CardCoins recently announced a Lightning Network integration that improves the capabilities and responsiveness of the network considerably. The update provides CardCoins holders with cheaper rates and more trading opportunities as well. As such, it was welcomed by the crypto community as a major plus for privacy-focused Bitcoiners and those with gift cards that they are looking to convert over to cryptocurrency.
CardCoins is a Wyoming-based gift card reseller. The platform enables users to resell their unused gift cards in exchange for Bitcoin. The platform services primarily the unbanked and cash-preferred demographics. These groups have been left out in the cold by the traditional financial system. The Lightning Integration brings a host of new opportunities to these users and improves the platform's reach.
To use the CardCoins' system you simply need to buy a Visa, Mastercard, or American Express non-reloadable prepaid gift card. You can accomplish this task by going to anyone of the +80,000 retailers that offer these services. Notably, these cards are available at most CVS, Walgreens, Walmart, and other popular retail stores.
The process is easy. You simply need to take your unused gift cards and head to the platform. Here you will need to provide some vital information to proceed including photos of the gift card. The platform only accepts gift cards that are not scratched where the identifying numbers are visible. You will also need to enter the correct balance on the card. Don't worry, the system will double-check this balance to verify its correct before it approves your trade. Lastly, you need to provide a phone number.
One of the biggest advantages of CardCoins is privacy. Since the earliest days of Bitcoin, privacy has remained a priority to users. Nowadays, purchasing Bitcoin can be very revealing. If you want to acquire Bitcoin using a CEX (centralized exchange), you must complete KYC (Know Your Customer) compliance protocols. These systems are highly intrusive but are necessary to meet regulations as most CEXs act as custodians as well.
CardCoins enables you to purchase up to $500 weekly in Bitcoin with only the use of a phone number. If you wish to purchase more, you then must fill out more personal information. This approach enables privacy-focused Bitcoiners to secure nearly $2000 a month in Bitcoin anonymously.
Save on Fees
One of the main goals of the LN integration was to ensure that future CardCoin users could still take advantage of their services as the Bitcoin network fees increase. Additionally, the microtransactions capabilities of the Lightning Network make it an ideal fit for the business model. In the past, users were unable to cash in low-value cards as the cost of the transaction could gobble up their payments. The Lightning Network eliminates this issue and provides a more streamlined way for users to trade in low-value cards and still secure returns.
CardCoins – One of the Markets Best kept Secret
The CardCoins protocol provides a valuable anonymous on-ramp to the market. The system enables new users to enter the blockchain economy with ease. It also provides those who receive gift cards regularly or have unwanted cards to convert these assets into Bitcoin in a secure manner. As such, the CardCoins LN integration can be looked at as a milestone for the entire sector.