How to Buy Bitcoin with iTunes Gift Card

The iTunes gift card is a popular gift today, which can be used not only in the form of physical cards but also as digital codes and to be delivered to the giftee through email. Online shoppers use these gift cards on the iTunes store to purchase books, music, movies, various app software, etc. 

If someone gifted you an iTunes gift card or you have bought one but don’t want to use it for the iTunes store, you can make use of it by buying Bitcoin. For that purpose, there are some Bitcoin exchange platforms that allow you to buy bitcoin with an iTunes gift card instantly in a few clicks.

How to Buy Bitcoin with iTunes Gift Card

Best Places to Buy Bitcoin

If you’d prefer to use a more well-known exchange that accepts debit and credit cards, we recommend eToro. We’d also expect them to support iTunes Gift Card as an option in the near future.

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Best Brokers to Buy Bitcoin with iTunes Gift Card in January 2022

At the time of writing, Paxful is the best platform out there to buy Bitcoin with an iTunes gift card in terms of safety and usability. It’s a peer-to-peer marketplace where sellers and buyers meet to trade bitcoins, and there is no third party or broker involved in the process, so you directly get in touch with the seller and complete your purchase. 

In general, P2P marketplaces are actually less safe than brokerage platforms. In the second case, the platform has more governance over the transaction. Any of the parties can hardly cheat and escape from transferring cryptos after getting the money. However, Paxful is among the safest P2P marketplaces that you can find in the industry. It ensures secure trading through the escrow mechanism, allowing you to maintain disputes in case something goes in the wrong direction.

One of the most significant pluses with Paxful is that the platform itself does not charge any fees from buyers, but sellers apply their costs, which are relatively higher for gift card purchases. Apart from the gift card option, Paxful offers hundreds of other payment methods to buy Bitcoin, and also provides a secure crypto wallet to store your coins. With this marketplace, you will also get the opportunity to buy a small amount of BTC without having to complete the verification process. 

How to Buy Bitcoin with iTunes Gift Card

If you want to buy Bitcoin with an iTunes gift card and don’t know how to start, here is a complete guide showing you how to do it. As only a few crypto exchanges support buying bitcoin with iTunes gift cards, we consider Paxful as the best one among them. Hence, in this section of our guide, we will explain the whole process using Paxful. 

Create a Paxful Account

As for the first step, you need to visit the Paxful website and click on the “Register” button. Then, in the registration window, you must fill in your email and create a password. With this being done, you will immediately get a verification code sent to your email through which you must verify your profile. 

After verifying your account with an email code, you also need to verify it with a mobile code. So, provide your phone number to get an SMS and verify your account. When you register, Paxful will automatically generate a user name for you. If you want to change it, visit the settings section where you can also add a profile photo if you want. 

Verify Your Account

Paxful requires you to undergo different levels of verification depending on the payment method you choose and the amount of Bitcoin (or any other altcoin) you want to buy. It has four levels of verification – The first one only requires you to go through the phone and email verification and allows you to purchase $1000 with Bitcoin per trade. 

The second level is ID verification, in which you must provide a copy of your passport and be allowed to buy $10000 bitcoin per trade. Address verification is the third level by which you can purchase $50000 worth of bitcoin, and then comes the EDD verification, which allows you to buy $50000+ BTC per trade. 

Get Your Wallet

When you register on Paxful, you immediately get three wallets designed for storing Bitcoin, Tether, and Ethereum. Still, to be able to use these wallets, you need to go through at least the Level 3 verification process and provide an ID verification. When your identity gets verified, you can freely use those wallets to store your cryptos.

Find the Offer

As mentioned previously, Paxful is not a broker, so it does not act as an intermediate between you and the seller. Instead, all the sellers who meet the platform’s requirements can create their sell offers and set their prices. Buyers, in their turn, browse these offers to find the one that best suits their needs. 

To buy Bitcoin, just click on the “Buy” button, and you will see several offers to select. On the left section, choose Bitcoin, fill in the amount you want to spend, and browse the “Pay via” section to find the iTunes gift card option. You will find lots of offers from which you need to select the best one for you. Take note that you also need to pay attention to seller’s rates, and to find a reliable and quick seller. 

Buy Bitcoin with iTunes Gift Card

Now, when you have selected the most suitable seller, you can start the buying process. For this purpose, you need to get in touch directly with the seller and discuss the transaction details. Buying bitcoin with an iTunes gift card usually goes in the following direction – you provide the seller with your iTunes gift card codes, and then he/she sends bitcoins to your account. 

To avoid fraud, you better use Paxful’s escrow mechanism. In this case, the platform keeps the seller’s bitcoins in escrow until you transfer the money or provide a gift card code. When your transaction is verified, you then get your bitcoins. This method makes sure that the seller won’t cheat and cancel sending bitcoin throughout the process. 

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What is an iTunes Gift Card and How Do iTunes Gift Cards Work?  

If you are using an iTunes gift card for the first time and have never been gifted it before, you may have some questions about where you can use it and how these gift cards work. So, in this section, we will cover all the essential information regarding iTunes gift cards and make it clear to you how you can use and redeem them. 

What is an iTunes Gift Card?

iTunes gift card is a card for shopping on the iTunes store, which is a software-based media store designed by Apple Incorporation. These cards exist in the form of physical cards, but you can also get card codes as a gift online. Getting this gift card, you will be able to purchase several things on the iTunes store, such as music, apps, services, movies, to name just a few. 

Here, we should note that the iTunes gift card is not similar to the Apple Store gift card. While we can use the iTunes gift card to buy software on the iTunes store, the Apple Store gift card is useful for purchasing physical devices from Apple stores, such as Macbook iPhone, etc. 

How Do iTunes Gift Cards Work?

Overall, the process of using an iTunes gift card is fairly simple. When you get your iTunes gift card, you will see a code on it that contains 12 characters and stars with XX, or you will get a similar code through email. The mentioned code is the only thing you will need to use your gift card. For example, if you want to use this gift card for iTunes Store, you need to fill in this code to redeem your card with your iTunes account. 

But you can also sell this code if you don’t need to exchange it with someone to get Bitcoins instead, etc. The important thing is that iTunes gift cards don’t have an expiration date, nor do they get out of date when you redeem them to your account. So, you basically can use it whenever you want. 

How Can You Get an iTunes Gift Card?

Apart from being gifted these iTunes gift cards, you can also buy them to give someone else or keep them for yourself to use at a later date. For that matter, there are several ways of purchasing iTunes gift cards. As we have already mentioned, you can buy them in both ways online and visit physical stores near your locations to buy physical cards. The latter can be found in Apple stores or even at supermarkets and convenience stores. 

Also, there are multiple ways of buying iTunes gift cards online – precisely, you can find them on the Apple store online. To buy iTunes gift cards with iPhones or iPads, you need to go to the App Store app and then get the cards by clicking on the button “Send Gift Card by Email.” You can also obtain iTunes gift cards through Windows PC with iTunes. 

The last option – You can also buy these cards second-hand, and if you are lucky enough, you may get them at discounts. But if you choose this method of buying, be careful as it may involve lots of scams and fraud. 

Where Can You Use Your iTunes Gift Card?

The most popular way of using iTunes gift cards is to redeem those cards to your iTunes account and purchase software on iTunes Store. Basically, there are plenty of things you can buy in this online shop. You can buy any of the books included in Apple Books and purchase all the games existing in the Mac and iOS App Stores. Apart from this, you can also buy your favorite movies, TV shows and music, iCloud Storage, and subscriptions for Apple TV+.

Still, if you don’t want to use your iTunes gift card to buy Apple software products, you can find peer-to-peer marketplaces where you can exchange your card with something else such as Bitcoin or other cryptocurrencies. For example, Paxful is one such marketplace to buy bitcoin with an iTunes gift card.

How to Redeem Your iTunes Gift Card?

If you want to use your iTunes gift card to purchase on iTunes shop, firstly, you need to redeem it to your account. You can use multiple ways of redeeming it – using your iPad, iPhone macOS, and even Windows PC with iTunes. It’s usually a straightforward and quick process – you only need to launch the appropriate app, find the redeem gift card function, manually fill in the code on your gift, or scan the gift card to complete the redeeming process. Once you redeem it, whatever you buy in the store will be charged from the linked gift card. 

How to Check the Balance on Your iTunes Gift Card?

Another thing you might want to check is the balance you have on your iTunes gift card. So, as soon as you redeem your iTunes gift card to your account, the balance on the card gets transferred to your Apple ID credit. Hence, to know how much money is left on your gift card, you need to check your Apple ID credit. Again, you can check this very quickly and through several devices, including iPhone, iPod, iPad, and even Android. Once again, to do it, you need to launch the app, visit your account, and if you have a balance, you will see the amount shown below your account name.

Pros & Cons of Buying Bitcoin with iTunes Gift Card

iTunes gift card is one of the several methods of purchasing bitcoin and cryptocurrencies these days. And like all of the other payment options, it comes with its specific pros and cons. So, here are some of them that can help you decide whether you want to buy Bitcoin with an iTunes gift card or not. 

Pros

• It’s a very safe payment option as you don’t have to provide any card details to the second party. 
• It’s a way to use your iTunes gift card if you have been gifted it and don’t know how to spend it. 
• You can buy bitcoin quickly and simply with an iTunes gift card via Paxful exchange.
• You pay only the money you have and don’t invest your capital in what you cannot afford.

Cons

• Sellers usually apply higher fees for this payment method, which may start from 5% of your purchase. 
• It’s not a very popular method of buying bitcoin. 
• Cryptocurrency brokers don’t accept this payment method, plus there are not too many marketplaces where you can use it (except Paxful). 

How to Withdraw Bitcoin Earnings from a Crypto Exchange 

There are two ways to withdraw your bitcoin earnings from cryptocurrency exchange – in bitcoins and fiat currency. That is to say; you can transfer your cryptocurrency to a crypto wallet or sell it and withdraw your earnings in your preferred fiat currency. If you are trading on a CFD trading platform and bought BTC through Contracts for Differences, you won’t have the ability to withdraw BTC, as you actually don’t own it. In this case, you can only sell them, get your money and withdraw your funds through any of the withdrawal methods accepted by the broker, such as bank cards, e-wallets, etc. 

What you need to pay attention to in this process is mostly the withdrawal fees that the exchange charges and the speed of the transactions. There are usually different fees applied for various withdrawal methods. For comparison, bank card options typically charge higher fees, but you get your money quickly. Bank transfers take more time to be completed but are a more cost-effective method. 

Apart from this method, several cryptocurrency exchanges will allow you to transfer your BTC directly into a crypto wallet. For this purpose, you need to create a crypto wallet or buy one which is a physical device. Then, you need to select the number of bitcoins you want to transfer and go on with the following steps to complete your transaction.

Data Processing & Privacy 

Privacy is among the most crucial factors you need to consider before trusting your data to a cryptocurrency platform or a broker. We take this very seriously when recommending a payment method, a brokerage platform, or a peer-to-peer marketplace. As for P2P marketplaces, it is twice more important to select the right one, as P2P marketplaces involve more scams and fraud. The problem is that there is not any third party that can manage the transaction process. 

Hence, we conducted thorough research, which indicates that Paxful is the safest marketplace to buy Bitcoin with an iTunes gift card. The payment option itself is very secure, as you do not provide any card information or personal details to someone. Instead, you need to only send the code on the gift card, which is not tied to anything, even to your Apple account. So, we can say that the process goes almost anonymous apart from the information you provide to the platform during the verification process. 

How to Store Bitcoin on a Digital Wallet?

In essence, a digital wallet is a decentralized way of storing your cryptocurrency, online or offline. These wallets are designed to hold your coins more safely than they would be on your brokerage or exchange account. Basically, it’s a software app that you install on your device and store your private keys, giving you access to part of the blockchain where your bitcoin is. 

Bitcoin wallets usually come in different kinds – there can be exchange wallets, hardware, and software wallets. To find more detailed information about those types and learn how to create your bitcoin wallet, we suggest you visit our guide about Best Bitcoin Wallets for Beginners. 

Taxation on Bitcoin Earnings in the US

Transactions conducted in cryptocurrencies, also referred to as virtual currencies by the US Internal Revenue Service, are taxable. Therefore, if you are actively involved in bitcoin trading and make a profit from bitcoin transactions, you should report to respectable bodies in order to be taxed for your profits. At the time of writing, cryptocurrencies are treated as property, so the same taxes that are applied for property work the for same digital currencies.

But when it comes to how much taxes you must pay, it’s somehow complicated. IRS has several publications on this topic that explains the general tax principles in different cases. For more information, you can also visit its page dedicated to Frequently asked questions. 

Conclusion 

In short, the iTunes gift card has become a popular gift today, so if you get one and don’t know how to spend it, you can use it to buy bitcoin. This payment option is widely accepted on peer-to-peer marketplaces, and Paxful is one such great example. This crypto exchange is a trustworthy and safe platform where you can buy bitcoin with an iTunes gift card simply and quickly. All you need to do is register for an online account, verify it and browse around to find the offer that matches your requirements.

Bear in mind that the most striking disadvantage with this option is that sellers usually apply higher fees for iTunes gift card purchases. On the other hand, this payment method is a very safe way to buy bitcoin as no important data is provided to the seller nor to the exchange. It’s also safe in terms of the amount of capital you can invest. With an iTunes gift card, you can only invest the money you own through the gift card and nothing more. 

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