Redeeem is the first peer-to-peer bitcoin exchange to let buyers auto-buy gift cards with bitcoin—without chat rooms or brokers.
One of the many advantages of our automated, decentralized approach to crypto gift card trading at Redeeem is that we don't need OTC desks, brokers, or chat rooms to execute gift card trades. We also don't hold custody over your funds and we have minimized human involvement in our trading disputes (especially disputes) to make it faster, safer and easier to trade. The gift card market in the U.S. is nearly $280 billion in 2020, and there still does not exist a safe place to trade gift cards for bitcoin online without having to "chat it out."
Starting today, gift card buyers can put their trading on auto-pilot as well, with our new auto-buy gift card feature on Redeeem.
This isn't "AI" or any advanced buying algorithm. It's actually quite simple. We just implemented the auto-buy feature as an add-on feature to the Brand Alerts so buyers can now set a custom brand, discount and amount. Buyers can also set the frequency and magnitude of the buys, and let the system do the buying for them. We immediately run the buy script after the card is posted for sale. Auto-buy orders will always take priority over the market offers.
This auto-buy feature, similar to a limit order on a crypto or stock exchange, will be available to Redeeem's highest quality sellers only. In addition to the seller verifying phone and email, all following conditions must also be met in order for any offer to qualify for the new auto-buy feature:
- Seller's account is in good health
- Seller has 10+ successful trades
- Seller has at least a 90% quality score
- Offer's refund period is 6 hours or more
- Offer's amount matches buyer's desired amount
- Offer's price satisfies buyer's desired discount
- Buyer has adequate funds in the wallet
Buyers can set the maximum number of cards they want to buy per day and can filter for their favorite sellers if they prefer certain suppliers. Let us know in the chat on our website, redeeem.com, if you have any suggestions or ideas for further developing this feature. Happy trading!