Topic: selling and buying bitcoin with giftcard question (Read 239 times)
You could always try ways to mitigate the amount of fraud-related GCs you buy with things like ID verification, requiring pictures of a physical card with corresponding details, and purchase receipts for the GCs you're buying, but in the end you're still occasionally going to have people fake the details and you'll end up with cards obtained through fraud, though less so than if you were to not require some sort of verification. Most cards obtained through fraud in my (short) experience of being a Paxful vendor were digital and the people selling the cards to me didn't have any sort of physical proof of ownership.
I was looking at paxful and I can see a lot of people do this, but my question is how do the ones with a lot of volume get the money back into bitcoin, I mean you cant use 100 itunes cards and 50 amazon cards a day, you have to be able to replenesh your bitcoin sooner or later. Is this a trade secret or am I just not able to figure it out
They are willing to take on the risk of a gift card being carded because they know they are able to cash it out using a certain route that not a lot of people know about. The rates that these high volume players pay for gift card transactions are so low anyways that it makes it very profitable for them if they do this on a large scale.
That's why they have volume. They aren't just hoarding the gift cards for themselves, they are cashing it out as soon as they receive it.
I personally would stay clear of being an "advertiser" on paxful for these gift card transactions though. You could get into a lot of trouble in terms of receiving carded/stolen GCs in transactions, that risk is just not worth it for the measly few bucks you may save if you are just starting to trade.
There's a number of potential pathways these vendors use to convert the GCs to BTC again, but one of the more obvious potential ones to me is that these cards are being sold on fiat GC marketplaces or other sites where GCs are being sold for fiat (usually at a slight discount), and the funds from these sales go to the vendor's PayPal or bank account and are exchanged for BTC on an exchange. Not completely sure, though, and as AdolfinWolf mentioned, nobody's going to give up this information for free.
You would get direct help if you contact paxful directly.
Paxful most likely wouldn't tell you how the vendors make money with this sort of exchange. It's up to someone with preexisting knowledge to tell you how to make a profit selling and buying the GCs for a profit, and you'll likely need to pay for this info or discover it yourself. 
I dont think anyone that replied really understood what I was asking. So.... I understand how to sell and buy giftcards, but what i do not understand is how I get my btc replenished after doing so
No one here knows, or is going to tell you how exactly they do it.I could make an educated guess though;
1. they sell BTC for their giftcards.
2. they then resell the giftcards, or services that the giftcard provide to a third party with profit.
3. Use profit/returns to buy giftcards again.
...
4. Profit.
Now how exactly vendors create these traderoutes, is something they're probably not going to tell you, otherwise they'll soon be out of business/get less profit. It's really up to you to find something that works.
+1
This is your answer since question not exactly understood since seeing the headline and body of the OP.
I have merited your post, since I believe it is informative.
I dont think anyone that replied really understood what I was asking. So.... I understand how to sell and buy giftcards, but what i do not understand is how I get my btc replenished after doing so
No one here knows, or is going to tell you how exactly they do it.I could make an educated guess though;
1. they sell you BTC for your giftcards.
2. they then resell the giftcards, or services that the giftcard provide to a third party with profit.
3. Use profit/returns to buy giftcards again.
...
4. Profit.
Now how exactly vendors create these traderoutes, is something they're probably not going to tell you, otherwise they'll soon be out of business/get less profit. It's really up to you to find something that works.
I dont think anyone that replied really understood what I was asking. So.... I understand how to sell and buy giftcards, but what i do not understand is how I get my btc replenished after doing so
my question is how do the ones with a lot of volume get the money back into bitcoin, I mean you cant use 100 itunes cards and 50 amazon cards a day,
Everyone has his reasons, but the main reasons can be summed up in the following:- Buy Bitcoin anonymously: You can buy gift cards by paying in cash and then sell them to get BTC without giving any personal information.
- Take advantage of the discount: You can get an excellent discount when you buy many cards.
Money laundering, tax evasion, scam, and other things.
For more Read this: Idea for anonymous reputation on sites like Paxful | theymos Bitcointalk
I was looking at paxful and I can see a lot of people do this, but my question is how do the ones with a lot of volume get the money back into bitcoin, I mean you cant use 100 itunes cards and 50 amazon cards a day, you have to be able to replenesh your bitcoin sooner or later. Is this a trade secret or am I just not able to figure it out
Aren't they buying and selling? They probably sell BTC for gift cards at x% discount, buy BTC with gift cards at y% discount, and their profit is y-x.
There are several gift card reselling sites out there like GiftCardGranny and Raise.com. I'm not sure if the rates are worth it or not, but that's another way to liquidate them as well.
You may need to go through the goods board and its child boards to buy and sell service for multiple projects. You may buy or sell GC easily with the trusted forum members.
Check the link below.
https://bitcointalk.org/index.php?board=51.0
Please deal the people by using any trusted escrow on this forum for your security concerns.
Check the link below.
https://bitcointalk.org/index.php?board=51.0
Please deal the people by using any trusted escrow on this forum for your security concerns.
Paxful has some features that allowed that to happen and in fact gift cards in recent time is because more decentralized and at that it flexibility is now high and this allowed for it exchange with other currencies such as bitcoin. Since Amazon and iTunes gift cards can be cash out easily into faint it can also be replenished into cryptocurrency/bitcoin easily.
I was looking at paxful and I can see a lot of people do this, but my question is how do the ones with a lot of volume get the money back into bitcoin, I mean you cant use 100 itunes cards and 50 amazon cards a day, you have to be able to replenesh your bitcoin sooner or later. Is this a trade secret or am I just not able to figure it out
Actually not too good on selling and buying bitcoin with giftcard will suggest you try out the link provide bellow to ask any neccessary question you need as the thread has account with the PAXFUL.
But please don't make any move without you haven seen a clear picture of what you demand or ask for because here is full of scammers of any level. Be caution of escrow even though he/she suggest. Maybe this can be o a help, good-luck comrade.
https://bitcointalksearch.org/topic/paxful-account-4-sale-perfect-account-5112560
You would get direct help if you contact paxful directly.
I was looking at paxful and I can see a lot of people do this, but my question is how do the ones with a lot of volume get the money back into bitcoin, I mean you cant use 100 itunes cards and 50 amazon cards a day, you have to be able to replenesh your bitcoin sooner or later. Is this a trade secret or am I just not able to figure it out
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