Data shows that billions of unused gift cards go to waste every year. Even Forbes revealed that many businesses issue gift cards with the understanding that people are not going to use the large number of gift cards they issue. This is because the issuing companies tend to make additional profits when these cards are unused. So why do you want to lose your money to card issuers when you can get the best from the digital asset? This article guides you on converting gift cards to Bitcoin in Nigeria.
Why Convert Gift Cards To Bitcoin?
Gift cards and Bitcoin are digital assets of real-time value, making them viable in today’s market. But as gift cards are designed to serve different utilities, Bitcoin continues to gather momentum, attracting more investors and maintaining its dominance in the crypto space.
While Bitcoin has smashed the psychological $100K level, analysts remain optimistic that the coin will rally to $500K by 2027. Whether this prediction will come to fruition or not, one sure thing is that the Bitcoin market is bullish at the time of writing this article.
So broadly speaking, you can convert gift cards to Bitcoin for:
- Investment Potential: Having a gift card does not guarantee appreciating value compared to Bitcoin, which is popular as a great store of value and hedge against inflation.
- Global Use: While some gift cards come with regional/country restrictions because they are tied to stores, Bitcoin has emerged as a universal currency many businesses support as a payment method.
So, by and large, the decision to convert gift cards to Bitcoin comes up when you want to get a better value from your card than cash, which is the common payment method.
Step-by-Step Guide To Convert Gift Cards To Bitcoin
Step 1: Choose A Trusted Platform
You need to research and choose a platform that enables the conversion of gift cards to Bitcoin. One of the platforms that facilitates trade in Nigeria is Prestmit.
Step 2: Create An Account With The Trading Platform
You must create an account with the platform by providing basic details like your email, name, and maybe a form of identification to complete the KYC (Know Your Customer) procedure for security purposes. You may also need to link your Bitcoin wallet to your new account since you exchange gift cards for Bitcoin.
Step 3: Release Gift Cards And Exchange For Bitcoin
To convert your gift card to BTC, you must submit the card details, which may include uploading the image of the gift card, entering the card details, or entering the card receipt number (if required).
Once you’ve submitted these details, the platform will process your transaction.
Step 4: Withdraw Bitcoin Into Wallet
A successful transaction would enable the transfer of BTC into your wallet, which is the equivalent of the amount of gift card you converted.
Safety Tips To Converting Gift Cards For Bitcoin In Nigeria
1. Trade On A Reputable Platform
It is common knowledge that gift scams are on the rise, with malicious entities developing different strategies to steal unsuspecting users’ cards. That is why it is imperative to convert your gift card to a trusted and reliable platform that will give you peace of mind.
You need to be more cautious when selling your gift card on peer-to-peer (P2P) marketplaces or social media platforms, as these are where scammers are mostly found to steal your card.
2. Stay Updated With The Bitcoin And Gift Card Market
You must know the trends and events around Bitcoin and gift card markets to guide your decision to convert your card. The Bitcoin market is highly volatile – meaning that BTC prices can swing within the twinkle of an eye. Therefore, you may need to convert your gift card to Bitcoin if the price is favorable.
3. Provide Correct Bitcoin Wallet
While some believe that Bitcoin can be traced, the fact remains that recovering a missed BTC is not an easy task. Therefore, providing a correct Bitcoin wallet address to the platform on which you are converting your gift card to Bitcoin is essential.
As a rule of thumb, you can copy and paste the wallet address to ensure the funds are sent to your wallet and not mistakenly to another wallet.
Best Platform To Convert Gift Cards To Bitcoin In Nigeria
Prestmit is a digital asset marketplace on which you can exchange your gift cards by selling them for cash or crypto assets like Bitcoin, Litecoin, Dogecoin, and USDT. The platform has a large catalog of gift cards you can convert to Bitcoin. Some of the cards on Prestmit are Amazon gift cards, Apple gift cards, Steam gift cards, Sephora gift cards, AMEX gift cards, etc.
Notable as one of the best digital trading platforms in Africa, Prestmit enables you to enjoy seamless, safe, and profitable trading through innovative features like a gift card rates calculator, low trading fees, sophisticated security, lightning-fast payment, and responsive customer support.
How To Convert Gift Cards To Bitcoin On Prestmit
Here are the quick steps to sell gift cards for BTC:
- Visit the official Prestmit website or download the Prestmit app on the Google Play Store or Apple Store.
- Create a Prestmit account and log in.
- Click “Gift Cards” and choose “Sell Gift Cards.”
- Choose “Bitcoin (BTC)” as your preferred payment method.
- Select the “Gift Card Category” and choose the “Gift Card Type.”
- Enter the “Amount” of the gift card you want to convert.
- Upload the gift card image or enter the code in the comment section.
- Enter your Bitcoin address and follow the prompts to complete your transaction.
- You will receive payment in your Bitcoin wallet immediately after confirming the transaction.
Frequently Asked Questions (FAQs) About Converting Gift Cards To Bitcoin
What Is The Minimum Amount Of Gift Cards I Can Convert to Bitcoin?
The minimum amount of gift cards you can sell for Bitcoin depends on the platform you are using. So you must confirm the minimum amount of gift cards to trade with your preferred platform.
What Is The Best Place To Trade Gift Cards For Bitcoin In Nigeria?
Prestmit is the best platform to convert your gift cards to BTC in Nigeria. This platform supports a wide range of gift cards, with low trading fees and fast payout, to give you an excellent trading experience.
How Long Does Converting Gift Cards To Bitcoin Take?
The time required to convert your cards to Bitcoin depends on your platform. If you’re using a P2P platform, how fast you get buyers is a function of the rate you offer and theirs.
However, an over-the-counter (OTC) trading platform like Prestmit makes conversions fast, as you can use the gift card rate calculator to know the exchange value of the card in Bitcoin, which you can use to proceed to sell immediately.
Conclusion
Gift cards and Bitcoin are great assets to own because of their real-time value. But as trade is a lifestyle, you may want to convert gift cards into Bitcoin, which continues to buzz in the crypto market. So converting your gift cards to Bitcoin is easy when you use a reliable and reputable platform that provides you with every trading tool you need.
