How To Buy Bitcoin With Amazon Gift Card In 2023 | HedgewithCrypto
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Leftover or unused gift cards such as from Amazon can be redeemed through online services to exchange the Amazon gift cards for Bitcoin. Traditional fiat-to-crypto exchanges and cryptocurrency trading platforms do not accept gift cards as payment. This article will explain how to buy Bitcoin with an Amazon gift card and the best places to get a good deal.
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How To Buy Bitcoin With Amazon Gift Card
To purchase Bitcoin with an Amazon gift card, follow these simple steps:
- Register for an account with a supported crypto exchange such as Paxful
- Complete the signup registration process and verify your email
- Go to the ‘Buy Bitcoin Instantly’ page
- Select Amazon gift card as the payment method
- Select Bitcoin as the cryptocurrency to buy
- Enter the Amazon prepaid card amount to redeem (e.g. $50, $100 etc)
- Find a suitable seller and click ‘Buy’
Best Places To Purchase Bitcoin With Amazon Gift Card
Several exchanges will accept a variety of deposit methods to buy Bitcoin and other cryptocurrencies. However, not all will include the option to buy Bitcoin using gift cards. Some of the most well-known crypto exchanges currently accept Amazon gift cards as payment for Bitcoin.
Based on our research, we have found the best places to buy Bitcoins with Amazon gift cards are:
- Paxful (the best P2P platform that accepts Amazon gift cards)
- Purse (a popular online app to shop with Bitcoin)
- Local Bitcoins (a good platform to trade gift cards for Bitcoin)
We do expect more crypto exchanges to accept gift cards for Bitcoin as the popularity of blockchain starts to take off. This will make it easier for everyone to get involved with crypto and expand the widespread adoption of the digital currency system.
Exchanges That Accept Amazon Gift Cards
1. Paxful
Paxful is a peer-to-peer cryptocurrency platform that gives people the ability to buy Bitcoin with an Amazon e-Gift card. The exchange was established in 2015 and has built a reputation on reliability and its extensive choice of over 300 deposit methods to purchase Bitcoin such as gift cards and prepaid cards.
It is a widely used platform to sell Bitcoin to other individuals around the world and is suitable for those unable to purchase Bitcoin using credit cards and direct bank transfers. Users can choose to make purchases by using alternate payment methods such as gift cards from Amazon, iTunes or using Apple Pay. For these reasons, Paxful is widely used for buying and selling Bitcoin.
To sell your Amazon gift card for Bitcoins using Paxful, follow these simple steps:
- Visit the website and sign-up with Paxful
- Go to the ‘buy Bitcoin instantly’ link
- Select ‘Amazon gift card’ as the payment option
- Enter the gift card dollar amount and search for offers
- Find a suitable seller and click ‘Buy’
Peer-to-peer crypto exchanges such as Paxful (and Localbitcoins) do not have any limit restrictions on placing orders. The platform includes an escrow service which means the funds are held by the exchange until both parties have fulfilled their side of the transaction. The escrow service protects traders and ensures a secure transaction.
There have been reports of scammers on Paxful, so be sure to utilize all of the security features to verify sellers are legit and immediately transfer funds to our top-rated hardware wallet, the Ledger Nano X.
For more information on the Paxful P2P platform, read our in-depth Paxful review.
2. Purse
Purse allows users to name their own discount when shopping for any product on Amazon. It works by matching shoppers with individuals who wish to exchange their Amazon gift cards for Bitcoin. Using a gift card is a simple way for beginners starting out that want to only invest a small amount into Bitcoin.
If you wish to buy Bitcoin in larger amounts using real cash or credit card, then you should stick to reputable crypto exchanges such as Coinbase, CEX.IO, Binance, and Coinmama. To convert your Amazon gift card balance to Bitcoin or Bitcoin Cash, you’ll need to purchase the merchandise for other Purse users on Amazon. Getting started is simple. Visit the website (sign-up with Purse if you haven’t already) and navigate to ‘Earn’ and browse the available orders.
You can filter by ‘Country’ and sort by the amount of Bitcoin you wish to buy. Once you have found an offer you are happy with, click on the order to preview, then select ‘Accept Offer’. Make sure you carefully review the order.
Click on ‘Accept Offer’ which will take you to the Amazon site with the items added to your cart. Once you have accepted the offer, you have about one hour to complete the offer.
After completing the purchase, copy and paste the Amazon Order ID and hit ‘submit’ on Purse.
Once the order has been delivered, the shopper will receive a notification. They will have up to 48 hours after the delivery to check it and confirm the order.
Bitcoin will be released to you from escrow once the delivery has been confirmed. This means you don’t have to worry about being scammed as both the seller and buyer need to complete the transaction before the funds are released.
The cool thing about Purse is that you can also spend the Bitcoins that you have purchased using Amazon gift cards. The Purse Chrome Application allows you to buy items from the Amazon marketplace with Bitcoin and receive up to 33% off everything.
3. LocalBitcoins
LocalBitcoins is a peer-to-peer crypto exchange that allows users to buy and sell Bitcoin using several payment methods such as Amazon Gift Cards. The site allows interactions between users that post advertisements where they can set the exchange rate and payment methods for buying or selling Bitcoin.
Users can browse the advertisements and agree to meet the person to buy Bitcoins with cash, or trade directly with online banking, or use Amazon gift cards. Bitcoins are placed in LocalBitcoins web wallet from where you can pay your Bitcoin purchases directly.
To sell your Amazon gift card for Bitcoins using Localbitcoins, follow these simple steps:
- Visit the website and sign-up with Localbitcoins
- Navigate to the buy Bitcoins link at the top
- Enter the gift card amount, select your country (e.g. United States) and ‘Amazon Gift Card’
- Search and browse for offers
- Find a suitable seller and click ‘Buy’
Localbitcoins is available worldwide in over 250 countries making it a great place to cash out Amazon gift cards in exchange for Bitcoins. The lack of options to buy Bitcoins using Amazon gift cards leaves LocalBitcoins as one of the suitable places that accept Amazon gift card deposits.
Generally, you will find the exchange rate to buy Bitcoin using gift cards to be a little higher than traditional payment methods such as bank transfers, credit cards, Neteller and Paypal. However, if you have an unused Amazon gift card and don’t know what to spend it on, why not use it to purchase Bitcoin.
Read our in-depth LocalBitcoins review for its features, fees and benefits,
Frequently Asked Questions
Exchanges such as Paxful, LocalBitcoins, and CoinCola accept Amazon gift cards as a payment method to purchase Bitcoin. These services operate a peer-to-peer marketplace where the buyers set the selling price and accepted payment method, not the exchange.
Bitcoin investors can cash out Bitcoin profits into gift cards and spend like money. The best way to sell Bitcoin to a gift card is using crypto exchanges that offer bonuses for a range of brands and products.
To cash out Bitcoins into a gift card, follow these simple steps:
- Register for an account with a supported crypto exchange such as Coinbase
- Complete the signup registration process
- Verify your email and account
- Visit the WeGift landing page and authorize WeGift cashout access
- Select the cryptocurrency you want to cashout (e.g. Bitcoin)
- Enter in recipient address of the gift card and select country to spend gift card
- Select the gift card amount and when ready select ‘Cash Out’
- Confirm the order summary and authorize your transaction
Amazon currently does not directly accept Bitcoin payment. However, the platform is integrated with Purse.io for individuals to buy items indirectly from Amazon using Bitcoin. The e-commerce giant sparked widespread speculation that it could be preparing for a move into the cryptocurrency space when the company registered three cryptocurrency domains in 2017. This led many to believe the platform would soon accept Bitcoin as payment for goods in the near future.
It was reported that “Amazon had no plans to accept Bitcoin because there hasn’t been much demand yet, and Amazon may simply be protecting its brand name.”
While this move has not eventuated today, it appears Amazon only registered these domains to prevent others from using them. But if the adoption of Bitcoin rapidly increases as a payment system, we can expect Amazon to accept Bitcoin directly.
Amazon gift cards are an instant payment method with a unique electronic code that helps reduce fraudulent activity and theft. It is a safe method to buy Bitcoin as long as this code is not publicly disclosed or compromised.
Individuals must conduct their own due diligence when using peer-to-peer exchanges in particular as the transaction parameters are agreed between the buyer and seller.
Using a trusted crypto exchange or trading platform such as Paxful, Local Bitcoins and CoinCola allows users to buy Bitcoin using a prepaid card. These exchanges are available worldwide and support multiple payment methods and local currencies.
Conclusion
Now that you know how to sell an Amazon gift card in exchange for Bitcoin, the next step is for you to sign up with the services listed above and try it out for yourself. There’s no excuse to leave unused Amazon gift cards laying around. These providers also allow you to buy Amazon Gift Cards with Bitcoin too!
Kevin Groves
Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.
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