People buy gift cards, They give gifts cards to others. But you can buy a bitcoin from Amazon Gift cards. So what’s this thing? How to buy or trade your Amazon gift to Bitcoin. So here you go
Bitcoin is a cryptocurrency or a digital asset or a decentralized currency in which government is not involved in regulation of this. People usually buy from the conventional money which government regulates. People buy Bitcoin from exchange companies. But when you have to buy Bitcoin via an exchange they will verify your documents or KYC what it is called normally in India.
This KYC may take a lot of time, In other words, you have to give all your personal data to the exchange from where you are buying or trading. Making an account on this exchange companies is a different thing but verification usually take a lot of time. Sometimes weeks.
If you have an Amazon gift card or If you want to invest in a smaller amount of Bitcoin you can do these things.
Paxful.com is a website where people exchange their e gift card to the sellers for the Bitcoin. Simple. Mostly simple.
If you want to invest more money it is recommended that you should buy or trade for cryptocurrency via the exchanges only.
People recommend exchanges because their commission is less than the sellers on the website which uses gift cards. For example, if you want to buy Bitcoin worth of $50 you have to more than $60 due to the commission they charge. Log on to paxful.com→create your account→select currency you want to pay for to buy Bitcoin via your Amazon gift card. Simple as that.
But some sellers don’t accept e gift cards because many hackers can easily hack a credit card to buy an e-gift card and when the victim know about it the company would ban the code for the e-card. So, in other words, it a high-risk game for sellers. They usually accept those physical ones. So if you are buying a physical gift, keep the physical receipt seller usually want that too.
The advantage of using the “Gift card” thing to buy a small amount of Bitcoin is that you don’t have to go through the verification thing and compromise on the personal data that is going to the exchange companies. You can store the Bitcoin in your wallet which you have bought.
It is advisable that before investing or buying from a seller do a complete research about the seller and way of accepting the payment. You might end up losing your fund.