In recent years, gift cards have started a revolution, a peer-to-peer revolution that is changing the bitcoin trading game. Yes! it’s possible to use your gift card for bitcoin. Now that we have so many different kinds of gift cards to use, there are more payment options on peer-to-peer marketplaces. A trader can convert Amazon gift cards to bitcoin and any other gift cards imaginable, as long as there are people willing to trade. The sheer number of payment options have made trading bitcoin incredibly fast and easy.
Not only have gift cards made it easy to buy bitcoins, but it also works the other way around. If you have extra bitcoin that you’d like to spend, peer-to-peer marketplaces are a good way to do so. You can buy discounted gift cards on these platforms and you can instantly turn it into a profitable side business.
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.
Let’s 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.
To show you how you can take advantage of the business side of gift cards, let’s use Paxful as an example. Paxful is one of the biggest peer-to-peer marketplaces on the planet and they specialize in gift cards. According to the statistics, the majority of their revenue comes from the gift card trading community on their platform.
Let’s say you have an extra Amazon gift card. You can then convert your Amazon gift card to bitcoin on Paxful. From here, you have a couple of options. You can trade it again for bitcoins, looking for a good deal that could possibly get you more bitcoins. You can also swap it into a popular gift card and then trade it again. You can also use the gift card to buy what you need from Amazon.
Another way you can make a profit is by buying the actual products themselves. You could rack up enough iTunes gift cards to buy an iPad or iPhone, and then sell that iPad or iPhone at a higher price on a site like eBay. It’s most likely you’ll run into people willing to trade their gift cards at discounted prices. There’s a chance that you’ll be spending less on that Apple product than usual.
Convert it Into Cash
If you want to simplify things even further, you can just cash your bitcoins out. On peer-to-peer platforms like Paxful, there are several ways to convert bitcoin into cash. “Cash-in-person” is a payment method available on most peer-to-peer platforms. This payment method allows you to meet up with someone nearby and convert your bitcoin into cash.
Things to Avoid When trading Gift Cards
The thing about trading gift cards on peer-to-peer platforms is that there’s always a possibility of running into scammers. There are people that will coinlock you or rip the value from your gift cards. This is why you have to be extra cautious when it comes to trading gift cards.
To prevent yourself from being scammed, make sure that you do your research. Also, familiarize yourself with all the user red flags of the platform you’re using. Every platform has its own way of distinguishing a potential scammer. If you have a bitcoin trading platform that you already like, make sure that you do your research. This will help you filter out the bad apples from the honest users, keeping you as safe as you can possibly be. On peer-to-peer platforms, the trick is to minimize the risk as much as possible.
Will You Join the Revolution?
The greatest thing about constantly trading to make a profit is at that point, the price of bitcoin won’t matter. Your money is in constant flux, changing from one form to another, rendering the price irrelevant.
When bitcoin was invented 10 years ago, it’s hard to imagine that people would be trading for gift cards at all. Now, gift cards are one of the more popular payment methods on peer-to-peer marketplaces and they are a great way to earn a profit.
Have you ever tried trading gift cards for bitcoin before? If you haven’t, are you thinking about joining the gift card revolution? Let us know in the comments section down below!