There is a long way ahead where people will be able to use cryptocurrency for their daily life activities at grocery stores, coffee shops, or for traveling. As crypto assets are getting more into the mainstream, so are the ways to spend them. Gift cards are of the earliest known players that are supporting crypto payments.
Here is a detailed article for the readers that will suggest to them ideas on how they can buy gift cards with crypto and even vice versa. Moreover, it will also tell about the platforms where the users can conveniently buy them and then use them further in their everyday life.
What are Gift Cards?
As the name indicates, gift cards represent the idea of giving someone a gift. There is a prepaid money card that is issued by any brand integrated with the gift card. These brands may include Google, Steam, eBay, Apple, and Amazon. There is a particular fiat value that is linked with the gift card, such as 50 dollars or any other.
These gift cards can then be used by the owner for online shopping on the website of the traders or for buying something directly from the shop owned by the brand.
The type of gift card that is purchased decides how it can be used. Usually, the users need to enter the PIN that is linked with the gift card during the checkout procedure on the website of the retailer.
In addition to that, the other gift cards may have a bar code that can be used at the store. One can take out a print for that bar code or capture it on his phone. It can then be shown to the cashier for making payments. The most significant benefit it provides is that one can also use crypto to buy gift cards while not revealing his identity.
Why Should Gift Cards be Bought with Crypto?
Crypto assets can be utilized in a better way by using this method. One can make the mainstream procedure fast by making the crypto actively participate in the market instead of just buying and storing it. One of the primary use of cryptocurrencies is purchasing them, as they are considered primary utility assets.
Therefore, cryptocurrencies can be normalized as a standard payment method by using them to buy gift cards. There is a chance that a more significant number of traders and businesses will start accepting crypto trading if the sales start going up.
However, the volatility of the crypto market cannot be ignored. The prices of crypto assets change rapidly, and sometimes they may change multiple times in an hour. By keeping an eye on the ups and downs of the market trends and carefully observing the charts, one can learn to make correct decisions at the right times to avoid any loss.
Moreover, using crypto, one can hide his real identity and keep his purchases anonymous. It is only the wallet address of the user that has to be revealed during crypto trading. The assets are marked safe if the holder has not shared his wallet address with anyone.
In addition to that, immutability is another crucial characteristic of crypto assets. The purchase that is made by anyone gets recorded on-chain over the blockchain network and stays there forever. It means that one can avoid phishing scams and cybercrimes by having actual proof of the purchase made.
Gift cards should be purchased by traders, especially beginners, as they are an excellent choice for buying crypto. These gift cards can easily be accessed online and facilitate the users as they do not need to wait in long queues to carry out any trade.
Using gift cards, online trading can be easily carried out. The users have just to visit the website and look for different vouchers that are available to trade conveniently.
Moreover, one can also avail of the opportunity of buying a digital gift card. By using it, the owner is also allowed by the platform to select a custom amount beforehand. This will prevent the user from overspending and signal him to purchase things within his budget. This makes the gift cards more resource efficient for the users.
It should be kept in mind that buying gift cards using crypto is not as complicated a process as most users think. One only needs to get some additional tools that are not generally used with a credit card.
Otherwise, it is the same as daily buying activities. The user is provided with a number of choices to choose from when he is looking for shopping, gaming or cooking, etc.
The digital space could be seen filled with a number of cryptocurrencies floating through it. However, not every e-commerce platform supports all of them. It may be the case that any shopping platform may not accept fiat currency payments.
Therefore, to be on the safer side, Ethereum and Bitcoin are the best options. These can be bought using a credit card, or the user can even get them exchanged with other crypto assets.
How to Buy Gift Cards Using Different Platforms
There are several platforms that provide their users the option to get gift cards that are supported by crypto as their complementary services. However, some platforms are striving to make this option available to users worldwide. Some of such reputable platforms may include CoinGate, Gemini, and Binance.
- Binance Gift Cards
Although crypto payments are becoming mainstream with time, however, not all the services and platforms still support crypto payments. Let us consider Binance first of all to understand the concept of buying gift cards through crypto.
Binance is a platform that has been recognized among the most reputable crypto exchanges all around the globe. The platform offers an elaborate and extensive crypto environment to its users that support both fiat and crypto trading. It is a relatively straightforward process to buy gift cards using crypto over the Binance platform.
One can easily buy a gift card using his Binance account. The cryptocurrencies that one aspires to purchase can be selected by using the funds in his Binance account.
After that, the user has to choose the cryptocurrency he prefers the most, the amount that he wants to link with the gift card, and the number of cards that he wants to buy at the moment.
There are more than 30 theme templates that are offered by the Binance platform. Therefore, according to the situation and occasion, the user can select the template to be set on the card.
The user may also find some animated layouts for the cards as the digital platform supports them too. To acquire a gift card using Binance, here are some simple steps that can be followed.
Step 1: The very first step is to establish an account on Binance. This is relatively easy as the platform guides you step by step on how to do it. To receive the gift card, it is not mandatory that the user has to use Binance regularly. To buy gift cards with crypto only requires a Binance wallet, as the funds have to be transferred through it later.
Step 2: The next step is to set up the Binance account properly. It is vital to buy gift cards, and one should have enough crypto amount in his wallet.
Step 3: After that, the user has to move toward creating the gift card. The amount that one wants to integrate with the card and the design of the card is to be selected here.
Step 4: At last, the user has to undergo the verification process then in order to make the purchase and confirm the order.
- Gemini Gift Cards
Gemini is another well-known crypto exchange platform providing its services all around the globe. It was founded by the Winklevoss twins and is considered one of the largest centralized exchanges in the United States of America.
Buying gift cards through crypto using the Gemini platform is a great opportunity both for beginners and crypto activists. The platform supports the use of Bitcoin as the main currency for investment and may allow purchasing gift cards that are worth 0.01 BTC.
The limit set on the gift card is about 500 dollars; however, the exact amount may change depending on the rate offered by the exchange platform.
Moreover, users should keep this in mind before choosing the platform that it offers the services of buying gift cards using crypto only in certain countries such as Hong Kong, Singapore, etc. Therefore, the user should thoroughly go through the terms and conditions provided by the platform before making any decision.
It is not necessary that the receiver should own a Gemini account to get the gift code. However, the native wallet of the platform should be owned by him to get the funds withdrawn.
However, to begin the procedure, it is necessary that the one buying the gift card should hold a certain amount of Bitcoins in his wallet. Here are some easy steps that can be followed.
Step 1: First of all, the user needs to log in to his Gemini account.
Step 2: The second step is to choose the amount of Bitcoin that he wants to link with the gift card.
Step 3: The last step is to enter the necessary credentials of the recipient and then press the “Send” option.
This completes the process of creating a Gemini gift card. The person on the receiving end will also receive specific instructions to withdraw and use the funds in the card.
- CoinGate Gift Cards
It should be kept in mind that one can not only buy gift cards through exchanges. However, the cards that are purchased through an exchange platform are considered more reliable than the ones from any brand. Getting gift cards from crypto can be understood as converting crypto into another form.
It is essential to look for more alternate options in the market. Gift cards can be directly purchased using crypto through some websites.
There are specific platforms that offer their customers crypto payments such as vouchers or gifts etc. However, sending a digital gift to someone in a different geographical region may cause an inconvenience of geo-blocking.
One cannot choose between the number of options available on different websites. Everyone wants to look over the options that are simple and can save money and time.
All these facilities are provided by CoinGate. One can get all the services from one single platform. There are more than 2000 options that are offered by the platform, which may include Walmart, Amazon, Xbox, etc.
It provides traders with a convenient platform to buy gift cards using crypto, providing them instant delivery, payments independent of the region, and multiple payment options. One can see several different categories to choose from when he visits the gift card catalog on the CoinGate platform.
One has to pick the region after selecting the gift card and enter the amount he wants to link with the card. Finally, go to the checkout option and then send to complete the procedure.
What are the Benefits of Buying Gift Cards with Crypto?
There are several benefits one can get in case he wants to earn Bitcoins by retrieving his gift card. Firstly, for traders who are still figuring out their way in the crypto industry, buying gift cards through crypto can be a superb option.
It may be difficult for a beginner to analyze the market conditions initially, but one can advise his friend to start his journey in the crypto space by buying gift cards.
One can also get a chance to miss out on the extra steps in the trading procedures, such as substantial transaction charges or network and conversion charges, by directly buying the gift cards. But it should be kept in mind that it may vary according to the platform one uses.
Moreover, one does not need to go to the Bitcoin store in order to purchase gift cards. Being an online service, one only needs a stable internet connection and a Bitcoin wallet to buy them.
Now in case one wants to buy crypto using gift cards, there are certain things he should keep in mind before buying it. The very first factor is storage. One should own a proper wallet where he can store his newly purchased assets.
One can choose a hot wallet for this purpose. One can create an online account or download the software for setting up the wallet. Stable internet is the only requirement to access the funds added to the wallet.
However, a hot wallet is not a safe option as it may be hacked easily by being attached to the internet. On the other hand, cold wallets may also be chosen. These are little devices that help in storing crypto and cannot be hacked easily.
How to Buy Bitcoins with Gift Cards?
One can get his gift cards retrieved in order to get any crypto asset. However, not all platforms allow trading all kinds of crypto assets. However, Bitcoin is the one present at all. It is the most recognized and largest known cryptocurrency. Now the procedure of redeeming the gift cards using the Binance platform is an easy one.
There is a unique code that is attached to the card when it is generated. Using the Binance account, just get the card redeemed using that unique code in the Gift Cards section given. There is no expiry date attached to the Binance gift cards; therefore, they can be retrieved at the convenience of the holder.
However, it should be kept in mind that one can only retrieve these cards once and entirely, as they cannot be loaded again and again.
However, the Gemini card can be redeemed within a specific time period given. Moreover, the platform charges no additional fee when the Gemini gift card is bought or redeemed.
How Could the Funds Redeemed from Gift Cards Be Used?
The very first and the most convenient option to use the funds is to invest them at multiple places. As the crypto market keeps on fluctuating, one may find numerous opportunities to multiply the funds. Another way is to buy nonfungible tokens. These digital tokens are unique and cannot be copied.
In addition to that, using them on multiple platforms that have adapted to crypto trading and allow payments in crypto. Last but not least, these funds can also be used to further buy gift cards for anyone.
Buying gift cards with crypto is a convenient way to make your place in the crypto industry. One can buy them easily by sitting at home and doing a little research. These are considered a fast way to save up crypto.
These gift cards are the best way to secure your money and keep them a secret. However, the restrictions attached to buying and redeeming them may vary with the platform one chooses.