Gift Cards are prepaid cards that are used to buy any listed item in a store. Basically, Gift Cards are a substitute for cash, instead of making payments with cash and bearing the risk that comes with it, you can buy a Gift Card with a particular credit value and use it for all your shopping.
People use Gift Cards for different reasons which can be; purchasing goods and services from physical and online stores, sending seasonal gift packages or trading for cash or crypto like Bitcoin.
Gift Cards are sold all over the world in many grocery stores and most especially, in online stores that specialize in the sale of Gift Cards. Depending on the type of Gift Card you want, you can always find it around you as long as you know where to look.
There are so many ways one can buy Gift Cards in these designated stores and peer-to-peer(P2P) platforms like Paxful. It could be the use of cash, credit/debit cards, wire transfer, some even accept payment via Bitcoin.
In this article, the methodology of buying Gift Cards with Bitcoin, as well as other information about Gift Card trading on Paxful, will be fully explained.
Paxful is a peer-to-peer website and app that enables users to buy and sell cryptocurrencies like bitcoin, etheruem, and tether. It accepts over 350 different payment options, including Gift Cards. Paxful is used by many people all around the world to sell their Gift Cards.
Paxful is unique in that gift cards may only be sold for cryptocurrency and vice versa, the cryptocurrency and Gift Cards are automatically deposited to your Paxful wallet. Gift cards are, without a doubt, one of the authorized means of payment for any crypto. As a result, you can use your Gift Card to purchase any cryptocurrency and use any crypto, especially Bitcoin to purchase a Gift Card. You can, however, sell the Gift Card for bitcoin or cash later if you find a desirable buyer.
What Is Bitcoin?
In a white paper published in 2008, Satoshi Nakamoto, a pseudonymous individual or group, designed Bitcoin. Bitcoin is a digital currency that allows for safe peer-to-peer transactions over the internet, and it’s a very straightforward concept.
Bitcoin promises lower transaction fees than other online payment systems, and, unlike government-issued currencies, it is managed by a decentralized authority.
Because Bitcoin is encrypted, it is classified as a cryptocurrency. There are no physical bitcoins; instead, balances are kept on a public ledger that anyone can see, though each record is encrypted.
How To Buy Bitcoin On Paxful
As a Paxful dealer, it’s now simple to sell Bitcoin. You have complete control over your rates, as well as over 350 payment alternatives to receive cash for the Bitcoin you sell. Because Paxful is a peer-to-peer platform, you can sell your Bitcoin to millions of people all around the world. The platform makes it simple for both learners and seasoned traders to benefit. To buy Bitcoin on Paxful instantly, you have to do the following;
1. Create a Paxful account and log in
2. Create a list of prerequisites:
Select your chosen mode of payment and the maximum amount of Bitcoin you’re ready to sell. You can also specify your favourite currency and location. When you’re finished, click Find Offers. You will be presented with a list of appropriate offers from which to choose.
3. Review offers:
Before choosing an offer, double-check all relevant information about the buyer, such as their name, reputation, level of verification, and rate per Bitcoin. When you’ve discovered a good deal, click “Sell”. It won’t open a deal just yet, but it will walk you through the buyer’s offer terms and conditions.
4. Start the transaction:
If the buyer’s terms are acceptable to you, enter the amount you’re willing to trade for and click “Sell Now“. This will initiate a live trade conversation and transfer your Bitcoin to the secure escrow account. Carefully read and follow the directions provided. You can release the Bitcoin once your buyer has completed their part of the transaction and you have received payment. After the transaction, you can get a public receipt.
Paxful offers a secure escrow solution to its buyers and sellers. When both parties agree on a transaction, the platform transfers the Bitcoin from the vendor to Paxful’s escrow account. Even if the seller wants to, the deal cannot be cancelled at this point. Meanwhile, the buyer is given a certain amount of time to execute the transaction using the preferred method. The platform will automatically cancel the contract if the buyer does not pay within the specified time range.
The transaction is considered complete if the trade confirmation is successful and the platform terms are followed. The transaction is completed when Bitcoin reaches the buyer’s wallet.
Paxful moderators settle disputes by conducting a thorough investigation of the trade, which includes transaction details, chat transcripts, and more. Technical flaws are also taken into account. Paxful, on the other hand, keeps a tight lid on scammers, so most transactions go successfully.
How To Buy Gift Cards With Bitcoin on Paxful
You can also exchange Bitcoin for Gift Cards on Paxful by selling the Bitcoin to other peers on the platform. The platform gives room for users to buy any type of Gift Card with their Bitcoin as long as it’s available for purchase.
Simply check the Paxful page for Bitcoin to Gift Card trading, input the necessary information needed and get your Gift Card in the registered location or address.
Are There Extra Fees On Paxful?
Buyers do not have to pay anything to make a purchase. The charge, on the other hand, is levied on the sellers. This is where Paxful may irritate some people! The platform, as well as their website, do not charge any fees.
Sellers, understandably, deduct a percentage of the transaction amount as a fee to cover their costs. Furthermore, all merchants have to charge rates that they set according to their preferences. ‘To pay – on the Dollar’ is the title of the fee. Choose the seller based on the fees they charge.