Whether you’re new to the world of cryptocurrency or not, chances are pretty good that if you have a gift card lying around at home, you’ve wondered about ways to convert it into a cryptocurrency. For most people, the easiest way to do this is to sell your gift card online for money, and then use that money to purchase bitcoin or ether.
It is possible to buy Bitcoins, Litecoin and other altcoins with Visa gift card. In order to do this you will need to go to your nearest store that sells Visa gift cards and buy the amount you wish to convert into cryptocurrency. You then need to find a crypto place (exchange or a marketplace) that accepts gift cards as a payment method.
There are not too many places where you can trade gift cards for cryptocurrency, but the ones we mention in this list are some of the more trustworthy sites to buy crypto with visa gift card.
If you are looking to Buy bitcoin with fiat money, then the methods available will differ based on a few factors:
- Where are you located (country)?
- How much are you looking to buy?
- What payment methods do you have available?
- How soon do you need access to the proceeds?
- Is financial privacy important?
For paying with a non-reloadable, prepaid GIFT card (VISA/Mastercard/AMEX/Discover) there is:
However, this is a newer service still in BETA so thread cautiously.
Otherwise, an in-person cash trade or an online trade using a P2P trading exchange may possibly be your next best option. You might find sellers who are willing to accept payment with a prepaid VISA gift card, though the fees will be very high.
Best sites to buy bitcoin with gift cards:
Local Bitcoin is a peer to peer Bitcoin exchange. The platform enables users worldwide to connect to buy and sell bitcoins from anywhere in the world.
On the platform, users can:
✅ buy cryptocurrencies
✅ offer to sell cryptocurrencies under their own conditions
To protect users against fraud during the exchange, the platform escrows the amount at stake. That prevents the seller from escaping with the buyer’s bitcoins once they have paid. Localbitcoins only release coins to the buyer once his payment to the seller is confirmed.
If you would have bet on the right coins this year you could easily have 10xed your capital…
You could even have made as much as 100x which means you could have turned $100 into as much as 10k.
Experts believe this will happen again in 2021, the only question is which coin do you bet on?
My friend and cryptocurrency expert Dirk is personally betting on 3 under-the-radar cryptocurrencies for huge ROI in 2021..
Click here to learn what these coins are (watch till the end of the presentation).
Users on the platform are also encouraged to do their due diligence on the person they are carrying out an exchange with. That is highly recommended. Users can check the number of trades the person they want to transact with has had on the platform if their account is verified with an ID card (inclusive of average payment and release times) and other indicators that your counterparty is a legit seller/buyer and not a fraudster.
The buyers and sellers get to agree on the trade terms. They are free to decide their limits and prices.
LocalBitcoin is available in almost every country around the world. The liquidity, however, depends on the number of buyers and sellers in your area.
Unlike most exchanges, with LocalBitcoin, one must physically or digitally connect with the person that they are selling to or buying from.
The buyer and seller also determine the payment method. They are free to use any payment method, including the gift cards we discuss here.
The next crucial question for someone new to LocalBitcoin is whether their personal information is safe. All users are required to submit their email and phone verification. Since 2019, ID verification is also needed for users trading over 1000 dollars.
How fast will I receive my LocalBitcoin on buying it? That depends on the payment method used as bank wires can take days while some methods are more instantaneous, like this one with gift cards.
LocalBitcoins users who create advertisements are charged a 1% fee for every completed trade.
✅ It is one of the oldest Bitcoin exchanges.
✅ In a few countries, purchasing LocalBitcoin is the only way of acquiring Bitcoin.
✅ LocalBitcoin is available in almost every country.
✅ Purchases made with cash deposits usually take about one hour.
✅ Offers a large variety of payment methods
✅ Customer support is quick to respond to the customers’ queries.
✅ LocalBitcoin provides forums in which users can get help or advice from other users.
❌ There are a lot of scammers lurking around on the marketplace. Users have to be very careful.
❌ The transaction speed depends entirely on the seller confirming the payment, which can take a long time.
Paxful was started in 2015 and it is nowadays a large company with numerous offices around the world with over 200 employees.
Like LocalBitcoins, Paxful is a peer-to-peer Bitcoin marketplace present globally with numerous payment methods and safe escrow service that enable fiat to crypto exchange between their users.
The speed of the trades conducted on Paxful depends on the payment method and whether the seller is online.
Payments made using gift cards are among the fastest, followed by Paypal while those using bank deposits, Moneygram or Western Union have to wait more time as the whole process takes longer for both the user and institution he uses (bank clearances, WU procedure).
|Payment Group||Sell Cryptocurrency||Buy Cryptocurrency|
|Bank Transfers||0.5%||no fee|
|Credit/Debit Cards||1%||no fee|
|Digital Currencies||1%||no fee|
|Online Wallets||1%||no fee|
|Goods & Services||1%||no fee|
|Gift Cards||3% for all gift card types 5% iTunes and Google Play cards||no fee|
|All cryptocurrency conversions||0.5%|
At this stage, the seller cannot cancel the transaction. On the other hand, the buyer has a limited time frame in which they are to send the money to the seller to have the trademarked as ‘complete.’ If the buyer fails to send the funds within the allowed time frame, the transaction is canceled. The Bitcoin is automatically transferred back to the seller’s wallet.
✅ The platform offers a wide variety of payment methods.
✅ Users get to enjoy the benefit of a responsive support forum.
❌ Transactions may take a while if the seller is slow to confirm he received the payment
❌ There is the possibility of users being scammed.
Setting up your VISA Gift card
Every VISA gift card has a number on the sticker on the front. To activate one’s card using their phone, they must verify the card’s account number and card verification number by entering it into their keypad.
If there is no sticker on the card, dial the number on the back of the card. That is the customer service number. On calling this number, users follow the necessary button prompts to activate their VISA gift card.
Can I purchase Bitcoin anonymously using a VISA gift card?
In most cases, when you purchase your VISA gift card, there is no requirement to provide the merchant with any identification. In this sense, you can purchase the card anonymously. However, when you try to convert that card into cryptocurrency, it gets tricky as LocalBitcoins and Paxful have very low limits an unverified user can trade on their platform before their mandatory KYC process triggers; meaning that you can buy bitcoin anonymously using a VISA gift card but only in very small amounts.
CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com