It's not as easy as you might think to spend bitcoin and other cryptocurrencies at your leisure. While more and more online stores and physical shops are starting to accept bitcoin and crypto as legal tender, it is still too far and few between. Thankfully, there is a workaround—you can buy gift cards with bitcoin!
Aside from bitcoin, there are other cryptocurrencies such as bitcoin cash, dash, doge, ether, litecoin, etc. you can use to buy gift cards. The lightbulb will soon go off as to why you would want to transact in this way. It turns out that there is a slew of advantages to doing so as well.
In this guide, we'll teach you how to buy gift cards with bitcoin and crypto. We'll also discuss the major retailers you'll be able to buy gift cards from. Keep reading to learn more and start your bitcoin shopping spree.
Advantages of Buying Gift Cards With Bitcoin
Why would you want to buy gift cards with bitcoin in the first place? Aside from many stores not accepting crypto as payment, let's look at some of the advantages below.
Global Transfer Value
When you want to send money to a friend or family member abroad, that can bring on a bunch of unnecessary complications. There are a lot of formalities and fees associated with this type of money transfer and remittances.
A simple solution is to purchase gift cards using bitcoin (or another cryptocurrency). From Amazon to Apple, there is no shortage of popular brands at your disposal. These gift cards can be used, whether in-store or online.
Travelers and digital nomads will love the purchasing power behind buying and spending gift cards globally.
Saving Taxes
When you send fiat to another country, you'll end up having to pay taxes on it on both sides. When you buy gift cards using bitcoin and send them to someone overseas, they'll be able to spend them in their local fiat currency. The best news is that you won't have to deal with bank transfers, currency conversions, or taxes.
Enhanced Privacy
In the name of privacy, crypto and gift cards go hand in hand. For those who wish to remain anonymous, buying gift cards with crypto is the way to go. This is because the gift card won't be issued in the name of the purchaser.
Any sensitive information such as your name, identity, address, etc. won't need to be provided. As the purchases, the transaction will be pseudonymous. This means that while it'll be on the bitcoin blockchain, no one will know it's coming from you necessarily.
The only time you'd have to give up identifying information is when you buy bitcoin through a centralized exchange (CEX). This is because many of these exchanges must adhere to KYC/AML (Know Your Customer/Anti-Money Laundering) regulations. This may seem like a good idea, but it opens you up to vulnerabilities and your data being sold.
If you'd like to further enhance your security and privacy, there are things you can do, such as buying bitcoin from a decentralized exchange (DEX), buying p2p (peer-to-peer), using a hardware wallet, and securing your private keys, and never leaving your crypto on an exchange.
Dodge Regional Restrictions
Unfortunately, in some instances, there will be regional restrictions. The best and most convenient way to bypass these restrictions is by buying gift cards with bitcoin.
Never Rejected
Don't you have it when your transactions don't go through? This is because fiat-based systems depend on third parties. When third parties get involved, you run the risk of your money being restricted, blocked, or accounts being frozen.
You can avoid all of that when you buy gift cards with bitcoin. Bitcoin is a decentralized money system. This means that you don't need anyone's permission to use it and doesn't require third parties whatsoever.
Low Fees
Have you ever noticed the fees racking up when you partake in legacy financial systems? That is the way they operate.
With Bitcoin and crypto, you'll save a ton on fees. You won't have to rely on third-party entities either. You will have to pay a miner fee, but it'll likely be nominal.
Faster Transactions
Legacy financial systems tend to be sluggish. Once you've tried Bitcoin, you'll notice how outdated those legacy systems feel. Depending on the size of your transaction and where it's going, it can take days or weeks to arrive.
No one has time to wait!
When you transact with bitcoin, you'll likely only have to wait minutes to hours. This will depend on how fast you'd like your bitcoin transaction to go (choose the fee), and the blockchain's current congestion levels.
How to Buy Gift Cards With Bitcoin
Are you ready to buy gift cards with bitcoin? Follow the steps below to see how.
Set up a Bitcoin Wallet
The first thing you'll need is a Bitcoin wallet. These come in 2 forms—hot and cold. A hot wallet is connected to the internet. Download one to your mobile device or computer.
It's important to note that while a hot wallet is more convenient, it is also more vulnerable since it's connected to the internet.
If security and privacy are a concern, we recommend buying a hardware wallet. A hardware wallet looks and feels like a thumb drive. It is safer to use since it is 100% offline.
Be sure to keep your private key safe and secure too, since anyone who has access to it has access to your crypto. Remember the mantra—not your keys, not your crypto.
Buy Bitcoin
To get your hands on some bitcoin, you'll need to buy some, right? The easiest and most convenient way to do so is through an exchange. Sign up for an exchange and determine how much bitcoin you'd like to buy.
You'll need to connect a bank account or alternatively purchase bitcoin with another cryptocurrency.
Send Bitcoin to Your Wallet
Once you've bought some bitcoin on an exchange, you'll want to move it ASAP. Keeping crypto on an exchange isn't safe at all. Send your bitcoin to your wallet by copying and pasting the public address or scanning the QR code.
Create an Account
Head to the gift card site and create an account. Once you do, you'll be able to keep a record of your transactions and share your affiliate link.
Buy Gift Cards With Bitcoin
Once you have an account, you'll be able to browse and shop for a gift card. Once you find one you like, find the "buy button".
You will be presented with a public address or QR code and a timer. Copy and paste the public address from the gift card site and send bitcoin! Alternatively, you can scan the QR code on the gift card site.
If everything goes well, you will have a new gift card in your possession.
Shop Til You Drop With Bitcoin
So what're you waiting for? The next time you go on a shopping spree, be sure to buy gift cards with bitcoin.
You'll find everything you're looking for right here on our site. You'll never know how you lived without Bitcoin before. Check out all the gift cards we have ASAP.