Cardforcoin Customers Potentially Suffering From Slower Bitcoin Payouts

Regardless of how reputable a Bitcoin service might seem, there is always a likely chance for users to end up getting scammed or losing money. These risks are not inherent to the Bitcoin ecosystem itself, as traditional finance is often suffering from the same fate. Cardforcoin has become a less reliable service as of late by the look of things, despite keeping up appearances on social media. No one is saying this service has turned into a scam just yet, but they will need to speed up their services sooner rather than later.

Also read: Etheress Ethereum Exchange Looks Rather Dodgy

What Is Going On At Cardforcoin?

The service provided by Cardforcoin is both elegant and potent at the same time, as the company offers to buy up a variety of gift cards in exchange for Bitcoin and Dogecoin. At the time of writing, the company was looking for unused – or partially spent – gift cards for Starbucks, Walmart, and Target, similar to the services covered by Fold App.

That should come as no surprise, though, considering how Cardforcoin and Fold App are companies owned by the same group of people. Fold specialized in obtaining gift cards below the market value for the associated balance, and selling them to Bitcoin users through their mobile app. Keeping n mind how there are plenty of these gift cards which go unspent every year, anyone can see how lucrative this business model can be.

Various consumers are more than willing to part with their gift cards, and obtaining Dogecoin or Bitcoin exchange for doing so creates convenient access to digital currency. However, it seems that selling your gift card to Cardforcoin might not always be a fast process, as one Reddit user has been complaining the service is taking a very long time to complete the order.

Based on the information provided on the Cardforcoin website, the company will first check the gift card balance and then make an offer to the user. If the seller accepts this offer, the gift card will be debited immediately, and the agreed upon funds in Bitcoin or Dogecoin will be sent over. Receiving the Bitcoin balance should take no longer than 1-2 business days in most cases.

However, the Reddit user is expressing frustration from using the Cardforcoin service, as it has been over two business days and there is still no payment. Moreover, the company is not responding to any emails or social media messages, which is not helping matters much. These types of delays are not uncommon in the Bitcoin world, though, and the problem will sort itself in due time.

Source: Reddit

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.