There is a new “Bitcoin Gift Card” available for sale digitally in the US. It is essentially a gift card you can redeem with a website for Bitcoin, which could be interesting for those who have been unwilling to provide bank account info to exchanges or not interested in a private sale of coin. It may also be interesting for those who like to spend and get most of it back, but the jury is out on that part.
A company called Bitcoin Solutions has partnered with Chain Bytes and Savvy to produce these gift cards, which are reportedly now available digitally from many retailers in the US and will supposedly soon be available at traditional brick & mortar stores in the near future.
Once you receive a gift card, you’ll need to go to www.mybitcards.com to redeem it (those who are new to Bitcoin will first have to create a Bitcoin wallet).
Update: There is conflicting information about what follows. See the added information below it.
The interesting thing is that if you receive a gift card as a gift and you don’t want Bitcoin, the MyBitCards FAQ page says that it will be possible to cash in the gift card for US dollars, though it’s unclear whether or not that will be a good deal.
Perhaps there is only a charge if you prefer a check over an ACH transfer? Or perhaps there are different fees depending on the cashout method? Could this be a good way to earn rewards and/or to liquidate gift cards? I’m writing this post before having a chance to try this out, so we do not yet know for sure.
However, that seems to conflict with the Gift Card Granny Terms and Conditions for Bitcoin Gift Card sales, which says:
Transfers may not exceed $200 per day or $2,000 per rolling 30 days. This card can only be used to redeem Bitcoin through our website, not for cash.
We’ll post an update when we know for sure.
However, as shown near the top of this post, Gift Card Granny is selling the $100 Bitcoin gift cards for $99, so it’s worth it to me to check this one out to see if it is worth it. We’ll post again with results when we know the entire process, but at the very least this looks interesting. If you’re actually interested in buying Bitcoin, I can’t imagine this will make much sense. The company obviously has to recoup any costs associated with this gift card business and still earn a profit, so I would be surprised if their Bitcoin prices aren’t inflated proportionately. That said, I’m far from a Bitcoin expert. If you’re more versed in trading it, please feel free to weigh in through the comments below.
See the full press release on these gift cards here.
Last updated on March 31st, 2019