How to buy Bitcoin with Amazon Gift Card

How to buy Bitcoin with Amazon Gift Card

Robert McDougall 

January 6, 2023

Cryptocurrency

Since the advent of Amazon gift cards, their applications have been highly limited. The reason for this is Amazon’s scalability and connectivity issues with several retailer platforms. However, Amazon gift cards are starting to become more useful outside of Amazon. In fact, you can even purchase Bitcoins with them in 2023.

Here’s how you can take advantage of this feature and use Amazon gift cards to buy Bitcoin.

What Does the Process Look Like?

Different crypto platforms will have slight differences in their exact procedures for buying Bitcoins through Amazon gift cards. But, the general process can be condensed into two key methods. Here’s how they work.

Direct purchase

This is the simpler of the two methods. It treats your Amazon gift card as a form of currency, with its value determined by the amount listed on the card. 

If a platform offers this method, all you have to do is follow the standard Bitcoin buying procedure. When you reach the payment step, you can select the gift card as your payment method of choice. The platform would require you to enter the card’s number, amount, and some other necessary information. 

Online peer-to-peer exchange

The second method involves trading your Amazon gift card for Bitcoin. Platforms that offer this option are like a marketplace. They allow Bitcoin owners to list their Bitcoins for sale alongside their preferred price. These sellers also have to list accepted payment methods, and many of them are willing to trade with Amazon gift cards.

What Exchanges Accept Amazon Gift Cards as Payment?

The connection between Bitcoin and Amazon is still not as widespread as many would hope. That said, several big-name crypto platforms and exchanges are starting to make progress. Coinbase, for example, added the option to buy cryptocurrencies with Amazon gift cards in April 2021.

Our recommendations for exchanges that allow Amazon Gift Cards as a valid payment method are:

  1. Paxful (a one-stop peer-to-peer shop for Bitcoin buyers and sellers);
  2. LocalBitcoins (easy-to-use crypto exchange allowing sellers to post advertisements to sell Bitcoin)
  3. Purse (one of the most popular Amazon Partner platforms for buying Bitcoin).

Let’s take a closer look at each platform to see which one best fits your needs.

Anyone stepping into the crypto world without much prior knowledge should choose Paxful for its secure payment-processing system and user-friendly interface. Being a peer-to-peer (P2P) crypto exchange, the platform promises high transaction speed with a reliable & hiccup-free service.

Banking on its already widespread audience, Paxful managed to partner with Amazon. This allowed Bitcoin sellers to accept Amazon gift cards as valid payment methods alongside already existing traditional methods like direct bank transfer and credit/debit card payments. Not to mention the platform also supports 132 other gift cards, including Apple, Steam Wallet, and more. 

All you have to do is select the payment method of your choice, and Paxful will automatically filter the list of available Bitcoin offers to suit your preference. 

How to Buy Bitcoin with Amazon Gift Card on Paxful?

By following these steps, you can easily make your first purchase of Bitcoin on the platform:

  1. Register on Paxful’s website by signing up here.
  2. Click on 'Buy' in the menu at the top, and then click 'Buy Bitcoin' link to begin your purchase.
  3. Choose Amazon Gift Card in the 'Payment Method' field to narrow down the list of sellers.
  4. Enter your gift card amount to search for appropriate seller offers.
  5. Find a seller that satisfies your requirement and click 'Buy' to proceed with your purchase.

Paxful uses an escrow service to increase security for both sellers and buyers. To prevent scams, it stores funds and assets until the transaction is verified for both sides.

Several cryptocurrency exchanges work on the peer-to-peer model. Among these, LocalBitcoins offers one of the most sophisticated platforms with a decluttered UI and user-friendly transaction methods.

Sellers can post advertisements on LocalBitcoins for any Bitcoin they have for sale. Buyers can scroll through these ads, which include details on supported payment methods. You can easily search for sellers who accept Amazon gift cards.

How to Buy BTC with Amazon Gift Card on LocalBitcoins?

  1. Visit the official website and register an account.
  2. Find and click 'Buy Bitcoins' section at the top of the page to proceed with your purchase.
  3. When prompted, enter your allotted gift card amount followed by your country name for the platform to validate the gift card. 
  4. Then, choose the 'Amazon Gift Card' option from the list.
  5. Scroll through the list of sellers that have posted advertisements and choose one that suits your price.
  6. Click 'Buy' on your chosen seller’s ad and complete your purchase.

During this process, LocalBitcoins' efficient Escrow service ensures that your payment remains secure. The platform will automatically transfer the purchased Bitcoin to your Wallet as soon as your transaction is verified.

Purse utilizes a unique process of converting Amazon gift cards into Bitcoin. Here’s how it works. 

Let’s assume that the Bitcoin owner wants to buy an item from Amazon that costs $100. They would search for and select that item on Purse and add their address for delivery. After that, they pay for this $100 product with Bitcoin, which is saved in an escrow account.

Now, you — the person looking to buy Bitcoin — buy the item for that seller on Purse and pay with your $100 Amazon gift card. The Amazon item will be delivered to the original Bitcoin owner’s address, and you will receive the $100 Bitcoin held in the escrow account once the transaction is complete.

The person trading their Bitcoin for a product from Amazon can also get a discount of between 5 and 33% depending on how long they’re willing to wait. 

How to Buy Bitcoin Using Amazon Gift Card on Purse?

To buy BTC on Purse, here’s a list of steps you can follow:

  1. Visit Purse’s website and sign up to register an account.
  2. Navigate to the 'Earn Crypto' option to open a list of available sellers looking for buyers like yourself.
  3. To improve the quality of your search and reduce time, you can add additional filters like 'Country' and 'amount'. This will optimize the search results.
  4. Choose your desired seller and click on 'Accept Offer' to be redirected to your Amazon profile. 
  5. Your purchased item(s) will be automatically listed in your cart with the seller’s address.
  6. Open your shopping cart and pay with your Amazon gift card.
  7. Copy and paste the Amazon Order ID on Purse and hit 'Submit'.

You should receive your ordered Bitcoin within 48 hours of submitting the order. 

Conclusion

If you’re looking to buy Bitcoin with your Amazon gift card, you have two options. 

You can look for platforms that allow you to use the gift cards as a form of currency to buy Bitcoin directly. This method is reliable, but often comes with platform fees that’ll cut into the Bitcoin you receive. 

Alternatively, you can head on over to P2P exchange platforms to hunt for better deals. The ones we recommend are Paxful, Local Bitcoins, and Purse; chosen for their speed, ease of use, and secure transactions.

Happy Trading!

Frequently Asked Questions

Can I use an Amazon Gift Card to purchase Bitcoin?

Yes, purchasing Bitcoin with an Amazon Gift Card is possible now thanks to their widespread adoption by multiple third-party crypto exchanges. Some of the most common cryptocurrency trading exchanges that support this option include Binance, Paxful, BitPay, Local Bitcoins, Purse, etc.

Is buying Bitcoin with Amazon gift cards safe?

Yes, it is safe as long as you go through reputable platforms with security features like escrow accounts. Unless you know exactly what you’re doing, do not try to trade your Amazon gift card for Bitcoin on your own. 

How to redeem an Amazon Gift Card on Binance?

Head to Binance’s official website and register an account.

  1. Find the Profile icon in the top-left corner and visit the Gift Card section.
  2. Find the Receive button and choose Redeem Crypto.
  3. Find your Amazon Gift Card Code, enter it, and click Redeem.
  4. You can instantly find tokens in your wallet, which you can convert into Bitcoin through the Trade section.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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