We ought to be creative with our monies in this age, especially during a time like now with the coronavirus pandemic. With the advancing technology, anything can be converted to currency, like the growing trend of exchanging retailers’ gift cards with crypto like Bitcoin (BTC).
How does it Work?
Just like your typical transaction in the financial markets, instead of fiat to crypto, you trade with gift cards. If you have a spare gift card that you do not want anymore, you could exchange it for BTC. This way, not only do you save the pressure of purchasing something before the gift card expiration, but also land yourself a potential to earn income with your BTC.
Even at this age, not all countries have the luxury of retail banks, especially in developing countries like Africa. In such cases, transacting with digital monies is way more convenient and affordable.
Covid-19 has resulted in the world’s financial system facing a value decrement in fiat currencies, some countries even facing a fiat shortage — This is where people turn to digital currencies and use their gift cards instead. Gift cards of major companies are common in exchanges like DigiFinex.
Major companies include:
- Amazon Gift Card
- Amazon DE (Germany) Gift card
- iTunes Gift Card
- Apple Store Gift Card
- Google Play Gift Card
- Steam Gift Card
- Sephora Gift card
- Nike Gift Card
- Walmart Gift Card
It’s a Season of Gifting
Sending gift cards to friends and families in developing regions such as Africa, South America, Southeast Asia, and Eastern Europe, is way easier and faster than wiring money via banks. Besides, converting them into Bitcoins, Ethereum, and other Crypto assets enables people to safeguard their wealth from hyperinflation. Most importantly, the increasing price of Crypto assets has even brought them an additional income source and a novel idea of starting a business.
Send Monies to your Loved Ones at Low Fees
Unlike your conventional banks, most crypto transactions are possible with affordable fees (some even at 0%!); this is the same for crypto-gift card transactions. You’d no longer have to think twice to gift your loved one at long distances.
Some Tips for You
We always have to be careful with our trades, no matter how safe and reputable exchange is. Here are some tips for you to kickstart your crypto gift card journey:
1. Familiarise yourself with the entire P2P/gift card trading process before making a trade.
2. Start with small trades and gradually increase the order limits.
3. Gift card sellers should ensure that the gift cards are authentic, unregistered, unused, and unlocked, and valid in the United States of America, denominated in USD. A platform like DigiFinex maintains zero tolerance for any fraudulent activities.
4. Gift card buyers should only trade if they can bear the risk of BTC price fluctuations. We all have to be sure to confirm receipt of gift cards equivalent to the full amount of the order before confirming a transaction
Exciting Days Ahead
The introduction of trading crypto with gift cards has once again opened more doors for people to adopt cryptocurrencies in their daily lives. With a few clicks, one could gift a loved one a gift card and make a crypto transaction. As the fiat system faces devaluation and cash shortages in some regions, we are glad of the crypto gift card innovation, and DigiFinex is proud to serve our affected customers to share the benefits of cryptocurrencies.
For more related articles, read DigiFinex Blog.