The concept of spending bitcoins in exchange for gift cards to retail outlets that don’t account digital currency is nothing new. Just take a look at Gyft and eGifter.
These services have made a pretty penny catering to the needs of the bitcoin community proving that the concept works and that it’s lucrative.
And hoping to take part in the success is Canada-based start-up YesToBitcoins.com, a service that will allow bitcoin users to purchase gift cards to some popular outlets.
According to the site’s founder, Darwin Ramon, the idea to open up shop reportedly came from him asking himself why he couldn’t spend bitcoin to purchase items from his favorite stores.
“The technology is already here, so why do I have to wait until the big brands catch up?” he asks.
The service Ramon’s established launches today (it’s operated by the French Canadian company ‘Ideas on That’) gives customers access to the following retailers: Amazon.ca, Amazon.com, Amazon.co.uk, Starbucks.ca, Starbucks.com, Zara.com, Apple.com and Monocle.com.
“If bitcoins can be spent, bitcoins are useful,” Ramon says. “It is my goal to facilitate the inclusion of bitcoins in the established economy.”
The way it works is similar to other options available today, as you would imagine. Select the gift card, denomination, and you’re ready to go.
In order to process the payments, YesToBitcoins.com is partnering with Atlanta-based BitPay — a company that is now processing about $1 million in bitcoin transactions per day, we reported last week.
Whether or not bitcoin enthusiasts will separate from their choices today and use YesToBitcoins remains to be seen. Here’s to wishing the team the best of luck.
More information: YesToBitcoins.com