Localbitcoins Stops iTunes Gift Card Trading

Localbitcoins Stops iTunes Gift Card Trading

I tried trading bitcoins on localbitcoins iTunes payment section. There is a huge trade happening between gift cards and bitcoin. This surprised me as well at first. Why is this, why would anyone want to sell bitcoin for gift cards? Why would anyone want to buy a gift card and then purchase bitcoin with it?

The answer is simple – 2 billion people in the world are unbanked. They do not have the option of just getting their bitcoin at the market price on an exchange. Also if you need bitcoin fast and you’ve not gone through the verification process with an exchange, you can get bitcoin pretty much instantly with a gift card.

So, I tried it out. Why? Because people will buy bitcoin with quite the high markup when paying with gift cards.
I created some offers on localbitcoins.com iTunes gift card payment method. Why? Firstly, just as an experiment. What could I do with these iTunes gift cards? I purchased a whole lot of music, apps and books – all at a discount. So if you are a regular spender with iTunes, you can save 20% when selling bitcoin for iTunes gift cards.

Localbitcoins iTunes gift card trade is over?

To my sadness I found out yesterday that for some reason localbitcoins iTunes payment method has been removed. This is the official announcement on their forum:

localbitcoins itunes

They didn’t exactly give a reason why the localbitcoins iTunes payment option was removed. There are threats on the forum that if anyone tries to trade on the forum or even talk about it, they will be banned. I have got in touch with their support as well, no answer still.

Why have they stopped this? One can only speculate. Maybe they don’t see it as a viable payment method, perhaps they are worried about the risks. The fact is though, for people who do not have access to banking services, like 70% of Africa for example, it is one of the best ways to buy bitcoin with. Does this mean that people will start to take advantage of this payment method? Of course! There are scammers in every field of finance. Credit card fraud and money laundering through cash is still leading it.

I’ve been asked this before – gift cards, surely this is all scammers? The thing is, most people do not scam. Same thing with gift card trades – this solves a problem quickly for people who cannot use another payment method to buy bitcoin. Most people are honest and are just trying to go about with their daily lives, yet a few of the bad apples give a larger group of people a bad rep. For example the Nigerian princes that have some money for you. Does this make the whole nation fraudsters? Absolutely not.

Paxful as an alternative

So, even though still an experiment and also getting fascinated what other stuff I could get for a lower price through selling bitcoin for gift cards, I had to quickly find another place to sell my bitcoin for gift cards. Luckily there’s another way – Paxful. Actually maybe this is a bit better. On Paxful you can buy bitcoin with over 300 ways to pay. This means I can trade my bitcoin for almost anything. I will see how this goes and perhaps write up an update soon.

 

 

Where do you normally sell your bitcoin? Let me know in the comments!

Trading Signals

Trading Signals

A New Trading Signals Service?

 

I have been getting a lot of letters and feedback asking if I would start my own trading signals or trading coaching service.  I have thought about it and a coaching or a trading signals service seems like a great idea.  Now I’m looking to find out how much interest in my trading signals service is there so I would appreciate if you could take part in a little survey

 

 

There are a lot of trading signals services out there.  Some trading signals services are very good and also some of them terrible.  I was thinking more about a group trading session.  As we know a big part of trading is the psychological aspect – so trading together in a group and helping each other out has great benefits.  I’ve taken part in many trading signals services myself and trading together and being able to ask questions and chatting to fellow traders really does help.  I would love to share my advice and experience on reaching success trading with you all.

The other option is I could do personal one on one coaching.  Teaching beginners all about trading – money management, psychology and strategies.  It would be great to know who would be interested in this.  Personal coaching sessions could be 30-60 minutes long and consist of 5 different sessions as one package to cover all the relevant topics on trading binary options.

 

Let me know if you have any thoughts on this trading signals idea.  All of your feedback is very much appreciated!

 

Happy Trading!

Liina

Estonian Trader is Live!

Estonian Trader is now live!  You can find a link to the YouTube channel here.  Our first video is just to announce the channel launch, with more videos and content here on estoniantrader.com to follow very shortly. In the next video we’ll be taking a look at what exactly binary options are and from there looking at what you need to trade them profitably.  I’ll also talk a bit in future videos about the pitfalls and mistakes to avoid when trading binary options.  I’ve been trading successfully for a while now, however along the way I have learnt some hard, important lessons, and that’s why I am creating Estonian Trader, to help others avoid making the same mistakes I did.

If you have any suggestions or questions about binary option trading, feel free to get in touch in the comments and I’ll either respond directly or make a video devoted to that subject if I feel it makes explaining it easier.  For now, check out the announcement video and subscribe to my channel to stay up to date on the latest developments there.

Thanks!