GCBuying - Sell & exchange Giftcard for Cash/Nairalatest release: 1.0.10 ( 17th September 2021 ) last analysed 2nd November 2021 Custodial: The provider holds the keys
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Do your own research!
Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.
The Analysis ¶
Updated Review 2021-10-29
The last time we made this review, the ‘BTC Wallet’ tab was not functional from the web interface. It is now working.
We were able to access Send and Receive functions. There is also a QR code. Since our web app and the Android app’s BTC address was the same, we assume that the service is synchronizing the details for this wallet.
We now believe this service to be a custodial service. The app cannot be verified.
Old Review 2021-10-19
The app is a Nigerian-based app that allows users to convert gift cards such as “Amazon, Google Play, iTunes gift card, eBay, Sephora, Nordstrom, Target, Apple store, Vanilla gift card, Visa gift card, Roblox gift card, OffGamers gift card, Google Play gift card or AMEX gift card” to cash.
It is also possible to sell Bitcoin for Naira using the app.
This app is very similar to the following apps:
Like the above-mentioned apps
Google Play Critical Reviews
★☆☆☆☆ October 11, 2021
Tried to cash out and was told the transaction was suspended. No details on where to go from there and it is still suspended several days later.
★☆☆☆☆ October 1, 2021
I sold 5 cards but dey tell the card have been used but was the one who scratch the card but they didn’t give me any money the card are all new
Sign up can be done via app or via their web portal. User-logins and passwords are synchronized.
We could not find their terms and conditions - clicking on the Terms and Conditions link during registration, does not elicit any response and does not open a link.
There is a tab for ‘BTC Wallet’ but after we clicked on it, the page displayed a server 500 error. We asked GCBuying both on twitter and on their online chat support and await their response.
There is also a tab for Sell Bitcoin with the following fields:
- Total amount in USD
- Total amount in BTC
- You Will Get (N)
- Please Pay to (BTC Address)
- Upload Your Transaction Image
Once you fill up ‘Total amount in USD’, the other fields are filled up with their respective conversion rates. The user is then expected to send an amount in BTC to the indicated BTC address. This is verified by uploading an image of the transaction.
Withdrawal is denominated in Naira.
You are also expected to input:
- Bank Name
- Account Name
- Bank Account No
They’ve responded to our web-chat query:
BTC wallet Server 500
Do not use your BTC wallet sir
We are working on it
Word of Caution: Although there is a lot of positive reviews on Google Play, there is also a growing number of critical reviews. We strongly advise users to do more in-depth due-diligence when they transact with this service.
As noted above, there is a ‘BTC Wallet’ tab, which the user can click, however clicking it, returns a Server 500 error. Even if the app did have a BTC wallet in it, without proof such as tutorials or how-to “deposit/withdraw” bitcoin, we can only go by the evidence that shows that this app does not have a BTC wallet. With that said, we are willing to change this verdict if new information arises.
As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!
As part of our Methodology, we ask:Is the product self-custodial? If not, we tag it Custodial!
A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.
Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.
Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.
This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.
We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:
- Do your own research if the provider is trust-worthy!
- Check if you know at least enough about them so you can sue them when you have to!
- Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
- Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
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