Why should you buy gift cards with cryptocurrencies?
Cryptocurrencies have captured everyone’s attention, but they still need deeper integration to become a popular way to buy things like regular money. It’s a mystery when cryptocurrencies allow us to buy anything from clothes to pay bills. However, a great way to use your cryptocurrencies now, without dealing with the boring stuff of traditional banks, is **buying gift cards**. These gift cards, purchased with Bitcoin or other cryptocurrencies, can be spent on all kinds of products and services.
According to Fiserv’s Gift Card Barometer Survey, 27% of U.S. consumers plan to spend more on gifts this season than last year, and 57% of consumers prefer multi-vendor gift cards.
It may look amazing on paper, and it actually lives up to the hype, but only when completed the right way. Learning more about the benefits of selling cryptocurrencies for gift cards and the ways you can take advantage of these coupons is crucial to making the right decisions when moving forward with any business deals.
We have compiled some of the top benefits of using gift cards obtained using crypto assets.
Gift cards allow for unlimited value transfer
Whether you work abroad or your family and friends reside outside of your country, transferring money can be unfairly expensive for both the sending and receiving party.
One of the biggest drawbacks of traditional bank transfers is of course the amount of money the bank takes to complete the transaction. The larger the assets, the higher the fees. This makes it almost impossible to help people living abroad financially.
Instead of relying on traditional third parties like banks, one can easily send financial assistance internationally through gift cards. You can invest as much cryptocurrency as you want in gift cards, which are accepted by companies you know your friends and family shop with, thus earning your crypto with minimal fees.
There are no tax obligations for purchasing and sending gift cards
Depending on the policies your local government has regarding cryptocurrencies, there are different tax obligations. Even when you exchange your BTC or ETH for fiat money, you still have to pay taxes. But when you buy gift cards with the mentioned cryptocurrencies, there are no additional rules or taxes.
You simply purchase the desired voucher and email the gift card code to the recipient. Both procedures are not subject to supervision or regulation by official authorities.
However, you can freely purchase a gift card in any part of Europe and send it to Brazil without the hassle of currency conversion and unreasonable transaction fees. This way your recipients get the full value of the assets you sent them.
Purchasing gift cards with cryptocurrencies is more private
One of the reasons cryptocurrencies have received so much attention and support is that they allow a higher level of privacy. Thanks to the nature of blockchain, information about cryptocurrency transactions and their perpetrators is encrypted.
Purchasing gift cards also does not require providing personal details such as an ID number, which is mandatory for most cryptocurrency exchanges. All you need is a trusted email address, which is where you will receive your gift card code.
Although complete anonymity is not achieved, no important private data is exposed.
Our opinion
Purchasing gift cards with your cryptocurrencies is a smart option for anyone who wants to leverage their assets without a traditional broker, which may impose fees and taxes. Our team is an ardent supporter of this smart payment method, but still wants to highlight the importance of being well-versed in the correct way to conduct such an exchange of value. In our opinion, it is best to first try with smaller amounts, and once you have mastered it, gradually expand your experience.
What we really like about buying gift cards with cryptocurrencies is that you don’t need to provide any personal information besides the email address, and you’ll get the coupon within seconds.
