For those looking to acquire cryptocurrency without signing up for a centralized exchange, converting Amazon gift cards into Bitcoin Cash (BCH) offers a practical gateway. The platform Purse.io has long facilitated this process by connecting BCH holders with gift card owners, allowing the latter to earn BCH by helping others shop on Amazon.
How Purse.io Works
The mechanism is straightforward: a BCH holder (the “spender”) deposits the equivalent amount of BCH into the Purse.io escrow and lists an Amazon order request. A gift card holder (the “earner”) uses their Amazon account to purchase the item on behalf of the spender and ships it to the spender’s address. Once the delivery is confirmed, the escrowed BCH is released to the earner. No physical gift cards need to be mailed; everything is handled online.
According to Purse.io’s public statistics, over 300,000 orders were processed through the platform in 2018, with an average discount of 18%. This discount represents the premium earners receive in BCH, as spenders typically offer their crypto at a discount to encourage faster fulfillment.
Key Considerations for Earners
- Discount Rates: Higher discounts may attract more orders but reduce the BCH amount you receive per order. Lower discounts may take longer to match.
- Amazon Account Health: Earners need a reliable Amazon account with good standing to avoid order cancellations or account suspension.
- Platform Fees: Purse.io charges a small fee on each transaction. Check the current fee structure on their website.
Alternative: Local.Bitcoin.com for P2P Trading
Another decentralized option is Local.Bitcoin.com, a recently launched peer-to-peer marketplace focused on privacy. Users can trade BCH directly with others globally, supporting various payment methods including gift cards, bank transfers, and online wallets. This platform eliminates the need for order fulfillment; instead, buyers and sellers negotiate terms and complete trades via escrow.
Both methods bypass KYC procedures, making them attractive for privacy-conscious individuals. However, users should exercise caution, verify counterparty reputation, and be aware of potential scams.
What do you think about using Purse.io for earning BCH? Share your thoughts in the comments below.
Images courtesy of Shutterstock and Purse.io. Verify and track Bitcoin Cash transactions on the BCH Block Explorer.