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By AJ Dellinger 2021-06-18 09:00:00 UTC
Investing in cryptocurrency is a bit like earning tokens in an arcade. It’s exciting even, but once that’s said and done, you can’t exactly cash those tickets for anything in the real world. Or can you?
If you’ve found yourself with unexpected expenses through a timely investment in crypto or just looking to stop HODLing and cash out before the next market downturn, you might as well turn that found money into something you’d like. . There is no better opportunity to acquire cutting edge technology or other products that you have looked at than during Amazon Prime Day.
The annual event, which falls on June 21-22, 2021, is an opportunity for Amazon Prime subscribers to get their hands on Amazon devices and other products from beloved brands at discounted prices with free shipping for start. While you cannot make direct purchases from Amazon using Bitcoin or other cryptocurrencies, you can convert your earnings and trends and enjoy the savings. Here’s what you need to know.
Can you use Bitcoin on Amazon?
Simply put: no, not exactly. But while you can’t buy things directly from Amazon via cryptocurrency, you can turn your existing currency into an Amazon gift card. There are several different apps that support this option.
BitPay
One of the most popular is BitPay, a payment app that basically lets you turn your cryptocurrency into a payment method. While you can buy and sell cryptocurrencies directly in BitPay, you can also link your existing account from Coinbase and use it to fund your BitPay wallet. Once done, you can turn your crypto assets into an Amazon gift card. BitPay supports a number of different cryptocurrencies including Bitcoin, Dogecoin, Ethereum, and others. All you have to do is cash out and select the option to redeem as an Amazon Gift Card in order to redeem your earnings directly on Amazon.
Bitrefill
Bitrefill is another option that lets you turn your crypto assets into gift cards. Again, you can link your Coinbase account or transfer directly from a wallet using your direct address or QR code. Once you have funded your Bitrefill account with cryptocurrency options like Bitcoin, Dogecoin, Ethereum, Litecoin, and others, you can use it to purchase an Amazon Gift Card. The app will give you a code for the card, which you will redeem on Amazon and can use to make purchases.
Crypto.com
While it does not allow you to directly turn your cryptocurrency holdings into an Amazon gift card, Crypto.com does give you the option of funding a debit card with your crypto holdings. Create an account and transfer your holdings in one of 1,300 different cryptocurrencies to your Crypto.com account. The company will issue you with a Visa card, which you can use to make purchases through Amazon and other sites. It works like any other debit card, except you draw from your cryptocurrency balance instead of a bank account.
Cashing an exchange
If you bought Bitcoin or some other cryptocurrency back when things were a little less streamlined than they have recently been, you probably bought through an exchange like Binance or Coinbase. In order to use the money you have on these exchanges, you will need to withdraw the funds to your bank account. Typically, you will need to use the same account that you originally used to deposit your funds. This is a security feature as well as a way to prevent money laundering.
Depending on the exchange you used, the process will vary, but it will usually be a version of it:
Transfer times may vary depending on the exchange. Generally, you can expect your withdrawal request to be processed within one day, but it can sometimes take several days, so plan accordingly so that you have enough time for the money to arrive in your account beforehand. to start shopping. (You can also buy with a credit card, then use the cryptocurrency you cashed out to pay your bill.)
Cash out via investment applications
Over the past few years, stock and investing trading apps like Robinhood, Public, Webull, and Cash App have all made their moves into crypto trading. If you’ve been riding the wave and want to profit from a portion of your earnings, you can cash out at any time by selling your holdings.
In order to cash out your position in any cryptocurrency you may hold on these platforms, you will need to log into your account, select the cryptocurrency you have invested in, and sell some or all of your holdings. When you do this, you are creating a sell position that should allow you to turn that notional income into real income that you can spend. Unless the market is in free fall and there are no buyers, you should probably be able to sell.
Once you have sold some or all of your cryptocurrency investments, you can transfer that money to your bank account. This process can take several days. Some apps, like Robinhood, have premium features that you can pay for and allow you to cash out instantly. It may be worth it if you’re trying to get your hands on that cash quickly.
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