An overview on how to buy gift cards with crypto
If you’re new to the world of cryptocurrencies, using them to facilitate the purchase of gift cards may seem quite daunting. However, cashing out crypto credits to get gift cards to your favorite brands is surprisingly simple.
Cryptocurrency has quickly gained traction as a popular form of digital currency and is showing no signs of slowing down. Crypto is a digital medium of exchange, much like traditional currency, that fosters financial transactions and serves as a form of virtual currency. Unlike paper money, however, it does not exist in a tangible form, so familiarizing yourself with digital currency is a good place to start before considering gift card cashouts.
Cryptocurrency is decentralized, meaning that there is no single bank or financial authority that controls its usage. It’s considered safe for virtual transactions, as there are a number of security layers to protect financial transactions and cryptocurrency users. Cryptocurrency transactions are unique to their users, which helps in the prevention financial fraud and theft.
Pros and cons of buying gift cards with cryptocurrencies
As with any other transaction, there are pros and cons to making a cryptocurrency purchase. In this case, the pros far outweigh the cons, with providers like Coinbase and WeGift making gift card purchases via cryptocurrency super seamless.
If you're a Coinbase user and you're ready to buy gift cards with cryptocurrency, visit this page to get started.
The pros of buying gift cards with digital currencies
The use of cryptocurrency enables the easy transfer of assets with a payment method that is confidential and secure. Every transaction carried out with cryptocurrency is unique, so financial transactions are private, and only the information you wish to share is disclosed to the seller. Any transaction fee associated with the use of use virtual currency typically is lower than that charged by the more traditional financial platforms.
Additionally, crypto is a universal virtual currency. If you have clients, employees, stakeholders, or other users in another country, using cryptocurrency is a handy option that is accepted in a wide variety of businesses and industries. Users generally do not need to worry about exchange rates, and purchases made with cryptocurrencies are instantaneous.
What is unique about cryptocurrency is that it utilizes what is known as a private key. This is an advanced method of cryptography allowing a user to access their crypto account. It features an exclusive security design that protects the purchaser from fraud, theft, or other unauthorized access to their wallet or digital currency account.
As with any other online transaction, you will want to be sure that your purchases are safe when buying top gift cards. Using digital currency involves blockchain technology, which offers a higher level of unique protection than other online transactions when making gift card purchases. This is why you will appreciate the solid and proven commitment to safety, security, and client satisfaction that WeGift offers.
The cons of buying gift cards with crypto
Unfortunately, many people have heard about a gift card scam, in which scammers convince consumers to pay a bill or make some other type of payment or monetary exchange. Once a gift card is purchased and the information given to a scammer, it is virtually impossible to trace the gift card, and the money the purchaser has spent has disappeared. This is why the WeGift platform is valuable: you control your purchases, and you know exactly where your digital gift cards and virtual currency are going.
Types of cryptocurrency to use for gift cards
There are many different types of cryptocurrency that you can use to purchase eGift cards. The most popular are generally in the Bitcoin family, like Bitcoin and Bitcoin Cash. If you are new to using cryptocurrency, Bitcoin may be a great option for you since it is the most widely used crypto available, and it's simple to use.
If you’re a Coinbase user, you’re in luck. As mentioned previously, Coinbase and WeGift have a direct partnership that makes eGift card cashouts completely seamless. All the cryptocurrencies on Coinbase wallet — including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, XRP, Stellar Lumens, Dogecoin, and all ERC-20 tokens — are eligible for gift card cashouts.
Cryptocurrencies that are not ideal for purchasing gift cards
There are some digital currencies that are considered “dead” and are no longer viable. Be sure to stay away from these types of crypto; in general, an internet search can help you determine whether a cryptocurrency is viable or not. Buying Bitcoin or another established, thriving forms of cryptocurrency with a known exchange platform is a safe and reliable option. Another great rule of thumb is checking the currencies available on Coinbase as they are known to support super simple gift card payouts.
How to use cryptocurrency to buy a gift card
To begin using cryptocurrency, you will need a crypto account, or a “wallet,” to serve as the repository for your digital currency. Coinbase offers a helpful tutorial to help you choose a wallet. There is a crypto wallet for both mobile (iOS and Android) and desktop use.
Mobile wallets are great if you find yourself using QR codes frequently. For infrequent purchases, a desktop platform may be the best choice. If you plan on purchasing large amounts of cryptocurrency, a hardware wallet also can be a good option for added security.
A digital wallet also stores your private key to access your own cryptocurrency funds. This adds a layer of safety while allowing you to easily use virtual funds. The private key is a unique and personal identifier that keeps your cryptocurrency secure.
Once you have an account and a wallet set up, you are ready to make online purchases. Use this account to buy discount gift cards quickly and securely.
Who should consider buying gift cards with crypto currencies?
While many companies use digital gift cards for both employee rewards and customer rewards, they’re becoming ever more popular as a payouts solution. Discounted, branded digital gift cards are really valuable and businesses are starting to view them as a way to reimburse, reward, and recognize the people they care about.
Now that cryptocurrencies enable eGift card purchases for casual investors, individuals can get the same value by way of gift card cashouts. If you’re comfortable with cryptocurrency and looking for gift cards at a discount, crypto cashouts are an easy way to make that happen.
Gift card resellers who accept cryptocurrency
WeGift's primary solution designed to help companies and organizations distribute high volumes of gift cards. Our exclusive partnerships allow users to get best-in-class discounts and purchase gift cards at over 700 brands.
How does crypto fit in with WeGift?
To reiterate, through our partnership with Coinbase, we support super simple gift card cashouts to Coinbase users.
What are the steps to buy gift cards with crypto on Coinbase?
First, go to this Coinbase page to sign in to your Coinbase account and authorize WeGift Cashout.
Once you've completed the authorization process, then you'll need to select the amount of crypto you want to transfer to WeGift so that you have the ability to purchase gift cards.
After you've transferred some of your crypto to your WeGift account, then it's time to actually buy your gift cards.
You'll be able to choose from over 45 major brands and save money through exclusive bonuses.
Here are some of the major retailers and discounts/bonuses available:
- 1800 Flowers gift cards: 11% bonus
- Bed, Bath & Beyond gift cards: 5% bonus
- Columbia gift cards: 13% bonus
- Domino's gift cards: 8% bonus
- Ticketmaster gift cards
- Uber gift cards: 3% bonus
- UberEats gift cards: 3% bonus
To see the entire list, just log in to your Coinbase account and authorize WeGift Cashout.
If you have any questions about buying gift cards with crypto using WeGift, please contact us here.
Interested in learning more about how you can use WeGift to purchase gift cards at scale? Get in touch with us today.