But this card can now be used for other purposes, including buying Bitcoin. Visa gift cards are very popular gift items and are usually exchanged for other goods and services on different marketplaces. They can be purchased from any major gift card retailer
Buying Bitcoins with a Visa gift card
If you’re just starting on your Bitcoin investment and don’t have much to purchase Bitcoin in bulk, buying a tiny fraction using a Visa gift card is a great way to start your Bitcoin investment journey.
Before you can start buying Bitcoin with a Visa gift card, you will need to have a gift card yourself. You can always use cash to pick up a Visa gift card on different platforms or you can get a gift card from buying other things online.
As we mentioned before, it is very easy to buy Bitcoins with Visa gift cards in popular marketplaces like Paxful.
For example, if you want to buy Bitcoin on Paxful, you need to first create an account. Then you can look for a Visa gift card on the “Buy Bitcoin” option.
Vendors are allowed to set their rates and choose their transaction margins on the platform. You have different options to select the one that suits you. You can also create offers you feel has a better chance of converting.
Buying Bitcoin anonymously using a Visa gift card
In several instances, buying a Visa gift card does not need you to provide any identification to the merchant. But when you’re buying Bitcoin via a third party, you may be required to provide the KYC information, similar to using a conventional bank card.
That’s because you are buying Bitcoin using fiat money, which makes it necessary for you to be identified. Additionally, you may have to upload your driver’s license or a government-issued ID for personal identification.