Buying crypto with Gift Cards has been a new way to approach the industry for years, perhaps for beginners who lack the technical knowledge, or just as an original gift idea. But what are the most popular gift cards?
Buying crypto with Gift Cards from Paxful and LocalBitcoins
Be it for beginners or whether it is a gift idea, gift cards are a gateway alternative into the cryptocurrency sector, precisely to buy Bitcoin and crypto.
There are several platforms that offer this service, among the most famous are Paxful, Coincola, Binance and many others. Let’s try to see them in detail.
Paxful is a peer-to-peer platform, which allows users to trade directly with sellers or, if they are sellers, to deal directly with buyers. This makes the platform fast and very easy to use. Founded in 2015, Paxful is a true Bitcoin marketplace.
As a payment method, Paxful offers several options to choose from such as PayPal, bank transfer, credit or debit card, cash, and gift cards. Through gift cards even worth as little as $1, the platform allows users to purchase Bitcoin.
A similar approach is also LocalBitcoins, a peer-to-peer platform for buying and selling Bitcoin, where a reputation score and history of past activity is published for each seller.
In this way, users can choose from whom to buy their BTC. Not only that, the platform offers an escrow service that holds the Bitcoin traded, releasing them only upon receipt of the seller’s completion of the sale. LocalBitcoins also offers Amazon gift cards in Bitcoin.
CoinCola, Binance and Bitpay: other ways to get crypto gift cards
Another place to buy Bitcoin and cryptocurrencies using gift cards is CoinCola, which also allows its users to use their local currencies. Its crypto gift cards can be used at various websites the likes of Google, iTunes, Amazon and many others.
Crypto exchanges have also included gift cards as a payment method to purchase crypto. One example is Binance’s gift card, which allows cryptocurrencies to be sent and received quickly, easily, and customizably at zero fees for both Binance and non-Binance users.
Specifically, when a user wants to use their Binance gift card, they must first redeem the gift card code so that the cryptocurrency is fully credited to the recipient’s Binance funding wallet.
Finally, as a popular platform for purchasing crypto with gift cards, there is Bitpay. On the website, BitPay describes that it is possible to use BTC and cryptocurrencies to purchase gift cards for hundreds of brands such as Uber, Home Depot, Hotels.com, and others.
On the official website, there is a list of store categories in which to use them, such as travel, metals, gaming, restaurants, electronics, real estate, and so on.
The historic Bitrefill
Bitrefill has also been making waves for years with its valuable gift cards so much so that, in addition to Bitcoin, Tether (USDT) also seems to have entered its system in September 2021.
And indeed, thanks to the partnership with Bitfinex, the platform that allows accepting crypto on ecommerce sites had previously been integrated into the crypto-exchange to use BTC as a means of payment for various Bitrefill purchases such as games, restaurants, entertainment, and travel.
With the partnership, Bitrefill gift cards began offering USDT and are available to verified users at a daily spending limit of $5,000.