Are you interested in selling your gift cards for Bitcoin in Kenya? Then, you may need to join me as I teach you how to do the trade in this East African country.
It is no news that digital assets like gift cards and cryptocurrencies are gaining traction across the world, with Kenya not an exception. This is owed to the broad understanding that these assets have a real-time value, making their trade highly lucrative. So, if you are in Nairobi, Mombasa, Kisumu, or Nakuru, let’s dive deep into converting gift cards to Bitcoin in Kenya.
Why Sell Gift Cards For Bitcoin In Kenya?
Most companies that issue gift cards usually state that the voucher cannot be redeemed for cash at their stores. But the reality is that sometimes, we receive gift cards that we do not want or use, especially in Africa. So, it’s a relief to hear that you can sell gift cards for Bitcoin in Kenya.
Notably, Kenya is the biggest crypto market in East Africa, even as the crypto adoption in the country continues to grow. This is evident in a 2022 report by the United Nations Conference on Trade and Development (UNCTAD), which revealed that 10% of the Kenyan population owned some form of cryptocurrency.
While some reports found that the high crypto adoption was due to the country’s sizable unbanked population, others claimed it was driven by increased awareness among youth and high internet penetration.
But whatever the driver(s), one thing is certain—Kenya is a big market for crypto trading, especially for an asset like Bitcoin.
So, if you can’t redeem your gift card—either because of geographic restriction or because it does not interest you—selling that card for Bitcoin would be a great option.
What Gift Cards Can You Trade for Bitcoin in Kenya?
In Kenya, certain popular gift cards can fly for Bitcoin exchange, and they are as follows.
1. Amazon Gift Card
The Amazon gift card is very popular in Kenya and is in high demand. It’s a voucher that will always get off the metaphorical shelves, and the demand provides the availability of customers willing to trade in Bitcoin.
2. Google Play Gift Card
Google gift cards are well-known everywhere, including in Kenya. With these cards, one can access various apps, books, and movies and even pay for subscriptions. So, there’s a demand for it in Kenya, and the potential buyers would happily trade with Bitcoin on the right platforms.
3. Steam Gift Card
Steam is the game enthusiast’s gift card. You’ll be surprised to learn that Kenyan gamers are ready to trade their Bitcoin for a Steam card.
4. Apple Gift Card
Apple users will always need credit for various purposes. It’s one of the most popular gift cards in Kenya. According to Statista, about 4% of mobile phone users use an iPhone, which translates to about 2 million users. So, best believe you’ll find people willing to exchange their Bitcoin for your Apple gift card.
Factors To Consider In Choosing The Right Platform For Gift Card Trading
1. Gift Card Availability
You must choose a reputable platform that supports the gift card you want to sell. This is an important factor to consider because some trading platforms support only a few gift cards, while others have a wide catalog.
2. Bitcoin Payment Option
While cash is the popular payment method for selling gift cards in Kenya, it is imperative to look for and choose a platform that supports Bitcoin payment. This will save you the hassle of receiving payment in cash and later using it to buy Bitcoin.
However, a platform that supports Bitcoin payment will only request your BTC wallet, which you will use to receive payment for selling your gift card. This prevents certain losses due to fluctuating exchange rates.
3. Read Reviews
Customer reviews say alot about the reputation of a gift card trading platform. This can be within the premise of how reliable/unreliable their payment is or even in terms of security on the platform. The review can also be about gift card rates – perhaps their rate is high or low. These would enable you to make informed decisions about the platform.
Top Platforms To Sell Gift Cards For Bitcoin In Kenya
1. Prestmit
Prestmit is a virtual asset marketplace where you can sell your gift cards for Bitcoin in Kenya and across the world. You can sell popular and less popular cards of different types, currencies, and denominations. Prestmit has an automated gift card rates calculator that enables you to know the amount of Bitcoin you will receive after selling your card. As such, its operations are not shrouded in secrecy.
Some of the features are as follows.
- Low trading fees
- Very high security.
- Supports all major gift cards
- Easy to use
- 24/7 customer service
2. Paxful
Paxful is a peer-to-peer (P2P) trading platform on which you can directly sell your gift cards to available buyers who want to pay in Bitcoin. This is like interfacing with a prospective buyer in the market, where the two parties negotiate for the best rate for them.
See some features below.
- Moderate trading fees.
- Escrow service
- Faster trade chat
- Platform supports major and minor gift cards.
3. CoinCola
CoinCola allows its users to trade gift cards for Bitcoin using their Buy BTC feature. So if you want to use this platform, you’ll select the Buy BTC option. The platform says it is equivalent to selling your gift vouchers for Bitcoin. Check out some of its features.
- Low trading fees
- Strong security.
- Platform supports fiat trade for crypto and gift cards as well as crypto-crypto exchange.
Step-by-Step Guide To Sell Gift Cards For Bitcoin In Kenya
Step 1: Create An Account With The Platform
You must create an account with your preferred platform on the web or via its mobile app. This often involves providing your basic details, such as your email address and name.
Step 2: Verify Your Account
To verify your account on the platform, you must follow some steps. This can be done by completing the KYC (Know Your Customer) procedure, which is part of the AML regulations that bind most trading platforms.
Step 3: Initiate Trade To Sell Gift Card
This step is where you will navigate across the platform to sell your gift cards. You may find options like “Sell Gift Card.” Once you’ve started the trading process of uploading your gift card image or card details, you can proceed to choose “Bitcoin” as your preferred payment option.
Step 4: Provide Bitcoin Wallet Address
Provide your correct Bitcoin wallet address on the platform or to the buyer. However, it is essential to give a correct BTC wallet address, as you may lose your funds if the coin is sent to the wrong address.
Step 5: Confirm The Transaction
At this stage, you’ve completed your transaction and will receive your BTC in your wallet.
How To Sell Gift Cards For Bitcoin On Prestmit In Kenya
Here are quick steps to convert your gift cards to BTC:
- 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 your card from the “Gift Card Category” and choose the “Gift Card Type.”
- Enter the “Amount” of the gift card you want to sell.
- Upload the gift card image or enter the card code in the comment section.
- Follow the prompts to complete your transaction.
- You will receive payment immediately after the transaction is confirmed.
Best Practices on How to Sell Gift Cards for Bitcoin in Kenya
To successfully sell your gift cards in Kenya, follow these safety precautions, tips and hacks for rainy days.
Safety Precautions When Trading
- Ensure you’ve chosen a credible platform.
- Carry out your trades on your own devices.
- Use strong peculiar passwords that will prevent anyone else from trading your gift cards without your consent.
- If you’re trading on a P2P platform, trade with trusted holders only.
- Use an escrow service if the platform does not make provisions for one
Tips to Maximise Your Profit and Minimise Risks
- Carry out some research to know the current rates of your gift card.
- Choose a trader with good trading history.
- Report any suspicious requests or behaviour to the customer service team of your chosen trading platform.
How to Manage Disputes During the Gift Card Trading Process
- Use an escrow service to promote transparency if the buyer is not confident that the trade is legit.
- Ensure you can prove that you own the gift card.
- Contact customer care to intervene if the issue escalates beyond your control.
FAQs on How to Sell Gift Cards For Bitcoin in Kenya
Q: Can I sell gift cards in Kenya?
A: Yes. You can sell your gift cards for Bitcoin or cash in Kenya. As long as you have all the card details and it is moderately popular, buyers will be willing to trade with you for crypto or cash.
Q: Where can I sell gift cards for Bitcoin Kenya?
A: Gift card trades take place mainly on P2P trading platforms. You can find some of these platforms online, such as Paxful and Coin Cola.
Q: What gift cards are acceptable in Kenya?
A: Several gift cards are acceptable in Kenya, but only the most popular gift cards have ready buyers willing to trade with Bitcoin. The most common brand vouchers can sell for Bitcoin in Kenya are Amazon, American Express, GooglePlay, Steam, VISA, Apple and iTunes gift cards.
Q: How can I sell gift cards in Kenya?
A: To sell your gift cards in Kenya, you must create an account on one platform that facilitates this type of trade. Afterwards, the process is relatively simple. If required, you set a seller profile and wait for buyers to initiate a trade. You may also initiate an exchange with a Bitcoin seller looking to be paid with your particular gift cards.
Bottomline
Gift cards are pretty standard in today’s clime. So if you have a card you don’t plan on using, you can simply sell your gift cards for Bitcoin. If you live in Kenya or need a platform that supports trade from the country, many of them are trustworthy.
Trading gift cards for Bitcoin could be the investment opportunity you’ve been searching for, especially if you want to break into crypto.
Ensure you choose a credible platform and avoid disputes as much as possible by being transparent. Save yourself the heartache of being scammed by using an escrow service or verifying the authenticity of your potential trade partner. Now, go on and get rid of those cards from your wallet.
