It’s not strange to want to convert an unused gift card to bitcoin and put it to better use. With Bitcoin appreciating year in and out, there has never been a better time to buy, trade and hold bitcoin. It is a great investment opportunity, and it has far more uses than fiat currency and gift cards.
The world has grown more accommodating of bitcoin since its release in 2009, and there are now a plethora of ways for exchanging bitcoin with gift cards. In this post, we explore the numerous ways you can exchange bitcoin for iTunes gift cards.
Methods of Converting iTunes card to Bitcoin
Converting to fiat, and then to Bitcoin
Although it’s not the most efficient method, converting an iTunes gift card to legal tender and then to bitcoin is a relatively straightforward method. This method is only viable if you have an iTunes card lying around with all its details, and a broker that is willing to redeem the card.
Unfortunately, you will lose some of the value of the gift card in form of transaction costs, and broker rates, but it is easy to set up, and relatively safe.
Converting your iTunes card to Bitcoin through a peer-to-peer exchange
Bitcoin peer-to-peer services have developed a viable market where you can change your iTunes gift cards to bitcoin. Some people are interested in trading their bitcoin for iTunes cards and you can take advantage of that to buy and sell bitcoin.
Paxful is an online peer-to-peer crypto exchange based out of New York City that is available to all traders worldwide. It is one of the most trusted exchanges, and it supports over 300 different payment methods, one of which is iTunes gift cards.
Paxful charges the standard 1% transaction fee upon completion of the trade. Paxful is not the most popular cryptocurrency exchange, so you might not easily find partners to swap out your iTunes card with. Paxful is not completely safe. Like most peer-to-peer marketplaces, it is still possible to get scammed if you are not careful.
Cointall or Coin portal is one of the best peer-to-peer cryptocurrency marketplaces on the internet. It is also one of the only peer-to-peer exchange that supports Ripple and Ethereum. The service is all about connecting interested cryptocurrency traders and giving them the best deals. It is more intimate than using exchanges, and it supports hundreds of payment methods, one of which is BTC for iTunes gift cards.
Cointal is relatively new, but it provides excellent service. It works worldwide, except in non-crypto currency supporting countries. It also charges about a 1% fee to post a sell ad.
LocalBitcoin.com is one of the first online bitcoin peer-to-peer exchange platforms on the net. It opened way back in 2012 when cryptocurrencies were still a fad, and they’ve been going strong since then. They are based out of Finland and processed bitcoin transactions from various part of the world for years.
LocalBitcoin.com has great security, has never been hacked before and has fair transactions fees of about 1% per trade. It is supported in most countries, and allow users to set up buy and sell ads. BTC for iTunes deals on LocalBitcoin.com are rare, but they pop up from time to time. You’ll have to be patient if you are looking to trade on this platfor
Using more than one platform at the same time
Use more than one market place at a time to maximize your chances of buying some bitcoin. Sites like LocalBitcoins might offer the payment method, but it is not guaranteed that you’ll find traders who are looking to trade bitcoin with you.
Research each marketplace before you deposit
Before you learn how to convert iTunes Gift cards to bitcoin on each marketplace, do some research about the service first and learn how to safely use it. No exchange or market place is without its faults, and getting scammed is still a real possibility. Protect yourself by educating yourself.
In the future, there will be more marketplaces that support iTunes gift card to bitcoin exchange. Bitcoin is getting more and more popular by the year, and more marketplaces might support iTunes card to Bitcoin exchanges.
Learning how to convert iTunes cards to bitcoin is relatively easy. It only requires some basic knowledge of cryptocurrency and a good security sense.