Is it Safe to Buy Gift Cards with Bitcoin? Here’s What You Should Know
Ever since bitcoin was created in 2009, there is no other time it has ever become more popular than in the past 6 to 7 years. We have seen companies and many businesses include cryptocurrency in their payment methods and even heard some big names in the business sector say it is the currency of the future. Because of this, more people want to buy bitcoin and investing in it to get a piece of the pie.
Even though cryptocurrency is a big thing right now, cashing it out or even using it as a means of payment can be challenging since some businesses don’t accept it as a means of payment. Even though this is a big problem to most, we have seen most people overcome it by just using cryptocurrency to buy gift cards and use them for shopping. I know most people wonder if doing so is possible, and the answer is that it is possible to buy whatever you want using cryptocurrency. Here is what you should know about buying gift cards with cryptocurrency.
About gift cards and their rise to popularity
Gift cards, mostly referred to as vouchers and even sometimes gift certificates, are prepaid stored-value money cards given out by businesses and specific brands for purchases instead of money. Over the past few years, there has been a considerable increase in the use of gift cards due to their ease of use. In addition to this, carrying around gift cards is considered safer than carrying money around, which is one of the reasons why most people tend to prefer it as a means of payment. Almost all large online retailers like Amazon, Apple and others accept the use and even have their own gift cards to facilitate buying from their stores.
Why buying gift cards using cryptocurrency is the solution
Due to the low acceptance of purchasing directly with cryptocurrency, using gift cards is the best option for those looking to shop using cryptocurrency. Many platforms nowadays allow their customers to buy gift cards with bitcoin and other cryptocurrencies safely without having to worry about being scammed. The crypto trading platforms also offer several different types of gift cards you can buy using cryptocurrencies, thus widening the options of things you can purchase using your cryptocurrency.
Benefits of using gift cards and why buying them using cryptocurrency is a great idea
Gift cards can stay for longer without expiring
If you are concerned about the value of any cryptocurrency, you own taking a dip, exchanging it for gift cards of the same value is the best option. Gift cards have different life spans: some are good for weeks, while others can take years to expire if not used. You can use the gift cards for shopping or even use them to buy cryptocurrencies when a peak in value is predicted and make even more through cryptocurrency trade.
Businesses that allow the use of gift cards will attract a new audience
Since cryptocurrency is not widely accepted as a means of payment by many online and offline retailers, purchasing gift cards to purchase anything will attract a big chunk of crypto traders to the business. Allowing the purchase of gift cards using cryptocurrency as a mainstream way of purchasing gift cards for shopping is beneficial both to the business and crypto traders.
The transactions are secure
For most people looking to trade using cryptocurrency, privacy is their primary concern. And since gift cards are not issued with the buyer’s details, anonymity and privacy are maintained.
Is it safe to buy gift cards using cryptocurrency?
When it comes to safety of buying, the answer is yes. However, safety is only guaranteed if you use appropriate channels or platforms to buy the gift cards. However, if you use other channels like buying from strangers, it might not be safe as there are many cryptocurrency scammers on the internet ready to get cryptocurrency illegally.
If you plan to buy gift cards using cryptocurrency, or even when you buy cryptocurrencies, always be aware that it is a risky trade. So, familiarizing yourself with some of the big risks is a good step in protecting yourself.
Ways to protect yourself from scammers when you buy gift cards with cryptocurrencies
- Always buy from trusted crypto trading platforms.
- Before releasing your cryptocurrency, make it a habit to check if the gift card you are buying has been redeemed. Some fraudulent scammers sell gift cards that have nothing in them.