Topic: How to cash out btc from online work without kyc crap and fees as good as... (Read 377 times)

Links to gift card fraud will put your Amazon account at risk, though. There are countless stories about account closures linked to Amazon gift cards bought from Localbitcoins or purchases made on Purse.io. People have even had the police bust in their house with search warrants because of them.

This is why I don't buy Amazon gift cards P2P at all. I only deal with trusted vendors like BitPay or Bitrefill.

With physical gift cards in brick-and-mortar stores, this isn't an issue. I'm much less concerned about fraud there since there is no link to my identity.

Trading with trusted members may not guarantee that the cards are legit as mentioned above but it definitely guarantees that you'll get a refund if things go wrong (unless stated otherwise in their TOS).

The only way to protect yourself from carded GCs is to use them immediately after redeeming. That doesn't work with all services though. Services selling digital goods like Steam, for example, will revoke anything bought using that card while shopping sites like Amazon cannot do that.

Avoiding scammers? You can't... They're all over the marketplace in this forum.

All you can do is mitigate the problem... Be VERY paranoid. Insist users send you "validation" PMs from a Bitcointalk account using either signed messages from a staked address or using a unique codeword that you make up on the spot so you can be confident that you're dealing with the correct person and not an imposter.

Don't deal with newbies if possible.

Try and avoid Telegram. Document everything (screenshots of PMs and Telegram where users can unilaterally delete entire conversations at any time! ).

Use Trusted Escrow!... Avoid anyone who refuses to use escrow.

Avoid any "auto buy" deals like selly.gg.

Be wary of users using self-moderated or locked threads that want to deal offsite.

Be very suspicious of extreme discounts (likely stolen, fake or carded)

meh. dealing with traders who are trusted or have a good reputation doesn't guarantee the source of their gift cards are legit. anyone offering 15-30% discounts is questionable in that regard. to me, it's just not worth the headache. i wouldn't have peace of mind if i had lots of money tied up in secondhand gift cards.


it seems like the OP discovered the secondary gift card market and wants to make money off it. i'm not sure he sees the downsides clearly enough.

Well in my opinion it offers more protection for the buyer and seller than some other places but if you like sending bitcoin to people you don't know over the internet then i'm sure you can find some people.

You might not wanna do that. There is no protection from ebay regarding digital currency sales. And, as you know, Bitcoin transactions are irreversible.
There are many platforms where you can sell bitcoins other than ebay.

I would suggest trying to use Ebay so you don't get tossed around too much.

I still don't understand why gift cards instead of selling crypto directly for fiat here on the forum or on LocalBitcoins? What's the issue?

No but I thought that would be minimized if only dealing with trusted guys on here?

gift card trading belongs on the digital goods forum:
https://bitcointalk.org/index.php?board=93.0

the currency exchange rules/guidelines generally apply:
https://bitcointalksearch.org/topic/currency-exchange-rules-and-guidelines-594959

if you respond to offers, stay away from auto-buy links, locked threads, and self-moderated threads. those are commonly used by scammers.


are you accounting for the risks of receiving fraudulent gift cards? those are gonna cut into those margins very quickly.

Hey again guys could you give me any advice tips for how to post a trade offer on the marketplace? What to put plus how to avoid scammers.

It would be for any popular giftcards; steam, amazon etc.

I initially thought I could do that trick with purse.io but when I got to their site and saw their terms I was reminded they do not allow giftcards for purchases, only physical items.

I had tried the giftcardexchange reddit sub but had issues. Their rules seem extremely strict to successfully post there. I understand that it is to stop scammers of course but because my account is not 'active' they remove my posts. I do not use reddit for constant posting (only the odd call/response question) so it is not suitable for me. I didn't see such a litany of requirements for posting in this (bitcointalk) forums' marketplace so asking for some tips to get started there.

People above said it is going to be stiff competition for giftcard exchange but the usual margin people ask is like 20%+ isn't it? So long as I go above the 3-5% people said to cover the fee which is asked to use the marketplace then the rest is profit isn't it and I was more doing it to flip it to re-saleable product and the margin I can make is all a bonus.

So any tips welcome and of course including advice pertaining to avoiding those pesky scammers.

I would like to do a test run first then go from there.

I think you have to invest first Then you can understand how to make BTC cash transactions from working online without doing as good as the keycap crop and fees. You have to make transactions in places that want to get up and running quickly and there is no KYC and no fees so you can adjust everything There will be no risk of getting a scam but in most trades you will need to be prepared for the fee so the fees will be deducted.

Look at some of the convolutions mentioned - suicidal risk or insane competition which'll mean losing 20-30% or more on gift cards - when you were unwilling to pay another 1-2% in fees.

The roof over your head depends on offloading £1000 in John Lewis vouchers by the end of the week? That's not a problem I'd want to have.

KYC it and forget about all these suggestions.

The only issue is whether an exchange will go weird about adult dealings and whether they're directly traceable to the coins you deposit. If they're not then you have nothing to worry about. If they are then check every exchange's terms and conditions. Some will be American puritan freaks. Others will be actual adults.

I would've thought it would be vastly less radioactive than gambling as there are no actual laws against it so most should be fine with it.

Can you tell which site you are working on so that we can know what channels your web panel supports. Anyways be ready for the fees which may range easily upto 5% as a withdrawal fee and you need to adjust on it. By the way how much do you earn weekly or monthly ?

Sadly, you're not likely to be able to get your cake and eat it too.

You'll likely end up needing to do KYC to go the quick and easy route with an established exchange that has reasonable fees and fast transfer times... or you'll take massive risks of getting scammed by dealing with private individuals offering "low margins"... or, for established, trustworthy individuals, you'll likely find they have larger margins.

It's a bit of a "Time - Cost - Quality" Triangle situation.... but it would be "Low Risk - Low Fee - No KYC"... pick two.

I would spend it. But of course sellers always know to who they ship things. So not really without KYC.  You should get someone, that want to get rich fast, to sell your bitcoins for cash. That is pretty much your only chance. When dealing with fiat money most governments demand KYC. 

You can, but expect stiff competition with those offering between 70-80%+ here. And I tried cashing out in BTC before but didn't have any takers, liquidity is kinda low.

I've not used Purse but I've read reviews its relatively safe. Or if you want a quicker option, try r/giftcardexchange (you've to build some rep while DYOR by sticking to trusted buyers. You'll be swarmed with PMs coming from scammers so keep your eyes peeled).

How's about swapping for giftcards and reselling them either here or on purse. Is that fairly safe?

Good markup for that too from what I saw previous on this forum.

I guess you are back to the paypal dilemma there again. Is it safer to sell them on ebay or just as risky? I know a guy said he has sold GCs on ebay many times 'no probs'. I think this forum is more a den of scammers (though also trusted guys here too don't get me wrong but it attracts more scammers I am guessing) than ebay whereas surely scammers are but maybe in lesser quantity?

Good point about CB's, as said above not generally an issue with trusted members and a reason the majority of trades are done under Friends and Family. The thing is that with newer accounts it can be a hacked or stolen account so with people that have years of trade history there is reduced risk. It all comes down to the level of risk you are comfortable with, I have put myself out there many times from the time I was a Full member up and have avoided any issues using PP and forum members.

The person I pointed you to generally does a 1:1 trade as well. You being newer though will likely be expected to send your BTC first until you build up a reputation. Just again do your research and make sure you are comfortable before proceeding, if you do proceed.

You will have to do some digging g and see what option is in your best interest good luck.

It is and its the part of the game. Usually "trusted" members won't put their reputation on the line for a couple of hundred dollars but yeah you are basically putting the ball in their court if they want to screw you or not. 2-5% usually is in the form of "shitty" exchange rate basically. Yeah, If I were you I would be using something like Skrill for converting BTC to Fiat and call it a day. They charge 1% on BTC to FIAT and Flat 6.5$ per withdrawal. Up to $10K per day I believe.