Bitcoins, and cryptocurrencies for that matter, have slowly gained a reputation for being at the forefront of the next industrial revolution. It is awesome known that the total number of Bitcoins (BTC) that can exist at any given time is 21 Million, with the last Bitcoin estimated to be mined in 2140. Perhaps this explains why everyone wants to invest in some, there might be no better time to do so than now.

Despite the fact that almost everyone wants to acquire some Bitcoin, it can get extremely hard to do so, especially for minors and people from certain regions. Even though there are numerous channels that one can use to do this, the process still remains unavailable for some people. Your average investor looks for a medium that is both easy and convenient, and most importantly, inexpensive, which can be incredibly hard to find.

In this article, we explore one convenient and unconventional method of purchasing Bitcoins, through gift cards. We will not only explain why this method is great, but will also list down popular platforms that you can use to convert your gift cards to bitcoin, alongside their advantages and disadvantages.

Let’s get right into it!

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Perhaps one of the most popular platforms at the moment, thanks to its countless payment options, Paxful is a peer to peer platform, thus enabling you to trade directly with sellers or if you are a seller, engage directly with buyers. This makes the platform quick and very easy to use.

The platform has a plethora of payment options to choose from such as PayPal, bank transfer, cash, and obviously, gift cards- which are one of the most popular payment methods on the platform.

The platform allows you to buy Bitcoins with gift cards worth as low as $1. The site also accepts a wide variety of gift cards such as Bestbuy, H&M, iTunes, Google Play, Hotels.com, Xbox, Uber, Amazon, and numerous others.

On the flip side, being a peer-to-peer marketplace, one needs to be wary of fraudsters and scammers.

Read a full Paxful review here or visit the site by clicking here.

Local Bitcoins is a peer-to-peer platform as well and has gone as far as being described as the Craigslist of purchasing and selling Bitcoin. This is because of its ability to allow buyers and sellers to engage directly.

To help buyers avoid being scammed, each seller on the platform has a reputation rating, as well as historical records indicating their past activities. On top of this, the platform offers an escrow service that holds traded Bitcoins, releasing them only upon receipt of completion of sale from the seller.

Local Bitcoins is available in over 250 countries spread out across the world, thus making it optimal to exchange Amazon Gift Cards for Bitcoins.

You will note that the exchange rate for gift cards is rather high compared to conventional payment methods such as Paypal, bank transfer, or credit card. This should not deter you, however. After all, what’s the point in holding on to an unused Amazon gift card?

Read a full LocalBitcoins review here or visit the site by clicking here.

This platform is rather unique in its operations, primarily because to trade your Amazon gift card for Bitcoin, you have to purchase goods for other users on Amazon.

Purse, like LocalBitcoins, only accepts Amazon gift cards.

Further, unlike with Paxful where gift cards have to be imprinted with their exact denominational value, Purse allows you to exchange even a fraction of your gift card for Bitcoin.

Basically, Purse functions by allowing you to pay for another person’s order on Amazon in exchange for Bitcoins while allowing the original shopper to spend their Bitcoin. Upon receipt of a confirmation that the purchased products have arrived to the original shopper, your Bitcoins are released to you from an escrow account.

Read a full Purse review here or visit the site by clicking here.

Coincola is lauded for, quite literally, its lack of boundaries. The platform allows its users to buy Bitcoin, and several other cryptocurrencies, using their local currencies. This is regardless of the location of a user, implying that the Platform can be used anywhere in the world.

On top of this, the platform allows users to exchange gift cards from merchants such as Google, iTunes, Amazon, and numerous others for Bitcoin.

Prestmit is based in Nigeria, where cryptocurrencies have continued to gain more and more popularity. The platform allows its users to convert gift cards from merchants such as Ebay, Google Play, Amazon, and Apple to the local currency-Nigerian Naira- or Bitcoin.

To use the platform, users have to first confirm the current rate of their gift card from an agent via Whatsapp. Once you have uploaded your card, the Platform guarantees payment within minutes

Despite the platform still being on a beta launch, their vision appears to be quite promising. The platform shall allow users to trade in unwanted gift cards for Bitcoin, promising to provide offers of up to 80% of the total value of the gift card.

At the moment, the platform is accepting gift cards from platforms such as iTunes, Best Buy, Walmart, Target, and numerous others.

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Most of the sites detailed herein are peer-to-peer, meaning that buyers and sellers engage directly with each other, thus increasing the chances of being defrauded. While the sites might offer you extra security features such as an escrow service, it is important that you take extra measures to protect yourself from scammers. After all, the fact that you are not using your gift card does not mean you should lose it to a fraudster.

One sure way to ensure the safety of your transaction is by critically going through the feedback rating of any potential seller. If the negative ratings outweigh the positive ones, it might be wise not to engage them.

Ensure to ask all relevant questions before you upload or provide your gift card details. Further, if at any one point you have doubts about a seller you are engaging with, do not be afraid to cancel the transaction, better safe than sorry!

Most importantly, do not upload or provide your gift card details until you are absolutely sure you want to proceed with the transaction.

Now that you are armed with platforms you can use to convert your unused gift cards into Bitcoin, all you need to do is choose one and sign up, which should be pretty easy.

The post Where to Buy Bitcoin With Gift Card – Convert Gift Card To BTC appeared first on CaptainAltcoin.

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