Despite all the advancements in the world today, it is still quite difficult to cash out and use cryptocurrency to pay for your everyday shopping and needs. The behind this is that both retail and online stores refuse to accept crypto as a payment method. Yes, very disappointing indeed.
But what if we tell you about a clever workaround that is not only safe but also quite simple. You will use an alternative way of shopping the same services using your cryptocurrency as a payment option. But how?
It is where the role of gift cards comes in handy. With many reputed stores and brands, buying gift cards online is not difficult. First, you need to find out a store that accepts Bitcoin and other cryptocurrencies . Second, employ the services of websites like Coingate to purchase different varieties of gift cards at an economical price.
About Gift Cards
Before knowing how gift cards can benefit you if you use cryptocurrency to buy them, it is essential to know what gift cards are. A Gift card, or otherwise known as a gift voucher, is a prepaid-stored value money card that any retailer or brand issues.
In simple words, a gift card is an alternative to cash for making purchases within any particular store. You can buy gift cards for personal usage; however, as the name indicates, they can serve to be a great gift for your friends and family as well.
How to Use Them?
Since gift cards are prepaid-stored value money cards, they can be redeemed online as well as in land-based stores. For example, if you’ve bought a gift card worth $50, you will be able to buy stuff equivalent to or less than that amount.
Using the gift card depends upon the terms and conditions of the retailer or company. Gift cards that are bought for online shopping are usually built on numeric code systems. When that gift card is redeemed, you will receive a pin code that has to be entered on the e-commerce website of the retailer.
On the flip side, gift cards that are to be used at the retailer store may contain a barcode. As soon as you have purchased the gift card, you can get the barcode printed and then keep a copy of the printout with you when you go shopping. This barcode will then be scanned at the retailer store, and you will be able to do shopping cashless.
The Benefits of Buying Gift Cards Using Cryptocurrency
While you may not know it, there would be countless benefits of buying gift cards using cryptocurrency. To increase your knowledge in this matter, we have taken the opportunity to list some of the most prominent ones down below.
· Low Acceptance of Crypto
The most significant benefit of purchasing gift cards with cryptocurrency is that most retailers and companies don’t accept cryptocurrency as a payment method. Due to the volatility of crypto, even well-reputed companies like Apple, Google, and Netflix refuse to accept crypto as a payment method. This can be quite problematic for many individuals who tend to have big crypto wallets.
However, like many other problems, this one happens to have a simple solution; Buy Gift Cards!
· Improved Privacy
Individuals who have cryptocurrency often tend to be concerned about their privacy. Since gift cards are anonymous and are not issued in the purchaser’s name, it won’t matter whether you use them by yourself or give them to your loved ones.
So, you will be able to give your loved ones the freedom of purchasing anything they like with the gift card that you will give them.
· Long Expiration Date
Another great benefit of buying gift cards with cryptocurrency is that they have a long expiration date. Some gift cards may be valid for a week, some may be valid for a month, and surprisingly enough, some may be valid for as long as a year.
While cryptocurrency is considered to be quite volatile, gift cards are not. 100 USD Amazon gift will still be the same 100 USD Amazon gift card tomorrow, after a month, and even after a year. So, if you’re concerned with the volatility of cryptocurrency, you should definitely consider buying gift cards with it.
There is no doubt in admitting that gift cards have redefined modern-day presents. Even though they may not be as imaginative and thoughtful as other specific gifts, at least they will allow your loved ones to buy as per their own will and preference.
Factually speaking, the global gift card market is rising by the day and is estimated to reach an approximate value of 510 billion U.S dollars by the year 2025. The question that arises here is that if the majority of the world is moving towards this advancement and is trying to adapt to it, why should you stay behind?