Browse through the following Frequently Asked Questions, If you can’t find what you are looking for, you can contact our Support.
“I see a bunch of Amazon Gift Cards selling for 20-30% discount our site… are they legit?”
Our answer is obviously and emphatically “yes”, but the true reason deserves a much longer explanation.
So why are gift cards so cheap? A better question would be: “Why are people willing to pay a 20-30% premium to buy bitcoin?” Bitcoin is still hard to buy for most people around the world. Gift cards are the easiest way to buy bitcoin for people in some countries, and people who have it don’t part ways with it easily.
Let’s break the reasons into categories…
1. Limited Access
Banks the past few years have been notorious for blocking crypto. Wells Fargo, Bank of America, Citigroup, Chase, Discover, Capital One and 20+ other banks have formally banned crypto purchases on credit card, ACH and wires, despite investing in blockchain technology heavily behind the scenes. Banks vary in their strictness in enforcing these laws, but it’s well documented that many wires into Coinbase and other exchanges have been getting blocked.
In their defense, crypto still has unclear tangible value, high monetary risks, limited regulation, high fraud, virtually no insurance, and irreversible transactions—making it unpopular to many large institutions.
2. Price Speculation
April 2019 had the highest volume of future bets placed on bitcoin ever, at 22,000 open contracts. Bitcoin is a highly volatile investment vehicle with high volume, making it perfect for day-traders. So the number of contracts continues to increase every month globally. The kind of bets these traders are placing can yield as high as 800% returns, so they may not care about a 20% loss upfront.
Exchanges are very slow. For new users on Coinbase who choose the ACH option, it takes about 4 days to actually own and withdraw bitcoin from Coinbase. If you choose to send a wire, this cost you $25 anyway which is roughly 25% cost of buying a $100 gift card. And we already know other marketplaces like CardCash and Raise regularly send checks in the mail. People are willing to pay a premium for speed—especially considering the price volatility of bitcoin.
4. Exchange Limits
Crypto exchanges often have low purchase limits for bitcoin. It’s easier to buy gift cards across multiple retail stores like CVS, Walgreens, Ralphs, etc and sell them for bitcoin than buying directly with a credit or debit card. Many people reported their bank accounts being frozen for trading too much crypto.
5. Foreign Demand
China has huge demand for bitcoin. After the Chinese government banned bitcoin and cryptocurrency trading in September 2017, a large number of Chinese investors still actively trade bitcoin, circumventing restrictions through use of VPNs, stablecoins, and OTC markets, and they are willing to pay a premium. Other countries (not named China) have demand for bitcoin because its a more useful currency than their own fiat, especially in Africa.
Many countries have some unusual tax laws for cryptocurrencies. In Israel, cryptocurrencies are taxed as high as 50% capital gains for businesses. In China, despite a blanket ban on crypto trading, the P2P and OTC markets are still legal (and active). For many wealthy Chinese, bitcoin (and stablecoins) are tax havens for their money, and they may be willing to pay a premium to get bitcoin.
Nigeria has the #15 highest inflation rate in the world. Other countries like Venezuela and Argentina are desperate to move their earnings into an asset that not only will retain its value, but may actually increase. Many citizens in of these hyper-inflationary countries would rather get paid in a gift card or bitcoin in exchange for goods or services—knowing its a safer asset to hold.
Corrupt governments also impact people’s willingness to convert fiat currencies into cryptocurrencies, as they believe it is a safer place for their money. According to the Human Rights Foundation, more than 50% of the world’s population still lives under an authoritarian regime where their money could be at risk of forfeiture. This accounts for more than 2.6 billion people that live in nations tainted by repression, corruption and human rights abuses. A currency like bitcoin gives them protection from these factors, even at a 20-30% premium.
Amazon has over 250,000 “Turks” working on Mechanical Turk, and most have the option to be paid in Amazon Gift Cards rather than their fiat currency. Some % of this population that doesn’t have bank accounts, this is a great only way to cash out their earnings, even with a hefty fee. Amazon pays out hundreds of millions of dollars a year to their Turks, and not many of them are in countries where bitcoin exchanges are available.
Amazon and other retailers have a reputation for shutting down accounts of buyers with money trapped inside. They will do this if buyers have unusual buying patterns or buy too many secondhand gift cards from non-authorized retailers. With every trade comes the inherent risk that the entire gift card will be frozen by the retailer or become invalid in some other way. It’s not guaranteed money, and this is reflected in the price.
Select the product, denomination, payment method, and pay with your favorite wallet.
You will receive a receipt email with your Gift Card code/PIN, typically within 0 to 10 minutes.
Where do they work?
Some vouchers work worldwide, some are region-specific, some are country-specific, some are currency specific.
You should always check the issuing business website and terms before purchasing.Since every merchant is different, please refer to their specific terms and conditions found on each merchant’s page prior to purchasing the gift card.
If you are not sure if a voucher works in your area, contact customer service.
Payments are accepted instantly when utilizing the Lightning Network.
Bitcoin transactions valued at less than $200 with a sufficient transaction fee, and Dash Instasend transactions are also able to be processed instantly.
Other transaction types and cryptocurrencies may require more network confirmations before payment is accepted and your order is delivered.
After the payment status is changed from “Awaiting Payment ” to “Payment Confirmed” , your gift card(s) code(s) will appear on screen.
You will also receive a confirmation email. If you don’t see the email in your INBOX folder , please check the SPAM/JUNK folders .
If the gift card(s) does not appear on screen or arrive via email within the expected time frame, contact Customer Service for assistance. You will need the order number and the e-mail address used at checkout.
Also, if you created an account on Cryptogyfter account during checkout, you can view your gift card code(s) by navigating My Account – Orders – View Order #
Registering a Cryptogyfter account allows you to keep a balance with us, which can be used to purchase any of our offered products or services without having to pay blockchain transaction fees, and without having to wait for payment confirmation on each order you make.
This is a great option for recurring customers that want to save on fees when making frequent purchases.
Creating an account also allows you to add two-factor authentication, review your order history, and participate in our referral & loyalty programs.
A customer may request a refund of any unused amounts in their account balance. This may take up to 6 hours to process.
Here are some great starting points:
How to Buy Bitcoin Worldwide
Cryptowisser Exchange List
You can also earn bitcoin as payment. Here are some crypto job sites to check out:
How to use Bitcoin as a freelancer
How to earn Sats on the Lightning Network
Cryptogyfter.com works with all Bitcoin wallets.
We don’t endorse any specific wallets, but here is a great resource on how to choose a great bitcoin wallet and here’s an article on how to choose a great multi-coin wallet.
There are also wallets listed on Bitcoin.org
Your money is completely safe during this time – if your transaction ends up not being confirmed, the bitcoins will appear in your wallet again.
If you included a high enough fee (we tell you the minimum at the payment screen), orders under $200 will be delivered immediately without waiting for a confirmation.
In order to avoid these problems, we recommend:
- Use the Lightning Network, a payment protocol for bitcoin that allows instant transactions with unfairly cheap transaction fees.
- Use updated wallets that support Segwit addresses and are good at fee estimation.
- Use a Cryptogyfter account, where you can prepay a balance and do multiple purchases instantly and without additional fees
- Read this guide about how to save money on Bitcoin Network fees and deal with confirmation delays.
- You may also learn about how Bitcoin fees work.
If you send Bitcoin to the wrong address or send way too much Bitcoin to a stranger, there is a high likelihood that it is lost forever.
It is extremely important to make sure you copy the entire text string of characters of the Bitcoin address and double check that it and your amount is correct before sending a payment.
Make sure to always double check that the characters at the beginning and end of the address you’re using are exactly the same as the address you plan to send to, or receive from.
Using QR codes to send and receive or using Lightning Network also greatly minimizes address and amount errors.
When we quote a price in Bitcoin we can only honor that price for 60 minutes, after which time the Bitcoin exchange rate will have changed.
If your order expired, don’t worry! Simply reload the page and you’ll get a new order, with an updated 60 minutes payment window.
As a result, these transactions will arrive late (if the invoice has already expired) or the invoice will not be paid in full.
Therefore we recommend to use one of many open source wallets, where the sender has control over the exact amount and the time of sending.
Here are a few suggestions to check if you enter the code correctly:
number 0 – try the letter O, Q or D instead
number 1 – try the letter I instead
letter O – try the letter D or the number 0 instead
letter B – try the number 8
letter G – try the number 6
If you haven’t received your voucher code, please email us at [email protected], contact Our Support or respond to your receipt email and we will check into it.
Please provide all useful order info that you have (order ID, email address)
Note: if an order has been delivered successfully we are unable to cancel it.
So please make sure you’re sending to the right number/email.
We cannot refund successfully delivered voucher codes; please ensure you are ordering the correct product!
We usually respond within a few hours, but please give us up to 24 hours.
Our regular working hours are 8.00 to 20.00 hours (CET) on weekdays.
If you have created a support ticket, you do not need to try to contact us through social media or otherwise.
This may cause delays in the process. We will try to process the requests as soon as possible.