Bitcoin Forum

Hi everyone!

This is my first post, hope someone will help with my question :)

On paxful you can exchange gift cards for btc. I'm curious how those people who accept steam, play station,itunes or paysafecard cards cashout.
For amazon i suppose they purchase products, or dropship for someone else.
 But for steam,ps, itunes and paysafecard? I'm not talking about 1-2 trades, they exchange btc for gift cards all day long. Also noticed that most of them are chinese.

Most of them just redeem the cards,i quess.They get the cards with a big discount like a $100 gift card for
$70 btc on paxful.This is their profit.Perhaps they can resell the giftcards on some other marketplace and get the profit.

PaySafeCard is as valuable as PayPal or any other payment method , as for Steam and others , people are doing this profit and usually redeem them into their accounts and buy games and skins because some of them never really lose value then resell them and sometimes It just for personal use .

May be they are just purchasing those gift cards using stolen credit card details and easy way for them to get away with it, is to exchange those cards for bitcoin rather than trying to use those card themselves.

You can also do this on a site called zeek which works great i have found. Are paxful in USA? zeek i think is UK based.

Mostly the people that cashout the gift cards initially bought the gc for personal use but the majority buy those cards for trading purposes on different market places to .realize a profit from them.