In this article I will explain how to use a visa gift card on one of the bitcoin exchanges.
There are two things you need to do: Buy a visa gift card with cash and register for whatever service you want to buy bitcoins from. Some exchanges might ask for information about yourself so please have that ready before registering. Also please note that I am not entirely sure if every exchange allows payment via visa gift cards as it seems to be fairly new method of depositing funds into your account. Once you have deposited some funds into your account, follow the next steps.
1) Most exchanges only support buying whole coins, which means that if you want to buy $20 worth of BTC or ETH or LTC etc, then make sure you have enough funds in your account to cover the whole amount.
2) Deposit some funds into your account. I used visa gift cards on Paxful and it asked me for my wallet address, after pasting that address I deposited some BTC’s into my wallet.
3) Now go to the “Buy” section of exchange website and fill out all necessary fields with desired purchase information (amount of coins, type of coin). Some exchanges might require you to input a phone number so they can send code via SMS to verify that you are not robot or something similar. After you have filled everything out click “buy”, more detailes about this process on next steps images.
4) If your deposit was successful then it will say how many coins you have just purchased and their value in USD. You can see that on the picture below, my transaction is completed and it says I’ve bought 0.09 BTC for $95.80 (price of BTC was $960 at this moment).
5) Now you need to withdraw those bitcoins from exchange website to your wallet, which means sending them from one account to another. You can do this by going back to “Wallet” section and selecting withdrawal button as shown on image below:
6) Here you input how much bitcoins you want to send and which address they should go to (You will need a separate wallet app or website where we’ll store our BTC’s, we will cover that later.). It’s important here not to make a mistake with these values because you can’t change them after this transaction.
7) After all of the information has been filled out press “Withdraw” button. On next screen it will show that your withdrawal is being processed, on some exchanges it might also say that your IP address has been logged and might ask if you are planning to withdraw large amount of coins (in my case 0.09 BTC). If it asks you about IP logging just click OK or DENY – doesn’t matter either way so long as you don’t do anything stupid like withdrawing 20+ bitcoins.
8) Wait until the transfer is completed and now you should have successfully bought bitcoin using visa gift card! You can check all transactions in wallet section of your exchange website. Pictures of this process on next steps.
9) Now that you have BTC’s in your wallet, you can deposit some money (and pay the transaction fee) to send them somewhere else but that is beyond the scope of this article and it depends on where you want to move your coins off the exchange website.
That’s it, you can buy pretty much anything with a Visa gift card and adding cryptocurrency to this list is no exception.
You can also check the 10 Popular Gift Cards In USA and Canada