How to Buy Bitcoin
Via Amazon Gift Card
If you give someone an Amazon gift card, you’re giving them the option to choose what they like out of millions of products sold by the world’s biggest company and retailer. If you know that a friend of yours is a crypto enthusiast, you’ll be happy to learn that Amazon indirectly supports the purchase of cryptos too!
What do we mean by indirect support? Well, although you can’t actually buy cryptocurrencies on Amazon’s website, what you can do is get an Amazon gift card and then sell the card for Bitcoin or another digital coin using a third-party platform that supports this kind of exchanges.
In our guide today, we’ll go over how and where to sell these gift cards for Bitcoins.
Amazon Gift Cards
Amazon gift cards are best bought directly from the retailer’s official website. They come in preset $10, $25, $50 and $100 amounts, plus the option to customize the gift card with an amount anywhere between $25 to $500.
These gift cards can be a super easy but still a thoughtful gift. A lot of times, you can see company websites and influencers giving Amazon gift cards as giveaway prizes instead of cash or other products and services.
Finding an Exchange Platform
You’ve bought an Amazon gift card already? Perfect! Now you need to find the right exchange platform that allows you to swap your gift card for Bitcoin. To find out whether a platform supports Amazon gift cards, you should look through its list of trading pairs.
Unfortunately, a lot of platforms remain sceptical that clients would be interested in buying these gift cards so they decide not to list them. Instead, most of them only support crypto to crypto or fiat to crypto exchanges.
In an attempt to help you tackle the challenge, we found two reliable platforms, Purse and Paxful, that allow you to sell your Amazon gift card in exchange for BTC. So, let’s see how they work!
Purse was founded in 2014 and remains the most popular exchange platform that has teamed up with Amazon to allow customers around the world to swap their gift cards for different assets. What the platform does is match potential Amazon buyers with traders looking to purchase cryptocurrencies by selling their Amazon gift cards. It’s kinda like shopping for someone else and being paid in BTC.
As a gift card seller yourself, we’ll be looking into the process of using Purse for that purpose. On the Purse website, go to the Earn tab to be redirected to the offers dashboard. Here you can check how many Bitcoins you’re going to get by spending your gift card on the products that different Amazon shoppers want to buy.
Once you find an offer that you like, the items that the shopper wants to get and his/her delivery address will appear in your Amazon shopping cart. Spend your Amazon gift card to buy these products and insert the confirmation I.D. on Purse. You’ll have to wait for a day or two for the platform to confirm the purchase before you get your BTC.
What makes Purse a great exchange platform is the fact that it maintains a level of security as an escrow entity until the order gets completed. Another bonus are the frequent 5% (or more) discounts.
Paxful is an online peer to peer exchange and a popular Bitcoin marketplace launched in 2015. The advantage of this platform is that it connects Bitcoin buyers and sellers from around the world and increases the chance for them to find a compatible buyer/seller who would accept their payment method.
You get the option to pay for your coins using credit or debit cards, bank transfers, vouchers, and even Amazon gift cards! They can be sold for different crypto or fiat currencies, depending on the sellers’ demands. You’ll be in difficulties finding another platform with such a broad scope of payment choices. However, you should be aware that users add their own fees and you might have to browse for a while to find a decent offer.
Paxful won’t release the coins until it gets a confirmation from the other user that they’ve got your gift card. To ensure maximum protection, Paxful applies buying limits based on the identification documents you’ve provided. For example, if you registered with your email and phone number only, the limit is $1,500. If you included an ID card, the limit jumps to $10,000.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.