There has never been a shortage of people who nag about how crypto has no real-world usage (hopefully they lessen in number as time goes). Well, here’s something you can throw at the next person who tells you that: you can buy gift card with crypto, and acquire things like airtime, data, OTT subscriptions, and more!
Exchanging crypto for gift cards is a use case particularly useful in regions where crypto is unregulated. If you buy a gift card with crypto, you have a flexible and convenient solution to use your investment. In this blog, I’ll explore the how and the why of transacting crypto for gift cards.
Why Convert Crypto Into Gift-Cards? Is It Safe?
You may find it viable to convert your crypto into gift cards for several reasons. A few of them are listed below for you to know:
- The world is yet to come to a global consensus when it comes to crypto regulation. While some countries like El Salvador have made Bitcoin a legal tender, some have barred their banking industry from dealing with crypto firms. In such cases, users may find it extremely difficult to convert their crypto into fiat currencies for their use. Gift cards practical solutions to such cases. When you buy gift card with crypto, you benefit from using those cards for shopping or paying for utilities and other purchases. In other words, your crypto gets to have real-world value in the process.
- You can also exchange your crypto for gift cards if you want a more secure solution than crypto wallets to store your crypto holdings. While crypto wallets have been susceptible to hackers, gift cards are relatively safer payment options. You just need to avoid misplacing your gift card or revealing its key/code to anyone. Gift cards providers also require comparatively fewer details than banks when converting your crypto, ensuring your privacy and anonymity.
- Gift cards are much more convenient ways of spending your crypto than converting it into fiat money through banks. You can avoid the regulatory red tape if you buy gift card with crypto.
Which Crypto Can be Converted into Gift Cards Easily?
Bitcoin and Ethereum – the flag-bearers of the crypto world, are naturally the most preferred if you want to buy a gift card with crypto. What’s more, all crypto exchanges support Bitcoin and almost all have Ethereum too, so even if you have purchased another crypto, converting them into BTC/ETH and turning that again into a gift card will be a piece of cake (compared to converting crypto directly into fiat, anyway).
However, some platforms accept Ripple, Litecoin, and the stablecoins like Tether and DAI too, and exchange those crypto for gift cards. Stablecoins in particular lessen the impact of volatility on crypto prices and can bring you better deals when you buy gift card with crypto.
Steps of Buying gift card from Crypto
1. Find a Crypto-Friendly Gift Card Platform
Visit platforms like BitPay, CoinGate, CryptoRefills, or any retailer that sells gift cards and accepts cryptocurrency payments.
2. Select the Gift Card
- Browse the available gift card options and choose the brand or service you want (e.g., Amazon, Starbucks, Netflix).
3. Specify the Gift Card Value
- Choose the denomination or enter the custom amount for the gift card.
4. Proceed to Checkout
- Click on the “Buy” or “Checkout” button and move to the payment page.
5. Choose Cryptocurrency as Payment Method
- Select cryptocurrency as your preferred payment method from the options provided.
6. Generate a Payment Invoice
- The platform will display a payment invoice with a wallet address and the amount required in your chosen cryptocurrency.
7. Open Your Crypto Wallet
- Log into your crypto wallet or use your hardware wallet. Ensure you have sufficient funds in the cryptocurrency required for the transaction.
8. Send the Payment
- Copy the wallet address or scan the QR code provided on the invoice. Enter the exact amount displayed and confirm the transaction.
9. Wait for Blockchain Confirmation
- The payment will be processed on the blockchain network. This usually takes a few seconds to several minutes, depending on the cryptocurrency.
10. Receive the Gift Card
- Once the payment is confirmed, the platform will deliver the gift card.
- If it’s a digital gift card, it will typically be sent to your email or appear in your account dashboard.
11. Save the Details
- Store the gift card code securely and use it to shop or gift it to someone.
Bonus Tip:
Check for any additional fees or processing times associated with using cryptocurrency before finalizing the purchase.
Buy Gift Card with Crypto: How Can You Exchange Crypto for Gift Cards?
Several peer-to-peer exchanges have ongoing crypto-to-gift card programs, including:
- Binance: Binance has a unique program that allows you to convert crypto into gift cards and send them to any of your contacts. The gift card can be redeemed in many ways, one being a conversion into fiat currency.
- Coingate: Coingate is a crypto payment processor which allows you to avail conversions of crypto to a wide array of gift cards and prepaid plans. In turn, these gift cards can be redeemed in various stores.
- BitPay: BitPay is a Bitcoin payment service provider that can exchange your crypto for gift cards and prepaid products directly. The BitPay app or its Chrome extension allows you to do so.
Avail these services today and buy gift card with crypto, and hit many birds with one stone- you can avoid regulatory scrutiny, avoid bank’s intervention when it comes to converting your crypto to fiat, and of course, the financially unserved and underserved population across the globe can have numerous benefits with this use case.
Looking to learn more about the world of crypto and blockchain? Blockverse has got you covered! Visit our blog today and fast-forward to the future!
