Bitcoin Gift Card Company, Gyft, Releases Proprietary Card

October 13, 2014

Earlier today, Gyft revealed their own Gyft gift card on the Gyft network of over 200 retailers. Gyft accepts Bitcoin right alongside typical centralized payment processors such as PayPal, Google Wallet, VISA, Mastercard, etc. For over a year, Gyft has been “showing-by-doing” the efficacy of adding bitcoin acceptance to any business model. Without chargebacks and lengthy wait times, Gyft is able to offer 3% off to customers paying in Bitcoin.

This new general purpose Gyft card will allow you to “Give the Gift of Gyft.” The Gyft Card is redeemed online via its unique promo code whenever the recipient wishes to buy a gift card to a specific retailer. In this way, users can buy a Gyft card and use it at their favorite store once it is added to Gyft’s network.

Also read: Gyft Wants to Change the Way you Shop with Gyft Cloud

Gyft’s Vinny Lingham Keeps Adding to the Bitcoin Community: One Gift Card at a Time

Vinny Lingham articulates his case that Gyft is a Bitcoin company in a Reddit post from earlier this year:

So, what does it mean to be a “Bitcoin Company”? To me, accepting Bitcoin via Bitpay or Coinbase is not enough – especially if you are just converting it to fiat. You need to embrace the community, and get a sense of our belief system and practice that in your company in order to call yourself a Bitcoin company. Bitcoiners should opt to spend their money with companies that embrace the principles below, rather than any company that “accepts Bitcoin” but converts it to fiat and does no more than that.

Vinny Lingham

Vinny would be the first to tell you that the 200+ retailers that Gyft leads Bitcoiners to are not “Bitcoin Companies.” Gyft practices and advocates storing “as much of your Bitcoin sales margin in BTC, where possible.” Gyft has paid over 250 BTC to BTC accepting companies upstream on their supply chain. More recently, Vinny Lingham has joined the Koinify advisory board. Lingham also participated as a strong candidate in the Bitcoin Foundation Board of Directors industry board member seat election this summer.

Images from Shutterstock.

Last modified (UTC): October 13, 2014 23:07

Caleb Chen @bitxbitxbitcoin

Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.