One of the online investments many Nigerians involved in is that of gift cards with Amazon and iTunes gift cards top on the list. In the past Amazon gift cards, in particular, was usually sold online for fiat currency.
However, the rise of Bitcoin after the economic recession in 2015 has seen more Nigerians move towards trading Amazon gift cards for the digital currency.
Bitcoin is seen by many Nigerian youths as a better currency than the Naira. The Naira has endured a loss of value of more than 100% in the past five years while Bitcoin has endured the opposite within this time frame.
The low transaction fees an the option of cross-border transactions also makes the coin attractive as Bitcoin has a wider adoption range. It is no surprise that the number of Bitcoin transactions has increased in Nigeria by over 1500% since 2015.
However not many know that they can sell their Amazon gift card for Bitcoin with many going through the unfavorable method of using Naira to buy Bitcoin.
BONUS: Get $5 on your first trade on CoinCola.
Best Platform to Exchange your Gift Cards for Bitcoin in Nigeria
There are several platforms that enable you to exchange your Amazon Gift Cards for Bitcoin in Nigeria.
Some of these platforms are listed below
Paxful
Paxful is one of the oldest platforms that facilitates transactions of gift cards into Bitcoin. It is certainly the most popular and their services are available in most countries across the globe.
The platform has thousands of sellers and buyers looking to exchange the Amazon gift card for Bitcoins. It utilizes a simple user interface which is part of the appeal of the site as transactions can be carried out within minutes.
One major problem with Paxful has been cases of scam reported on the platform. Paxful does not do enough on the security aspect and this has given the website a tainted reputation in recent years.
Despite this, its versatility and ease of use make Paxful one of the best platforms out there for exchanging Amazon gift cards for Bitcoin.
CoinCola
CoinCola is one of the best dual trading exchange platforms in the market. CoinCola allows for trading of Amazon gift cards for Fiat currency or Bitcoin. The Honk Kong based exchange is reputable and has a good track record as a platform for quick, secure transactions.
CoinCola has one of the lowest transaction fees in the market with the platform taking just 0.7% of your transactions. In addition, you get a Bitcoin Wallet where you can keep your funds securely.
The exchange also utilizes bank-grade protocols which ensure that your funds are kept safe and accessible at all times. While its user-interface is similar to Paxful in terms of ease of use.
How to Exchange Amazon Gift Cards for Bitcoin on CoinCola?
For you to trade your Amazon Gift Cards for Bitcoin on either platform, follow the steps listed below
Check your Amazon Gift Card for Funds
One mistake that many make is that they don’t check their Amazon gift card to ascertain if there are funds loaded.
It is common knowledge that Amazon gift cards don’t expire until it is used but it is safer to check the e-code to ascertain the funds on it.
Sign Up for a free account
The next step is to register on Paxful or CoinCola, this process takes less than five minutes.
New users will get 0.0001 BTC bonus for the first trade of 0.001 BTC or more on CoinCola.
Note: you have to be careful when filling your details as it must be the correct information to avoid problems when trying to withdraw funds.
Note your Bitcoin Wallet ID
Your Bitcoin wallet ID is important as it serves as the location where your BTC would be sent to after transaction. Both platforms offer users a free Bitcoin Wallet on registration, ensure that you note down the wallet ID as it is important for the next step.
Locate the Gift Card market
After following the step above locate the OTC if you are on CoinCola move to the gift card section and create an offer with the options of receiving payments in BTC.
Paxful interface is simpler as you can make an instant transaction with your Amazon gift card which is listed on the homepage menu.
Verify transaction
During the process of creating your order to sell your Amazon gift card for Bitcoin, you would need to verify the transaction rate of the gift card before confirming the order.
When a buyer sees the offer and makes contact you verify the payment method and click initiate.
After the buyer confirms the Genuity of the Amazon gift card the equivalent value in Bitcoin would be released to your Bitcoin wallet from escrow.
P.s. For people who want to buy bitcoin with Naira instead of gift card, go to the page of buying bitcoin in Nigeria at CoinCola where numbers of guys are selling bitcoins with different prices and payments in Nigeria.
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