Things to consider before purchasing a crypto giftcard at Cryptovouchergiftcard.com
Hi folks, as always, let me preface this article by saying that this is not financial or tax advice and is for entertainment and educational purposes only. As always, please do your own research and find what might be the best investments for you.
What is Cryptovouchergiftcard.com?
To clarify, this article pertains to "Cryptovouchergiftcard.com" and not Cryptovoucher.io. Cryptovoucher.io as far as I can tell is a completely different company that's based out of Slovakia. And actually, I haven't done a deep dive yet into Cryptovoucher.io but it actually seems like a pretty cool platform that allows you to trade unwanted gift cards for crypto. Any time you can buy gift cards and redeem them for assets such as stocks or crypto can provide a leveraging opportunity, especially if you can buy them with a points/cashback-earning gift card. And my initial assumption (or hope) was that Cryptovouchergiftcard.com might provide just that, a way to either get discounted Crypto or to at least make out partially through credit card spend.
Throughput my research there was actually very little I could find out about Cryptovouchergiftcard.com as an actual company. As I'll talk about a little later, I poured through whatever reviews (or lack thereof) that I could find, but essentially from what I can tell, it has ties to California and has a license through the UAE. I know that the UAE is making a huge push to become one of the epicenters for cryptocurrency action in general, so their ties to the UAE didn't come to me as much of a surprise.
How did I find out about Cryptovouchergiftcard.com in the first place?
I first got tuned into Cryptovouchergiftcard.com's gift cards because they are currently on sale at Swagbucks for 10% off:
If you're unfamiliar with the Swagbucks program, essentially one SB (or Swagbuck) is redeemable for 1 cent, thus you can currently buy a $50 dollar Cryptovoucher for $45 dollars worth of SB. Besides Cryptovoucher, they often have different sales on other retail gift cards, but many of these sales are capped at 1 redemption per month. I often go for the 12% discount that they have on Amazon gift cards or else straight up cash out via Paypal gift cards. Nonetheless the limitation of discounted cards is an important thing to note because it means that these discounted redemptions are not scalable.
Now if you've followed my other posts, I am often seeking to find ways of trying to buy crypto at a discount, whether its through arbitraging or utilizing good interest rates, so naturally I was intrigued by a 10% sale offer and I was sent down the rabbit hole of finding out whether or not this was indeed profitable, regardless if I could only get these gift cards at discount once per month.
Is it profitable?
The short answer is no. After going through different reddit posts and looking at Swagbucks' own reviews listed on their website, I found that the biggest complaints are the transaction fees. Scouring different reddit user experiences, although the terms of and conditions for Cryptovoucher does warn that network transaction fees typically range between 11-13%, people are still finding the fees frustrating and for good reason. If you get charged $7.60 to send a $50 transaction when seconds later sending the same amount on their own accord would cost less than a dollar, that's a pretty significant difference. (And btw if you've ever routinely sending BTC with an average 11-13%...I would suggest you look at different alternatives, because that sounds like a giant rip) There are SO many options out there that will offer free transactions, even among major platforms like Gemini, Celsius, or even Blockfi depending on what you're sending...
Are there any pros?
The only advantage that I could see is that gift cards in general are part of a grey area when it comes to taxes and they're somewhat difficult to track by the IRS. And I'm not suggesting that you utilize Cryptovoucher for those purposes, but from what I can tell, you only need either a Google account or a mobile phone that can receive SMS text messages in order to authenticate yourself for your Bitcoin purchases--neither things that necessarily have to be tied to your identity. That being said, other vendors I've seen either restrict crypto gift card purchases in the United States or require KYC--Cryptovoucher seems to allow people to be semi-anon.
Once you create an account, it appears relatively easy to use. You enter your gift card pin, and create an order, and then send it to your BTC wallet address.
Another speculation is that you might be able to purchase these with a credit card which could get you some added value back, but from my research, I couldn't find anywhere else that actually sells these gift cards except for on Swagbucks. Doing a search for "cryptovouchergiftcard" or "crypto voucher" turns up a ton of results that aren't the same as cryptovouchergiftcard.com. This assumes that you have a credit card that give you a greater benefit than 11-13%, which to my knowledge, doesn't exist, no matter how awesome your category spend might be.
Conclusion
I guess from what I can tell, people are able to redeem these cards for BTC so it doesn't appear to be a scam, but that certainly doesn't mean that it's lucrative or profitable. What this search has done for me however, is opened up a whole new world of possibilities of different options that might be available via gift cards, vouchers, or just simply using credit cards without a cash advance to purchase cryptocurrencies. I've heard of different options like terra.cards or cryptovoucher.io which appear to be pretty legitimate, but I'm sure there's probably tons more.
Have you heard of any gift card options that I haven't mentioned out there for cryptocurrencies? And if so, have you tried them? I'd love to hear about it in the comments below.
Also, if you haven't signed up for free Swagbucks yet and would like to check it out, please consider using my referral link (https://www.swagbucks.com/profile/Jaik83) and get up to a $13 bonus in Swagbucks. Hopefully you found this article interesting, and please follow me on my new twitter account @CryptosWith!
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