What’s great about using Amazon Gift Card to purchase Bitcoin is the fact that you are able to practically get it anywhere. You just need to provide your Amazon Gift Card code to the seller and you are good to go and Bitcoin would be credited into your wallet. No hassle of creating an account or compromising personal information. That is why some people would prefer using Amazon Gift Cards for their Bitcoin transactions.
Where to get Amazon Gift Cards
An Amazon Gift Card would come in two forms; the physical card and an e-gift card. You can customize an Amazon e-Gift Card for any specific amount from $1.00-$2,000.00 USD. You can also choose from pre-made e-Gift Card amounts. After you have decided on how much you are going to get, just send it to your email address and you are ready to purchase your Bitcoin using an Amazon e-Gift Card
You can try and create your own card on through this link.
Physical Amazon Gift Cards would come in $15, $25, $50 and $100 denominations and are sold by groceries, drug stores, convenience stores all throughout the United States. Please be advised that denominations vary by retailer store and country of purchase.
How to use your Amazon Gift Cards to buy Bitcoin?
The next step would be to visit a website like Paxful.com that accepts Amazon Gift Cards as payment and choose the currency you want to pay for the Bitcoin, select Amazon Gift Card (payment method) then click on search.
Here are the open offers for Amazon Gift Card at Paxful.com. Please take note on the “to pay on the dollar” row. I clicked on the first seller which is btc247 where the listing rate is $0.82 on the dollar. Total would be $61.00 if I was to buy $50.00 worth of Bitcoin from this seller.
If you scroll further down, you will be able to see sellers that accept e-Gift Cards as payment. Some sellers, especially the one I clicked, doesn’t accept e-Gift Cards and has transaction procedures that you need to follow for a successful trade.
The risks involved using Amazon Gift Cards
If you want to purchase Bitcoin using Amazon Gift Cards, then you need to know about the risks involved. For a buyer, you need to make sure that if you purchase a physical card; do not lose the receipt as this is what sellers require you to have.
For a seller, the risk is high for them as fraudulent purchases are their worst enemy. There is no way of checking the card’s value without trying to enter it in your account, that’s why sellers would have a list of transaction procedures. Most of the sellers would only trade with people that purchased the physical card using cash with a receipt proving the purchase. A lot of scammers and hackers can easily get people’s credit card details and buy gift cards and buy Bitcoin with it. Once the owner of the hacked card notices, they would then dispute the charge and the seller would automatically lose the trade.