Giftbit Exchange (branded as GBE) is a new outfit in the bitcoin ➤ gift card market and vice versa. At first glance, the premise seems good-buy/sell your gift cards to them, and options are available on the home page. Guaranteed for 3 days post purchase.

The concept seems good, the range is reasonable, if not outrageous, and neither are the discounts.

They have a support page, a twitter with 5000 followers, and a clearly obvious web presence.

I decided to test the service:

I bought a couple delta gift cards... I had to travel anyway, so why not.

Dunnn dunn dunnn. But it all seemed to go off without a hitch- an automated email with the information required arrived… except it was just codes.

And neither of them worked. Because they're selling what they don't have to consumers.

My first gift card had a zero balance.

My second had no pin.

I have contacted support multiple times through their contact form, and tweeted the owner, Charlie Peretich.

I also tweeted at Bitgift.

The last tweet was July 11th last year, and the support contact is a web form, not an actual support address.

Zero response.

Having discovered all was not as it seemed, I went looking. The site is owned by Charlie Peretich, who used to own 123 Giftcards.

In fact if you click the 123giftcards link, it redirects to Bitgift. However, the hype for 123 seems to have happened around the same time Bitgift was started, and an industry insider commented to me that:

“he’s having trouble funding the place. They don’t even have a real support team, it’s just him”.

Which can only lead me to one conclusion ladies and gentlemen:

Additionally: Do your research!

Report by Georgiana Quinn
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