Every year, consumers spend more than $130 billion on gift cards. Unfortunately, about $1 billion of this amount in gift cards goes unspent. The crypto economy is solving this problem by allowing people to exchange gift cards for Bitcoin, the top cryptocurrency by market cap. This opportunity has a lot of merits because Bitcoin has a wide range of uses that could generate a profit. In this article, you will discover the top five reasons to sell gift cards for Bitcoin. If you want to listen to a podcast of the founders Mike and Kyle talk about this in detail, check it out, How to Turn Your Gift Cards into Cryptocurrency
You Did Not Like a Gift Card You Received
Sometimes, gifts can miss the mark. But that does not mean you cannot exchange them for something that you want. This is especially true for gift cards because they are easily tradable with other commodities. So, if you receive a gift card that you do not like from a family member, friend, or colleague, you can sell it for Bitcoin. This is something that people are already doing and you can join in the action as well.
Examples of platforms where you can sell gift cards for Bitcoin include Redeeem, Paxful, Purse and Gyft.
To Participate in Speculative Investment
According to an article on Coindesk, Bitcoin was the best performing asset in 2019. The cryptocurrency performed better than traditional assets like gold, stocks, and bonds, a reflection of its popularity across the globe. What’s more, Bitcoin recorded gains of over 9,000,000 percent in the last decade as of December 2019. Therefore, there is a lot of potential in Bitcoin investment for people that go about it cautiously.
There are many ways to invest in Bitcoin. For instance, you could hold and sell it in the future for a profit or you could register on an investment platform that will trade Bitcoin for you. You could also let it earn interest in Nexo.io. In fact, we wrote an article on all the free ways your can learn about the best blockchain and cryptocurrency resources. So, why hold gift cards you will never use when you can sell them for a cryptocurrency that could make you money?
To Acquire a Stable Cryptocurrency
Stable currencies are all the rage right now for investors that want to avoid the risks of volatile cryptocurrencies. As a result, you can sell a gift card for Bitcoin then trade it for stable cryptocurrencies like Tether, USD Coin, and Carbon.
Such coins are "stable" because stable assets like fiat money or gold are used to back them up. Moreover, other stable coins use algorithms to maintain stability. Consequently, stable coins offer a suitable investment option that could potentially earn you a profit.
To Send Money Internationally
Bitcoin makes it easy to transfer money across borders hence powering the remittances market. Nigerians in the US, for example, are purchasing gift cards for cash then sending a photo of it and the proof of purchase to their family members back at home. The recipients then sell the gift card for Bitcoin on a platform like Redeeem (coming soon!) which they then trade for their local currency.
While this process does appear long and tedious, Bitcoin’s role in changing the remittances market is bright if recipients can use it to pay for day-to-day uses like food.
To Generate Extra Revenue
Businesses that accept gift cards as payment might decide to sell and trade them for Bitcoin instead of fiat. With gift cards trickling in almost every day, such businesses can make money through gift cards-to-Bitcoin trading.
Businesses could use the extra income to improve their services or to roll-out new products. Often times offering a gift card as a method of payment converts better than credit cards, because the user can use store credit (for Amazon gift cards) to send over the e-gift card.
How to Stay Safe
If you plan on selling gift cards for Bitcoin, here are some tips:
- Only trade on trustworthy platforms. In case you are trading on a peer-to-peer sites, review the feedback ratings of your seller. Also, find out if the platform has verified the seller or not. On Redeeem you can see the Seller info on every trade offer.
- Do not reveal the gift card details until you confirm the trade, or you know the code will not be revealed to the buyer in the case of Redeeem.
- Probably begin with a small trade before graduating to larger trades. This will give you a feel of how the process works and build your confidence. It also minimizes the risk of losing a lot of money to a fraudulent seller
Gift card-to-Bitcoin trading is a chance to earn money and to understand how cryptocurrencies and blockchain technology work. Therefore, visit Redeem now to make your first trade.