Amazon gift cards are certainly the most popular type of gift cards found in the Northern America. Since recently, you can use them not only to make purchases with the world's largest online retailer, but also to buy BitCoins. This is by far not the cheapest way to purchase the crypto-currency, though. The BTC price offered to you will be significantly higher than the real BitCoin market price at the given time. The difference between the two prices can range from 20% to 100%! That means, if the market price of BitCoins is, say, $2,500 per unit, you may end up purchasing it for as much as $5,000 per unit.
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Another important aspect is, quite few exchange platforms in the crypto-currency market accept Amazon Gift cards as a means of payment for BTC. As of this writing, there are only two large and reputable exchange websites that offer this kind of services: Paybis and Paxful. The principles of their operation are profoundly different; each of them if tailored to suit the needs of a particular category of BTC users. Let us review either of them briefly.
Paybis is a textbook large exchange platform that works with the leading crypto-currency (BTC), a dozen of online currencies, bank and cash transfers, and other means of payment. The latter includes gift cards from such retail giants as Amazon, Walmart and Target, as well as any gift cards bought in the USA.
The step-by-step process of purchasing BTC with an Amazon gift card on Paybis.com is fairly simple:
- If you haven't yet performed an exchange transaction with this service, your first step is to set up an account. Luckily for busy people, Paybis features a quick sign-in option via Google or FB.
- Sign in, select the necessary exchange parameters and specify the value of the Amazon gift card you wish to trade for BTC.
- This kind of exchange transaction does not require you to verify your ID (consider yourself lucky, as Paybis has a particularly time-consuming verification procedure). You only need to upload clear photographs of the Amazon gift card and the cash receipt for it.
- One more click and your purchase is completed. New customers will have to wait for 24 hours for the funds to reach their BTC wallet. For repeat customers, the transaction is almost instant.
Worth nothing, Paybis imposes certain restrictions on Amazon gift card to BTC exchange transactions. The platform only accepts physical gift cards purchased in the USA. In addition, you will not be able to complete the transaction unless you can provide a photograph of the cash receipt.
As for fees and commissions, Paybis charges a whopping 15% percent of the transaction amount. Another 7% is the Amazon gift card commission, and the Bitcoin commission is fixed at $0.60. The trading limits offered by Paybis are very small: $10-$300.
Paxful operates on completely different principles as compared to Paybis. Here you do not trade with the exchange platform itself. Instead, the website aggregates the offers of individual traders from all corners of the globe, and you get to choose the one that suits you best. Paxful establishes neither the minimal and maximum trading amounts, nor the selling price of the given currency. All these details are determined by the individual seller. A price that is more favorable for the buyer often comes with slower transactions, a lower level of privacy, and lower overall convenience of the transaction.
When you decide to purchase a certain amount of BitCoins on Paxful.com using an Amazon gift card, you should take into account the following aspects:
- The seller's reputation. Before initiating a transaction, check out the seller’s profile: how many positive and negative reputation points they have, how many trades they've performed, etc. Do not engage with sellers that appear shady, even if they are offering the best price (unless you absolutely can afford losing the money).
- Examine the trading conditions specified by the seller. Some BTC sellers only accept physical Amazon gift cards and require your to provide cash receipts. Others don't demand receipts and/or accept e-codes. With some sellers, you may need to provide your ID and complete the verification procedure.
- Have a look at the minimum and maximum amounts per transaction set by the seller. For instance, if the value of your card is $1,000, you will not strike a deal with a seller that has specified the max limit per transaction at $500.
- Check out the amount of BTC you'll be paid on the dollar. Speaking of Amazon gift cards, if you get more than $0.75 on the dollar, it's a great deal.
- Check out the rate per one BitCoin. This is the price per one unit of the crypto-currency if you decide to buy from the given seller. For Amazon gift cards, a rate that is 20-30% less favorable than the market price is considered a good deal.
After you've selected a seller, you have to sign in, enter the value of the gift card you want to trade for BTC and meet all the seller's requirements (e.g. ID verification) in order to complete the transaction. If anything is unclear to you, you can initiate a live chat session with the seller, or resort to the Paxful customer support service.