Spending Hive with gift cards

Gift Cards

In my research of ways to spend Hive and HBD for every day things using our moble phone wallets I found debit cards and gift cards. Debit cards and gift cards can already be loaded onto our mobile phone wallets. Debit cards and Gift cards also already interface with the existing Point of Sale which is extremely prevalent in the world today. So my previous article I talked about Applications which make it possible to sell your cryptocurrency and transfer your cash to a Debit card in the wallet of your mobile phone. Then you purchase stuff using pre-existing credit card infra structure.

In this article I talk about applications which have been around for a while, and they allow you to use your cryptocurrency to buy gift cards. You can buy gift cards with cryptocurrency, load the gift cards onto your phone wallet and then use them just like credit cards. But gift cards are much easier to get then a credit card. No credit? No Problem. No bank account? No Problem. They are perfect for people with no credit, no bank account and who usually paid with cash. This same simplicity and flexibility makes them perfect for people who need to buy stuff like food and clothing with cryptocurrency.

So I researched Applications which would sell your cryptocurrency and transfer the cash to a gift card. Buying gift cards with digital currency and then adding them to our phone's digital wallets offers a smooth, efficient, and often free way to spend our digital assets. This essay will explore how to do this, the platforms that make it possible, and what you need to consider, especially when it comes to identity verification (K-Y-C).

The Easy Way to Handle Gift Cards

First off, there are apps like Gyft that make managing gift cards incredibly easy. It acts like a digital wallet for all your gift cards, whether they're physical cards or email confirmations.

For everyday users, Gyft is a central spot to store, load, and use gift cards for shopping online or in stores.

You can also easily check your gift card balances and send personalized gifts to friends and family.

Businesses also benefit from Gyft, with tools for buying gift cards in bulk for rewards (Gyft Corporate) and creating custom gift cards (Gyft Business).

It even works smoothly with point-of-sale systems.

A big plus for Gyft is that it generally doesn't charge fees for buying or sending gift cards, and it offers flexible payment options including credit cards, PayPal, Bitcoin, and Apple Pay.

This means no more carrying around a stack of plastic cards, and tracking your balances becomes super simple. The Application keeps track of everything for you.

Buying Gift Cards with Crypto

The exciting part is being able to buy gift cards directly with cryptocurrency. Several platforms act as online marketplaces where you can swap your digital currencies, like Bitcoin, for gift cards from a wide variety of stores. The process is pretty straightforward: you pick a platform such as BitPay, CryptoExchange.com, or Bitrefill, browse the available gift cards, pay with your chosen cryptocurrency, and then receive the gift card digitally or, sometimes, as a physical card.

These platforms essentially convert your cryptocurrency into regular money to complete the gift card purchase. For instance, BitPay lets you buy gift cards for popular services like Uber and Hotels.com with Bitcoin, while CryptoExchange.com offers options for brands like Adidas and Lululemon. Bitrefill even expands beyond gift cards to include phone refills and eSIMs.

Understanding K-Y-C (Know Your Customer)

An important point to consider when buying gift cards with cryptocurrency is Know Your Customer (K-Y-C) verification. This identity check can vary depending on the platform you're using, the amount you're spending, and even where you live. Some platforms allow smaller purchases without a full K-Y-C check, though this might come with limited features or lower spending caps. Examples of platforms that might not always require K-Y-C for certain transactions include Coinsbee (under specific purchase limits), Bitrefill (with daily and monthly limits for unverified users), Coingate (where only sellers need K-Y-C), BitPay, and Live On Crypto. However, if you plan to buy larger amounts of gift cards or want access to all of a platform's features, you'll likely need to complete K-Y-C. Conversely, major cryptocurrency exchanges and well-known platforms like Crypto.com and ByBit almost always require K-Y-C due to regulations and to ensure secure transactions. It's crucial to always check each platform's specific K-Y-C rules, as they can change and are influenced by regional laws.

Adding a Gift Card to Your Phone's Wallet

Once you have a virtual gift card, the next easy step is to add it to your mobile phone wallet, like Google Wallet or Apple Wallet. You'll typically open your wallet app, look for an "Add to Wallet" or similar option, and then choose "Gift Card" or "Payment Card." You can usually either scan a QR code from the gift card or manually enter the card details, including the card number, expiration date, and CVV (the security code). Many retailers and platforms that sell virtual gift cards, such as GiftYa and Gyft, offer direct integration with these mobile wallets during the purchase or through their own apps. If direct integration isn't an option, manually adding the card is simple. Both Apple Wallet and Google Wallet allow you to directly add virtual gift cards. Third-party apps like Gyft can also help you manage multiple virtual gift cards in one convenient place.

Buying GYFT Gift Cards with Crypto and Adding Them to Your Wallet

When you're looking to buy Gyft gift cards specifically with cryptocurrency and add them to your mobile wallet, you'll use services like BitPay or the Gyft platform itself. First, you'll select your desired gift card and its amount on Gyft. Then, you'll choose Bitcoin (or another cryptocurrency) as your payment method. It's important to understand that you don't "put" your Bitcoin into the Gyft app. Instead, when you select Bitcoin for payment, Gyft (often working with a payment processor like BitPay) will generate a Bitcoin invoice. This invoice will include a unique Bitcoin address (like an account number) and a QR code representing the exact amount of Bitcoin you need to send for your purchase.

You then open your own Bitcoin wallet app (such as Coinbase or Blockchain.com), select the "send" or "pay" option, and either scan the QR code or manually copy and paste the Bitcoin address and the exact Bitcoin amount into your wallet. After you confirm the transaction in your Bitcoin wallet, the payment will be processed. Once your Bitcoin transaction is confirmed on the blockchain (which usually takes a few minutes), Gyft will instantly process your order, and your new digital Gyft card will appear in your Gyft app, usually with an email confirmation too. Remember, you'll need a separate Bitcoin wallet as Gyft doesn't store your Bitcoin directly, and always send the exact amount requested to avoid any transaction issues. Be aware that your Bitcoin wallet might also charge a small network fee.

Conclusion

Last words

As you can see, buying gift cards with cryptocurrency and integrating them into mobile wallets is a significant step forward in digital finance.

Platforms like Gyft, BitPay, and Bitrefill are driving this innovation, providing convenient and flexible ways to use digital assets for everyday needs and gifting.

Understanding K-Y-C requirements and the clear steps involved in adding digital gift cards to your mobile wallet lets you spend your hive or HBD in the places where you already shop and uses the payment equipment they already have. One day QRS code scanning and HIve is accepted here signs will be prevalent. But for here and now this is a cool and easy way to use your Hive for everydays things.