Tips and tricks
Answers to your questions about Bitcoin gift cards
So what is a Bitcoin gift card?
A Bitcoin gift card is, simply put, just another means of helping you obtain and grow your Bitcoin stock. Like all gift cards, you upload a set cash value onto the card and that will be the card’s value in whatever currency you use. When you redeem your gift card, it will then be converted to Bitcoin’s cryptocurrency value, and you can choose to either spend it or save it.
What can I do with my Bitcoin gift card?
A Bitcoin gift card is actually the easiest way to buy Bitcoin or gift it to someone else. When you purchase a gift card, you can either hold onto it for yourself or pass it on to a friend, family member, or partner. It’s a great gift idea for birthdays, holidays, or even special occasions such as a marriage, birth of a child, or even a graduation. As a wonderful tool for helping you save money, it’s a great gift to help someone secure their future.
Can I use my Bitcoin gift card anywhere in the world?
Since it’s virtual, yes, you can use your Bitcoin gift card in any part of the world that recognizes Bitcoin as a valid form of currency. Just remember that exchange rates may mean that any exchange from Bitcoin currency to cash currency might not be what you’re used to when you’re in another part of the world.
So how does this cash to Bitcoin exchange thing work?
When you buy a Bitcoin gift card, you load a cash dollar value onto the card. You can then go to the MyBitCards website, where you’ll be able to view your balance with the corresponding Bitcoin value. At the same website, you can also redeem your gift card to discover the corresponding Bitcoin value or purchase additional Bitcoin at the applied exchange rate.
What should I do if the value of Bitcoin drops?
Bitcoin’s value will rise and fall just like the values of any other stocks and bonds. If the value happens to dip, wait to see if it starts to climb again. You’re welcome to exchange your Bitcoin back to cash and cut your losses at any time.
Can I return my Bitcoin gift card if the Bitcoin value plummets?
You cannot. Gift Card Granny is not responsible for tracking any changes in the value of Bitcoin or notifying you of said changes. Once you have your gift card, you are responsible for what you do with your Bitcoin. If you want to spend it, you can spend it; if you want to invest it, you can invest it. Whatever you choose to do is up to you, and you are responsible for keeping track of any changes in the value of Bitcoin and making your decisions about your Bitcoin as such.
But I thought you said it’s just like cash. How can its value change if it’s just like cash?
Well, it’s kind of like how the currency exchange rate between countries is measured. Don’t think about it like the physical bills and coins you might hand over at your local ice cream shop. Instead, think of it as something that’s always in flux. Just like the exchange rate between USD and Euros is constantly changing, the value of Bitcoin is always rising and falling.
Bitcoin is a cryptocurrency--that is, a digital currency. It’s entirely virtual, but essentially operates just like cash. In fact, you can trade actual cash for Bitcoin, and then keep it in its own Bitcoin bank to hold until you’re ready to spend it.
You can use Bitcoin in one of two ways: spend it online, kind of like you would with a credit or debit card, or set it aside as a short to long-term investment. Most people will opt for the second option because it allows for growth in your Bitcoin bank. If you put it away in its bank, Bitcoin works a lot like any old investment. Just like the values of stocks and bonds rise and fall, so does the value of your Bitcoin.