Accepting Visa/Mastercard gift cards for bitcoin

[kenrzn]

I have some bitcoin that I plan on selling and I want to sell them for Visa or Mastercard gift cards, But I'm unaware of a method to get the money from the gift cards to my bank, I am in Canada so we don't have venmo or google pay. I have also read that you can use paypal but is it something that will work all the time especially with big amounts in the cards.

[mk4]

You're probably going to have a hard time looking for Visa and Mastercard gift cards. As far as I know, the common gift cards being used online are Amazon and eBay, which you can purchase using bitcoin through reputable gift card sites like Bitrefill[1].

Also, why not do bitcoin -> bank instead of bitcoin -> giftcards -> bank? If you don't want to use exchanges like Coinbase for privacy reasons, you can use platforms like Bisq[2] so the transaction would be peer-to-peer, without the bank knowing that the transaction was bitcoin-related.

[1] https://www.bitrefill.com/buy/canada/?hl=en&s=0
[2] https://bisq.network

[o_e_l_e_o]

There is no direct way to either transfer from a Mastercard or Visa gift card directly to a bank account or to withdraw cash from them at an ATM. To effectively liquidate these cards, your options are generally limited to selling them, or to spend them on things you would be spending money from your bank account on anyway, such as groceries or bills.

Mastercard and Visa prepaid cards are slightly different - these are cards you register, have a PIN, and can continually top up. You can use them at ATMs to withdraw cash. There are various services which will offer BTC versions of these cards which you can top up with BTC and then use at an ATM to withdraw fiat, but all of them (as far as I am aware) charge fees and require KYC.

Alternate options if you want to avoid KYC are using a decentralized exchange such as BISQ as mentioned above or to sell peer to peer using the forum's marketplace.

[OmegaStarScream]

Since you're Canadian, you could use LocalCoin card: https://localcoin.ca/sell/bitcoin-prepaid-card/

It doesn't require submitting any documents (since it seems you're against that) and the maximum balance you could have at one time is 7500$.

[UNOE]

I have some bitcoin that I plan on selling and I want to sell them for Visa or Mastercard gift cards, But I'm unaware of a method to get the money from the gift cards to my bank, I am in Canada so we don't have venmo or google pay. I have also read that you can use paypal but is it something that will work all the time especially with big amounts in the cards.

They have a service for bitcoin to cards for a while now
https://coincards.com/ca/product/rise-wallet-card-standard-gift-card-physical-delivery

only cashing those funds out to your bank is the problem but there are plenty of ways to do this already.
ie. Buy eBay giftcards and sell them on their platform then receive to your paypal account. Link it to your bank account to get cashout.