97 - Coincards: Buy Gift Cards with Monero and Bitcoin

Coincards.com: A Service for Buying Gift Cards with Crypto

Coincards.com is an online service that allows users to purchase gift cards using various cryptocurrencies, including Bitcoin and Monero. The founder and CEO, Mike, emphasizes the importance of gift cards as a strategy for privacy seekers and as a way for individuals to cash out their crypto. Coincards.com offers a wide selection of gift cards, although not available for every store. Users can simply visit the website, create an account, and choose from the available gift cards. Upon purchasing, the gift card code is emailed to the user. While some personal information, such as an email and name, is required, Coincards.com does not perform rigorous checks or store users' purchase history. Users are encouraged to use Tor or VPN for added privacy. However, some merchants may detect Tor or VPN usage when redeeming gift cards. Coincards.com maintains transparency by alerting users to potential restrictions on specific gift cards. The service also uses BTC Pay Server, a self-custodial payment processor for Bitcoin transactions, ensuring privacy and bypassing third-party vetting of UTXOs. Coincards.com applies restrictions on transaction amounts to comply with regulations and stay within the thresholds for no-KYC service. Users concerned about information retention can contact the company to request data removal. While some merchants may see the source of the gift card purchases, they do not receive information about the buyers. However, certain merchants work directly with Coincards.com as approved aggregator partners, monitoring the volume of gift cards sold without accessing buyer information. Coincards.com operates as a privacy-focused service, following a 5% fee structure, without additional upcharges on exchange rates. The company aims to expand its services to more countries, currently serving Canada, the US, and the UK. Coincards.com accepts a range of cryptocurrencies, with Bitcoin and Monero being the most popular options. The service provides monthly breakdowns of the percentage of purchases made with each cryptocurrency. While Coincards.com strives to increase merchant acceptance of crypto, there is still progress to be made in achieving a circular economy. Mike acknowledges that more businesses should be willing to accept cryptocurrencies, and encourages Bitcoin users to actively spend their crypto to promote wider adoption. Despite challenges, Coincards.com remains dedicated to providing a valuable service for individuals seeking to use their cryptocurrencies in practical ways.