Have you ever wondered how to put the Bitcoin in your wallet to good use? Maybe you’re thinking about getting an Amazon gift card for that last-minute birthday gift or topping up your gaming account with a Google Play or Steam card.
Well, whatever the reason you come up with, converting Bitcoin into gift cards is one of the easiest ways to spend your crypto without the stress of traditional banking.
That’s where Paxful comes in. This guide will show you how to buy gift cards with Bitcoin on Paxful, how to set up your account and make a secure trade. Ready to turn your Bitcoin into something useful? Read further!
An Overview Of Buying Gift Cards With Bitcoin On Paxful
Paxful is a digital marketplace, where people from all over the world can trade Bitcoin for gift cards, cash, and more.
Imagine you just got paid in Bitcoin for a project you worked on, but you need to buy groceries from Walmart. Instead of waiting for days to cash out through an exchange, you can get on Paxful, find a Walmart gift card, and use it immediately. Quick, easy, and there are no middlemen to collect hefty fees.
An amazing part is that you do not need a bank account or credit card to start. All you need is just your Bitcoin and a few simple steps which are:
1. Creating Your Paxful Account
Yes, the first thing you need to do is create your Paxful account so you can start trading. Follow the steps below to sign up:
- Go to Paxful’s official website and select “Sign Up”
- Enter your email, create a password, and verify your identity.
- Once verified, you’re ready to start trading. You can also download the app to trade.
As someone who gets paid in Bitcoin a lot, signing up on Paxful has been the best decision ever. Now, I no longer struggle with shopping online and subscriptions.
2. Setting Up Your Bitcoin Wallet
Once you create your Paxful account, it comes with a free Bitcoin wallet. Here, you can store the Bitcoin you need to buy your gift cards. You can transfer Bitcoin from your preferred wallet or exchange to fund your Bitcoin wallet.
3. Exploring Available Gift Cards
Account creation check, Wallet funding check. Now you can explore the available gift cards. Paxful supports multiple gift cards, including the top 10 most popular gift cards bought with Bitcoin:
- Amazon
- iTunes/Apple
- Google Play
- Steam
- Walmart
- eBay
- PlayStation
- Airbnb
- Xbox
- Nintendo
All you need to do is type in the brand of the gift card you want in the search bar to see available offers.
Step-by-Step Guide To Buying Gift Cards With Bitcoin On Paxful
Step 1: Choosing A Trusted Seller
Once you’ve found a good deal, click on the offer to review the trade terms. Sometimes, sellers may have specific requirements e.g. uploading a receipt for the gift card.
Step 2: Initiating The Trade
Select “Buy Now” to enter the trade. The good thing is that Paxful’s escrow system will hold your Bitcoin until the transaction is completed successfully.
Follow the seller’s instructions and provide the necessary details.
Step 3: Completing Payment And Receiving Your Gift Card
Once your payment is confirmed, you will receive the gift card details from the seller. Ensure to redeem the code immediately to ensure it works before releasing your Bitcoin from escrow.
Do not release your Bitcoin before confirming that the gift card details sent to you are valid. Imagine you release your Bitcoin only to find out that the code is invalid and the seller disappears.
Understanding Exchange Rates And Fees
Unlike traditional exchanges, Paxful gift card exchange rates are flexible because they are set by the sellers. This means that the prices vary. Some sellers offer better deals than others, so ensure you compare rates before committing to a trade.
I wanted a $100 Amazon gift card but noticed some sellers listed it for $120 in Bitcoin while others offered it for $995. By comparing different sellers, I can save money and get the best deal.
Now, speaking of sellers, you can’t just trade with any seller. You have to verify the seller’s reputation.
Verifying Seller Reputation
It is always better to be on the side of caution. Therefore, before you select a seller, ensure to check their profile. Here is how to verify Paxful gift card sellers:
- Trade history: How many successful transactions have they completed?
- Feedback score: Do they have positive ratings? Positive ratings indicate trustworthiness.
- Verification badges: Always check for a verification badge. Sellers with higher verification levels are generally safer. Go for sellers who have completed at least 100+ trades and have a positive rating of 95% or higher.
Avoiding Common Scams
As long as it’s an online transaction, scammers will always find a way to insert themselves. As a result, you have to be careful always.
Here are common scams to avoid:
- Fake Receipts: Some scammers will provide you with fake proof of purchase, always double-check with the gift card provider, so you don’t fall prey.
- Shockingly Amazing Rates: If an offer is significantly cheaper than others, don’t jump on it, rather be cautious.
- Off-Platform Transactions: At no point should you agree to complete a trade outside of Paxful’s platform. Doing this removes the protection the platform offers.
Even if you see an offer that is 20% cheaper than the market rate. That’s already a red flag, and if the seller tells you to pay outside Paxful, run!
How To Resolve Your Issues On Paxful Through Dispute Resolution
If your gift card doesn’t work or the seller is not responding, you can open a dispute. Paxful’s support team will review the case and ensure you get a fair resolution.
Frequently Asked Questions (FAQs) About Buying Gift Cards With Bitcoin On Paxful
What gift cards can I buy on Paxful?
You can buy a wide range of gift cards on Paxful, including Steam, Amazon, Walmart, Google Play, and iTunes. The availability depends on the sellers.
How long does a gift card purchase take?
Most transactions are completed within minutes, but if the seller requests verification, it may take a while.
What are the fees for buying gift cards with Bitcoin?
Paxful does not charge fees for buying gift cards, but sellers are at liberty to set their exchange rates.
Conclusion
Buying gift cards with Bitcoin on Paxful is an amazing and seamless way to make use of your crypto. Remember that you can also do the same on Prestmit.
Whether you’re grabbing an Amazon card for shopping or something else, Paxful makes it secure and easy. Trade smart, stay safe, and enjoy the flexibility of Bitcoin-powered purchases!
