Exchange Your iTunes / Amazon Gift Cards For More Valuable Bitcoin
The gift card market has grown popular in Nigeria in the past decade with several websites that enable sellers to exchange their gift cards for fiat.
The most popular gift cards traded within the country are iTunes, Amazon, eBay, and Walmart due to their popularity and value in the market.
Since 2015 there has been a shift in online investment with many Nigerians turning to Bitcoin trading.
The economic recession in the country forced many to turn to Bitcoin as a means for payment for goods abroad due to the sharp loss of the Naira. This coupled with the rise of Bitcoin by over %900 in 2017 saw a sharp rush among millennials to hold the coin.
The most popular way of buying Bitcoin is to pay fiat currency (Naira) in exchange for Bitcoin. However, you can also exchange gift cards for Bitcoin on specific platforms.
Buy Bitcoin Using Gift Card On CoinCola, Get $5 Bonus Instantly!
This method is gaining popularity as exchanging gift card for Bitcoin eliminates the third party charges that come with exchanging naira for Bitcoin.
Best platforms to buy Bitcoin with your gift card
CoinCola is one of the rising dual trading exchange platforms that allow for the exchange of gift cards for Bitcoin or Fiat.
The exchange platform charges 0.7% as transaction fees which is one of the lowest in the market and has a good record of excellence. You are provided with an enabling and secure environment to make transactions with other users.
The attributes above make CoinCola one of the recommended platforms to buy Bitcoin in Nigeria.
Paxful is one of the most popular exchange platforms that enables transactions of gift cards into Bitcoin. Paxful is available in most countries across the world with a boisterous market place for buying and selling gift cards or Bitcoin.
Paxful has over the years implemented a simple interface which enables quicker transaction within minutes. The only problem that the exchange platform has experienced is the case of a few scams on its platform.
Nevertheless, Paxful has a wider reach and more users than CoinCola.
How to exchange Gift Cards for Bitcoin
The following steps below would highlight the process of exchanging gift cards for Bitcoins on most platforms.
- Ensure that your gift card is loaded with funds
Before going through the process it is important to verify that your gift card is preloaded with funds. You can do this by checking the code on the card online.
Once you are certain that the funds are intact then you move on to the next step.
- Sign Up for a free account
To exchange your gift card you have to sign up on an exchange platform that enables such transactions with CoinCola and Paxful listed as two of the best available online for Nigerians.
Sign up process takes a few minutes and it is important that you input your correct details as this would be required when you intend to withdraw your funds to your fiat account. You could be asked to input an ID document depending on the platform.
- Get a Bitcoin Wallet
Bitcoin Wallet is a storage wallet for Bitcoin and you can register on independent Bitcoin wallet platforms. However, exchanges like CoinCola provide an inbuilt native Bitcoin wallet for users on registration.
Note down your wallet ID as this would be required in the later stages.
- Locate the Gift Card market
After completing the process above, locate the gift card exchange section and create an offer listing your intent to transact your gift card for Bitcoin. The interface differs from platform to platform.
Paxful utilises a simpler quicker interface to access the gift card exchange section while CoinCola uses a streamlined interface.
- Verify transaction
You would be required to fill your Bitcoin wallet ID as part of creating your offer as this is where the Bitcoin fund would be sent to. After creating an offer, you would need to wait for a buyer to contact you.
When this occurs, the buyer would make an offer based on the rate calculation for the value of your gift card. If you are satisfied with the offer you confirm his order and initiate a transaction.
After the buyer verifies the authenticity of the gift card the full transfer of funds would be confirmed and the equivalent value in Bitcoin would be released to your wallet.
In conclusion, the entire process is easy to perform and you can always read the article a couple of times to get full grasp of the procedure