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Gyft and Walmart Make It Easier to Spend Bitcoins

Philip RyanbyPhilip Ryan
March 25, 2014
in Payments
Reading Time: 3 mins read
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walmart_card2It just got a whole lot easier to spend those bitcoins burning a whole in your digital wallet.

Digital gift card company Gyft — known for being cryptocurrency-friendly and its many enthusiastic fans in the bitcoin community — yesterday announced that it had added Walmart gift cards to its platform. Bitcoin watchers quickly discerned from the move that Walmart, America’s largest merchant, is now “quietly” accepting bitcoins.

You can now buy a @Walmart gift card with #bitcoin! check out @gyft http://t.co/tsHUgRzcbx

— BitPay (@bitpay) March 25, 2014

Users on Reddit’s Bitcoin group point out that Walmart, like many other retailers, will give a customer a physical gift card if shown proof of a digital one. Walmart also sells a number of gift cards and reloadable prepaid cards that can be bought both in the store and online. This opens up a wide range of use cases for bitcoin users.

One possible use that seems to spark particular interest is at the gas pump.

sweet. walk inside tell them you want a physical card and then you can pay at the gas pump… .have refilled with gyft or snapcard

Another user replied:

So, a ton of gas stations around the country just start taking bitcoin indirectly. F–k yes.

SnapCard is a tool that allows purchases to be made online — at Amazon, eBay, or anywhere — using bitcoins. SnapCard converts the bitcoins to dollars and pays the seller. Another user discussed how the discount offered by Gyft to virtual currency users could end up saving him money, and save Walmart some credit card fees:

I had already used snapcard in the past to order physical giftcards, but now I’ll do all my future Walmart shopping using BTC through Gyft.

Of course, I’ll buy back the BTC through coinbase. But since Gyft gives you a 3% discount and coinbase charges 1% I still come out 2% ahead by using BTC. Walmart wins too since they won’t have to pay the CC fees I would otherwise have incurred.

So win for me, win for Walmart, win for Gyft, win for Coinbase, win for Bitcoin.

Bitcoin use is vanishingly small in the U.S. retail landscape, but it is interesting to see bitcoin use expanded by companies such as Gyft and SnapCard — and now Walmart.

Tags: bitcoinsGift CardsGyftPrepaid Cardsstartupswalmart
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