INSUBCONTINENT EXCLUSIVE:
It still quite hard to buy physical goods using bitcoins or ethers
Coinbase plans to (partially) solve that issue with a new partnership with WeGift
Coinbase customers in Europe and Australia can now convert their tokens on their Coinbase account into digital gift cards for popular
stores.For instance, you&ll be able to buy gift cards for Uber, Tesco, Google Play, Marks and Spencer and more
The feature is now live in the U.K., Spain, France, Italy, Netherlands and Australia.While WeGift promises gift cards for dozens of
merchants, most of them are restricted to customers based in the U.K
If you live in another country, you&ll only get a handful of options
For instance, in France you can only buy gift cards for Décathlon, Bloom Wild, Global Hotel Card and Ticketmaster
Coinbase says that it will adding be more retailers in the coming months.In some cases, WeGift offers you the fiat equivalent of your
cryptocurrencies as well as a tiny bonus
For instance, you get £102 in Uber gift cards if you spend the equivalent of £100 in bitcoins.In the U.S., Coinbase also partnered with
Shift for a traditional Visa card
But many European cryptocurrency companies who provided Visa cards had to go back to the drawing board because Visa stopped working Wave
Crest Holding — Wave Crest Holding was the card issuer for all European cryptocurrency cards.Gift cards aren&t as convenient as receiving
money on your bank account or a debit card
But they&re a great way to avoid telling your bank that you made money by speculating on cryptocurrencies
Many banks directly report data on their users to local tax authorities
But don&t forget that Coinbase can track all your withdrawal events and notify tax authorities too.Disclosure: I own small amounts of
various cryptocurrencies.
