Yes you can buy Bitcoins with a Walmart gift card and in this short post I’m going to show you exactly how to do this step-by-step. It’s actually rather simple but it may seem a bit complicated at first. In each step I will explain in detail what you need to do and how to go about doing it to make it as easy as possible.
So if you have a Walmart gift card laying around and would rather have Bitcoins then listen up and pay attention.
How You Are Able to Buy Bitcoins Like This
It may seem a bit strange that you’re able to buy Bitcoins with a Walmart gift card, and it is kind of strange, but it’s possible. What you have to do is use what you call a P2P or peer-to-peer cryptocurrency exchange. These cryptocurrency exchanges are not your “normal” cryptocurrency exchanges like Coinbase, GDAX, Bittrex, etc. These exchanges are ones where you make your transactions peer-to-peer. You communicate directly with the seller of the Bitcoins to make the exchange and the platform that you will do it on facilitates the process and makes it safe.
There are more than one P2P cryptocurrency exchanges out there. Two of the biggest ones are LocalBitcoins and Paxful. Paxful is the only one of the two that allows users to buy Bitcoins with Walmart gift cards so this is the exchange I will be using in this example.
Paxful has been around for a while and is well trusted, but there are some safety concerns with P2P exchanges like this. You can think of them as an eBay for cryptocurrency exchange, because like eBay anyone can sell bitcoin on the exchange. This is what worries people about exchanges like this because “what if you are buying from a scammer?” and don’t know it? This is something I will address at the end of this post but it’s really nothing I would worry about too much.
The Step by Step Process
The first thing you’re going to have to do before you can start the process is create a free account at Paxful.com. Then you can begin…
Step 1: Click on the “Buy Bitcoin” button in the top menu
When you go to the homepage you will see a green button that says BUY BITCOIN, click on that…
Step 2: Go to “Select a way to pay” and choose Walmart Gift Card
Then you will want to go over to the right where you see the box labeled “Select a way to pay”. Click on that and scroll down to the bottom where you will find the Walmart gift card selection. Click on that and then click on the green search button. You don’t have to enter in anything else. If you search like this it’ll bring up quality results from sellers that are willing to accept Walmart gift cards as payments.
Step 3: Find an offer that you are interested in and click the “BUY” button next to it
What you will find next is a list of different offers from all the sellers that are willing to sell bitcoin for Walmart gift cards. There are a couple things you want to look at here before clicking on any offer.
First you want to make sure the little green number that appears as “+82” for example, that is beside the person’s name is somewhat high. I would say 50 or higher just to be safe. This is their reputation score and the higher the better. Then you are going to want to make sure that you are able to pay the way the seller requires. Under the “Pay with” section in the middle you will see that some people requiring you have an ID and others don’t, some people require you to have a physical gift card while others accept e-codes, and so on. So pick a seller that accepts what you are able to provide. And of course you are going to want to choose a seller that offers bitcoin at a rate that isn’t a ridiculous price. The sellers that are selling bitcoin for the cheapest prices will appear at the top of the list.
When you have found a seller you want to buy from click on the green “BUY” button on the right.
Step 4: Read over the rules and initiate the trade
When you click to buy from a seller you will come to this page where you will be able to see an overview of the trade, an overview of the person’s profile to the right along with some feedback they have received from other buyers, and below that you will see what the “Offer terms” are…
The “Offer terms” or something you really want to look at before initiating the trade. These are the set of roles that the seller outlines for the trade. You will have to follow them in order to get your bitcoin so read them over and make sure you are able to do so before starting.
Usually they are pretty straightforward and easy to follow but if they are not then you might want to avoid buying from that particular seller. As an example here are some of the “Offer terms” from one of the sellers that accepts Walmart gift cards… These terms will differ from seller to seller but usually are pretty similar.
Step 5: Make payment to seller and wait for bitcoin to be released to you
You will be able to chat back and forth with the seller in real time as you make the trade. The seller will provide you with additional details such as where to send your gift card or e-code in order to pay them. After having done so you will have to confirm that you have paid on the Paxful platform and then you just have to wait until the seller verifies that you have paid.
After the seller has verify that you have paid Paxful will release the Bitcoins to you and they will end up in your Paxful bitcoin wallet. From here they are yours and you can do whatever you want with them. If you want to keep them there you can do that or if you want to send them to a more secure hardware wallet like KeepKey or TREZOR then you can do that too.
Is This Safe?
So is this really safe? This is the big question that everyone wants to know before actually going about doing this. The answer is yes and no. Paxful can be safe but it also can be risky if you don’t know what you’re doing.
If you choose a reputable seller and follow the terms of the trade as outlined then you should be fine and have nothing to worry about. If I were you I would click on the seller’s username before buying from them to check on their reputation and feedback. You will be able to see how many positive, neutral, and negative feedbacks they have received along with being able to see what people are actually saying about them. You will also be able to see how many trades they have made, whether they are verified and so on. Here’s an example of someone’s profile which I would say is very trustworthy. They have a +361 positive reputation score was zero negative and neutral feedback.
Paxful also makes the process more safe by holding Bitcoins in escrow. Whenever you initiate the trade Paxful will take the Bitcoins out of the sellers account automatically and hold them in an escrow account. Then after you pay in the seller has verified that you have paid Paxful will release the Bitcoins to you. This helps to keep you safe from the seller deciding they don’t want to give you the Bitcoins anymore after you have already paid.
But this also brings up the concern of “what if you pay in the seller says you didn’t”? Well this is where mediation comes into play. Paxful also has people working on the platform as mediators. What you would do then is provide proof that you did pay and followed the offer terms and if you did everything correctly and can provide proof Paxful will release the Bitcoins to you. If you cannot provide proof then Paxful will be forced to give the Bitcoins back to the seller.
So overall the platform is pretty safe. There are definitely scammers out there that are scamming people on here along with other P2P exchanges but if you know what to look for you should be fine just as you are fine buying things on eBay although there are scammers on this platform as well.
The Downside of Buying Bitcoin With a Walmart Gift Card
There is a big downside to buying bitcoin with Walmart gift cards that you should know about beforehand. The downside is that you will pay a higher price for bitcoin then market value. The reason for this is because sellers can charge whatever price they want to for their bitcoin and they often charge more depending on the complexity and risk of the payment you are using. Some payment methods are easy to accept and deal with while others are not so easy.
With Walmart gift card payments you will be paying a good bit more than the market price. When you are looking at the different available offers you will be able to see this column that will tell you how much you are receiving for each dollar. So as you can see the first result in this column below shows that you will receive $0.69 worth of bitcoin for every $1.00 you pay. Now I’m not saying that this is the best offer you will be able to find. In fact just before I took the screenshot there was another seller on the platform selling over $0.70 of bitcoin for every dollar. But generally speaking you will get “ripped off” a bit.
This is the downside with P2P cryptocurrency exchanges in general. Whether you are buying bitcoin through these exchanges with PayPal, cash, gift cards, Moneygram, etc., you will always be ripped off at least a little bit.
So is it worth buying bitcoin with your Walmart gift card? Well that is something you can form your own opinion on. If your Walmart gift card is just gonna sit around and collect dust then buying some bitcoin might be the better play.
If you have any questions or comments about anything please leave them below and I’ll get back to you as soon as I can 🙂