Card for Coin: Buy Bitcoins Using Starbucks Gift Cards

#Money

Thu, Jan 30th, 2014 11:00 by capnasty NEWS

While "getting into the virtual currency remains something of an obstacle for the average person," the Card for Coin website allows "users sell their unused Starbucks gift cards in exchange for Bitcoin."

Founded by Matt Luongo, a 25-year-old software developer and co-founder of research search engine Scholrly, Card for Coin lets users sell their unused Starbucks gift cards in exchange for Bitcoin. (Starbucks is not officially affiliated with the site.) Simply enter in your card details into the site, and Luongo checks the balance. He’ll then offer you “a percentage of the balance” (usually between 60 to 70 percent) in Bitcoin (BTC), says Luongo. Once the customer agrees to a price, Luongo transfers the BTC to customers using popular Bitcoin exchange Coinbase. After that, “customers can throw away their card,” he says.

While the 30 to 40 percent cut is likely too steep for seasoned Bitcoin investors, Luongo believes the simplicity of his service gives newcomers an easy way to get into the world’s most popular and valuable cryptocurrency.

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