, supply and demand, and just general preferences of the traders you end up dealing with at any given time. There are a few types of cards that stand out from the rest that you will typically be able to find buyers for without too much trouble and likely get the best rates when exchanging your gift cards.

Exchanges That Accepts Fiat

Buy Bitcoin With Visa Gift Card Coinbase

This is one of the easiest ways to get your Bitcoin cryptocurrency to be sold for fiat cash like Dollars, Euros, Pounds and Naira.

There are many exchanges that accept fiat exchange for bitcoins, but you will have to find out the one that works perfectly in your country or region.

Examples are:

Mind you that some of the exchanges listed above may not be working globally, so you need to check thoroughly, before having your investment transferred to them for conversion.

This can be said to be very risky, if dont check very well before trying to use an exchange to cash out Bitcoins to real money.

If you happen to be a Nigerian, you can always make use of Luno to sell bitcoins instantly.

Cashing bitcoins with Luno exchange is very easy, thought a withdrawal fee will be deducted during the process.

Talking about how to cash out large amounts of Bitcoin, theres another option of P2P buying and selling of BTC with a platform globally known and thatmbrings me to the next option.

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Benefits Of Trading Bitcoins To Gift Cards

In its 10 years of existence, bitcoin has shown us multiple times how beneficial it can be to individuals and the financial community. The revolution of gift cards is no exception to this observation.

Lets start with the most obvious thing: profit. When it comes to bitcoin, profit seems to be the most prioritized thing about it. The question is: how do gift cards play a part in making a profit?

Gift card trading is a legitimate business venture and people are already starting to take advantage of it.

Convert Cryptocurrency For Gift Cards Easily With Coinpayments

The CoinPayments platform allows you to purchase gift cards with crypto.

It is an easy way to start spending your cryptocurrency at over 190 different U.S. retailers and over 70 retailers in the U.K. Powered by the Swych platform, CoinPayments lets you purchase gift cards with Bitcoin, Ethereum, Litecoin, BNB, Qtum, DAI, or USDT Tether.

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Platforms To Trade Gift Cards With Bitcoin And Cash In Nigeria And Around The World

Last Updated on October 6, 2021 by Ope Quadri

There are several platforms on the internet where you can conveniently exchange gift cards with bitcoin and in your local currency. One of them is Bidali. Weve also included major platforms that let you exchange gift vouchers for fiat currency if youre a Nigerian resident.

Besides, if youre a core crypto enthusiast you should be familiar with the bitcoin mining pool to up your game, some of them are available at:

If youre conversant with trends in Financial Technology, youd know that gift cards are prepaid debit card which has been pre-loaded with funds for future use for a variety of purchases.

Well share with you the best sites to trade gift cards for bitcoin in Nigeria or get paid in Naira instantly.

Highlight

  • Open-loop
  • Closed-loop cards.
  • In the United Kingdom, its called gift token or gift voucher while its popularly known as gift certificate among the North Americans.

    Whatever the name, the major thing is: it is acceptable as a means of a transaction on the platforms we compiled on this post.

    How Are Cryptocurrency Gifts Taxed

    TURN YOUR GIFT CARDS/BITCOINS INTO CASH.GET PAID INSTANTLY.

    Giving cryptocurrency to loved ones is usually not a taxable event. Unless the transfer exceeds the gift tax allowance, the Internal Revenue Service only needs to be alerted when the asset is eventually sold by the recipient and a capital gain or loss is realized.

    If the recipient sells the gift within one year at a profit, they will have made a “short-term capital gain,” which is taxed as ordinary income. Beyond that date, it becomes a long-term gain, which is taxedat lower capital gains rates.

    The size of the gain is determined by how much you, the donor, paid. In other words, if a coin was bought for $100 and then sold five years later for $500, the recipient of the gift would be taxed on a $400 profit.

    Make sure you record how much you paid for the gift as well as how much it was worth when you transferred it. Without this information, the recipient will have to recognize a $0 cost basis, increasing their tax expenses.

    Losses, which can be used as deductions on the investor’s tax return, work slightly differently. A capital loss is only registered if the asset is sold for less than both what it was initially bought for and its fair market value when it was gifted. If a loss of that magnitude occurs, the IRS will take the lower of the two amounts into account.

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    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 dont accept cryptocurrencies directly. If you are looking to purchase cards for major retailers with BCH and BTC, you can check out Bitcoin.com Stores 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.

    How To Exchange Your Amazon Gift Cards For Bitcoin Cash

    If youre looking to acquire some cryptocurrency without having to open an account at a centralized exchange, there are several ways to do so. One is to convert Amazon gift cards into bitcoin cash via Purse.io while helping others spend their BCH.

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    How To Buy Bitcoin With Visa Gift Card In 2021

    Whether youre new to the world of cryptocurrency or not, chances are pretty good that if you have a gift card lying around at home, youve wondered about ways to convert it into a cryptocurrency. For most people, the easiest way to do this is to sell your gift card online for money, and then use that money to purchase bitcoin or ether.

    It is possible to buy Bitcoins, Litecoin and other altcoins with Visa gift card. In order to do this you will need to go to your nearest store that sells Visa gift cards and buy the amount you wish to convert into cryptocurrency. You then need to find a crypto place that accepts gift cards as a payment method.

    There are not too many places where you can trade gift cards for cryptocurrency, but the ones we mention in this list are some of the more trustworthy sites to buy crypto with visa gift card.

    If you are looking to Buy bitcoin with fiat money, then the methods available will differ based on a few factors:

    • Where are you located ?
    • How much are you looking to buy?
    • What payment methods do you have available?
    • How soon do you need access to the proceeds?
    • Is financial privacy important?

    However, this is a newer service still in BETA so thread cautiously.

    Otherwise, an in-person cash trade or an online trade using a P2P trading exchange may possibly be your next best option. You might find sellers who are willing to accept payment with a prepaid VISA gift card, though the fees will be very high.

    Read also:

    Setting Up Your Visa Gift Card

    How to Buy Bitcoin with Gift Cards

    Every VISA gift card has a number on the sticker on the front. To activate ones card using their phone, they must verify the cards account number and card verification number by entering it into their keypad.

    If there is no sticker on the card, dial the number on the back of the card. That is the customer service number. On calling this number, users follow the necessary button prompts to activate their VISA gift card.

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    Can I Purchase Bitcoin Anonymously Using A Visa Gift Card

    In most cases, when you purchase your VISA gift card, there is no requirement to provide the merchant with any identification. In this sense, you can purchase the card anonymously. However, when you try to convert that card into cryptocurrency, it gets tricky as LocalBitcoins and Paxful have very low limits an unverified user can trade on their platform before their mandatory KYC process triggers meaning that you can buy bitcoin anonymously using a VISA gift card but only in very small amounts.

    How are regular people making returns of as much as 27,144% in a year?

    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 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. Dominos, 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 dont 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 someones 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, youll receive the crypto from escrow. Purse can also convert points and credits earned from Mechanical Turk, Amazon Associates, Ebates, Swagbucks, and others.

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    How To Exchange Gift Cards For Bitcoin

    Now that weve outlined the best way to get a hold of some cheap gift cards, its time to exchange them for some Bitcoin. The best way to trade your gift cards for Bitcoin is through the use of what is known as a peer to peer marketplace.

    LocalBitcoins and Paxful are the two most popular peer to peer Bitcoin marketplaces. Both of these sites work in the same way, however LocalBitcoins seems to have a larger community, we recommend you check them out before using Paxful.

    After making an account on your marketplace of choice, you will need to find someone willing to accept gift cards as a payment method. Finding a seller that accepts gift cards is easy, both LocalBitcoins and Paxful allow you to search by payment method. Simply select gift cards as a filter when making a search and you will be shown a list of sellers that are looking for gift cards in exchange for Bitcoin.

    As this is a peer to peer platform each individual seller sets their own price. Its also important to note that sellers will have a reputation on the site, its important to read what other users have to say about each seller in order to help you find someone who is reliable.

    Once you have found a reliable seller, you need to start a trade. As soon as a trade is initiated the sellers Bitcoin will immediately be debited and placed into escrow. After the sellers Bitcoin is with the escrow service, you need to provide them with your gift card information.

    Top 3 Ways To Buy Bitcoin With Gift Cards

    Convert Amazon Gift Cards to Bitcoin using Purse.io?

    While any peer-to-peer marketplace 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.

    Heres a list of my findings- the best ways to get bitcoin directly using a gift card.

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    The Gift Card Insurrection

    As you can see, trading Amazon gift cards for bitcoins is extremely easy and once you learn how to minimize all the risks, it becomes extremely secure. There are many bitcoin trading strategies to learn!

    The best thing is that Amazon gift cards arent the only gift cards out there. Your options are limitless!

    What do you think about trading gift cards for bitcoins? Do you have any extra gift cards youre willing to trade? Let us know in the comments section below!

    How To Purchase Gift Cards With Crypto

    Watch our tutorial video or just follow the simple steps below to get your gift cards:

  • Login to your CoinPayments account. If you dont have an account, you can easily get one set up in just a few clicks. Follow this Account Setup guide.
  • When going to the Your Wallet tab, you will be directed to a screen with various options. Click on the Purchase Gift Card tab.
  • Scroll down towards the bottom of the page, click on View all cards button to browse through all the gift cards available from your favorite brands.
  • Select the gift card you like and then enter the amount youd like to purchase. On this screen, youll also enter the delivery email and phone number.
  • Before completing the purchase, you will get to select the coin you would like to use to get the gift card. Click the Apply my coin balance button.
  • You will receive the gift card by email just like any other electronic gift card. To redeem your gift card, you can print it, save it as a PDF, or input the gift card number and PIN online. You can also send the gift card by email to a loved one by clicking on Send as Gift in the Card Toolbox section of the page.

    Its that easy!

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