You can actually exchange gift card for Bitcoin with iTunes gift card on P2P platforms.
There are many gift cars available. Example are; Amazon gift cards, Walmart card, iTunes, PlayStation Network, Steam, Xbox, and many more.
But today, we’ll be focusing on the process of how to trade gift cards for Bitcoin using an Apple iTunes gift card.
Where to buy Bitcoin with iTunes gift card
In order to buy Bitcoin using your Apple iTunes Gift Card, you have to find a reputable exchange, or marketplace that will let you do it.
Peer-to-peer Bitcoin marketplaces (like; LocalBitcoins and Paxful) have introduced one of the most exciting ways to purchase BTC using gift cards.
Paxful is a new person-to-person marketplace that supports over 300 payment methods – unlike the predecessor, LocalBitcoins.
Paxful gives vendors the ability to create offers in all currencies available on the platform.
- Escrow system
- Diverse payment methods
- Simple user interface (UI)
- Wide variety of sellers
- Buyers and sellers are at risk of easily being scammed
LocalBitcoins is a popular person-to-person Bitcoin trading platform that serves as Escrow, and specializes in connecting buyers and sellers together for transactions.
LocalBitcoins gives vendors the ability to create offers in all currencies. You can read my comprehensive review on LBC.
- Available in every country of the world
- A diverse selection of buyers and sellers
- Supports many payment methods
- Buyers get their bitcoins fast
- Lack of cryptocurrency diversity
- Both sellers and buyers have a chance of being scammed.
How to buy Bitcoin with iTunes gift card on Paxful
To give you an idea of how to transform your iTunes gift card into Bitcoin, I’ll be using Paxful peer-to-peer marketplace as an example.
1. Create Your Account
Being that we’re using Paxful as an example, the logical first step is to create an account. Fortunately, it’s simple, and doesn’t ask much from you.
All you’ll need to create an account is an email, and then you’ll need to provide the username and password of your choice. As soon as the registration is completed, you’ll get a free wallet.
2. Select an Offer
Now that you’re ready to trade, it’s time to find the perfect offer for you. Click on the “Buy Bitcoin” button at the top right hand of the home page, and you’ll find yourself on the offers page.
The offers page is where you can input your personal preferences, such as your payment method (in this case, it’s iTunes gift card) and your preferred fiat currency (as well as the amount).
Although it’s optional, you can also input a location that can help you find offers around you. When you’ve input those preferences, click “Search for Offers,” and a list of offers should appear.
When you get to the offers page, you’ll notice that there a lot of details to digest. If you’re feeling a little overwhelmed, it’s okay. We’ll help you break down each of these details.
- Your (potential) vendor’s details – When looking for the optimal offer, it’s vital that learn as much as you can about him/her—including his/her username, availability (when he/she was last seen online), and reputation score. The reputation score is an excellent first indicator of how trustworthy your potential vendor is.
- Price – Each vendor can set his/her profit percentage when creating an offer. When choosing your offer, make sure that your bitcoin comes at a reasonable price. Some offers are just too expensive, and in most cases, if the price is too good to be true, it usually is.
- Offer labels – These are literal labels, with a 25 character limit, to market a vendor’s offer in the hopes of enticing potential buyers.
- Offer tags – Just like the tags you see on Tweets or YouTube videos, offers on Paxful have their own tags. Tags on Paxful are used by vendors to initially describe their offer to potential buyers.
- Trade limits – Trade limits are the minimum and maximum amount of BTC a vendor is willing to sell you.
When you’ve considered all these factors, it’ll help you better decide which offer is best for you. If you’re still having a hard time deciding which offer to choose, here are a few tips to help you:
- Take every detail into consideration. Along with the vendor details, price, offer labels, offer tags, and trade limits, it’s essential that you look at the offer terms of the vendor. When you click on the “Buy >” button, you’ll be able to see the vendor’s offer terms—a brief list of payment requirements (what the vendor will need from you when you pay for the BTC).
- Look into your vendor’s reliability. Unfortunately, scammers are sometimes found in peer-to-peer marketplaces. However, there are security protocols in place and ways of mitigating risks. On Paxful, the first indicator of a vendor’s reliability is his/her reputation score. If you’re still not sure after that, you can also look into his/her trade volume and trade history. The vendor’s trade volume will show you how much BTC has gone through that specific user’s account, and the trade history will show you the quality of that user’s recent trades. Ideally, you want a vendor that has a decent trade volume and has generally gotten good feedback on recent trades. These are both indicators that will tell let you know a particular user’s trustworthiness.
- Make sure your vendor is available. Vendors that are AFK (away from keyboard) can cause a lot of problems in a trade. It’s important to remember that trades can expire. When vendors create offers, they set a payment window (how long it will take before the trade expires). Before engaging in trade, make sure that your vendor is online and ready to trade as well.
3. Trade your gift card for Bitcoin
Once you’ve selected an ideal offer (according to your preferences), it’s time to begin the trade.
After clicking on “Buy >” and reading the vendor’s offer terms, click on “Accept Terms and Buy Bitcoin Bitcoins Now” button
You will then be taken to the individual trade page, where you’ll be directly connected with the vendor.
On Paxful, there is a live chat feature, so if you need any clarifications in regards to the payment, this is the place to do so.
When it comes to gift cards, vendors will usually ask for the code of the gift card and a picture of the card alongside the receipt.
In most cases, vendors will prefer that you buy a physical gift card with cash (to prevent any chargeback instances). Once you’ve sent the necessary payment requirements, be sure to mark the trade as “Paid.”
As soon as the vendor receives your payment, he/she will first verify the payment, so give him/her a moment. After the payment is confirmed, the vendor should release the bitcoins from escrow.
Congratulations… You’ve just bought yourself some Bitcoins with Apple iTunes gift card.
Let me answer some of the most important frequently asked questions relating to this topic online…
What is iTunes?
Introduced in 2001, iTunes is a popular media player and management tool used most often for music applications like organization, distribution, and streaming.
The Apple iTunes platform can be downloaded on any operating system and is built-in within present-day Apple devices.
Where can you get iTunes gift card?
Apple iTunes gift cards can be purchased from any major gift card retailer in bulk including popular ones like LocalBitcoins, Paxful or a platform known as CardCash.
CardCash specializes in selling or buying of different gift cards to individuals, and not just the Apple iTunes gift cards.
Can I sell my iTunes gift card this way?
Yes of course! Like for Nigerians, this is simply how to sell iTunes gift card in Nigeria, without having to stress yourself over looking for who will buy it on the street from you.
Over to you now
As you can see already, buying Bitcoin with iTunes gift card is pretty much simpler than you ever thought, and I know that’s what you are saying now.
But do not get carried away with the fact that it’s very easy, because this process of buying Bitcoin is one of the most riskiest ways to buy Bitcoin online.
Always make sure to transfer your Bitcoin cryptocurrency away from the exchange where you bought them to avoid loss of investment due to theft or hacks.