As the world’s third largest retailer, Amazon holds an incredible amount of weight in the global marketplace. With smaller merchants around the world beginning to accept bitcoin and other cryptocurrencies as a payment method, many people are wondering why Amazon doesn’t follow suit.
The truth is that it is not feasible for an enterprise of this size to accept bitcoin payments directly – at least not yet. Bitcoin has two major drawbacks that make it impossible for Amazon to integrate, namely its volatility and its transaction speeds.
Where bitcoin hits its ceiling at under 10 transactions per second, Amazon is known to reach 600 at its peak. Other cryptocurrencies such as Ripple, however, are able to accommodate over 1,500 transactions per second, suggesting that a crypto-Amazon partnership lies not too far in the future.
In the meantime, though, it is relatively simple to bridge the gap using gift cards.
How to buy an Amazon gift card with bitcoin
There are several companies that allow you to purchase gift cards for Amazon with bitcoin. Below are two of the simplest to use, allowing you to complete the transaction in no more than a few minutes.
Buy an Amazon gift card with bitcoin using Gyft.com
Gyft is a well-known and respected online platform for purchasing gift cards. As Amazon is one of their supported retailers and bitcoin is one of their supported payment methods, it is relatively simple to make the switch.
Buy an Amazon gift card with bitcoin using eGifter.com
Another popular gift card merchant is eGifter, which offers much the same service offering as Gyft. There is, however, one significant difference between the two. As well as bitcoin, eGifter also offers support for bitcoin cash, whereas Gyft does not.
How to sell your Amazon gift card for bitcoin
Should you need to carry out the reverse transaction, it is possible to sell your Amazon gift card for bitcoin using platforms such as LocalBitcoins.com, Paxful.com and Paybis.com. As with any cryptocurrency transaction, due diligence should always be taken and stay alert for people conducting scams.
Image via Shutterstock.