New Service Lets People Trade In Unused Starbucks Cards For Bitcoins
A demonstration of how the cryptocurrency is finding its way into mainstream retail.
If you are among the many people who can’t seem to get a strong grasp on the buying power of Bitcoins, perhaps consider Card for Coin to do the bidding for you. Launched by software developer Matt Lungo, Card for Coin is online system that lets people trade in their unused Starbucks gift cards for Bitcoins.
Like all Bitcoin transactions, this system requires people to be in possession of a digital wallet. To help speed up the process of obtaining one, the website conveniently links to Coinbase, where it only requires an email address and a password to set up. Now the only thing left to do is to enter the gift card code and Pin into the designated areas on the Card for Coin site, trading is that easy.
As soon as the card balance is approved, users will receive an email notifying them of available credits. Though the system is extremely efficient to use, the only downside to it is that it charges a 30 – 40% courtesy fee. Other than that, the system presents an easy way for people new to Bitcoin to have a hand at the cryptocurrency. While Starbucks has no affiliation with the service, this unofficial exchange exemplifies the mainstreaming of the virtual currency.
Editor’s note: Card for Coin reports that they have stopped accepting cards temporarily to sort out regulatory issues.