I bought an app that can't run on my iPod Touch because it is too old. Can I gift the app to someone else or get a refund?

I have an iPod Touch 4th Generation. I didn't even realize the new iPod Touch 5 had come out, or that my device would not support the newest iOS.
Recently, an app came out that I was looking forward to for months: "The Walk" by Six to Start (same folks who did the excellent "Zombies, Run!" app). I'm pregnant and I was hoping to have the app to encourage me to get back into my walking habit once I recovered from childbirth, so I bought it. Unfortunately, there was no warning or indication that this app would NOT work on my iPod Touch 4, and nothing to inform me that iOS 7 wouldn't be supported on my device. The app requires iOS 7 or higher to run, so it won't work on my iPod Touch at all. I didn't realize any of this until I tried to install it.
So now I have this app that I paid for, but have never used, and CAN never use (unless I shell out $300+ for a new device, which I cannot do, as a stay-at-home parent-to-be with no income of my own anymore). I'm annoyed that I can't use this app that I really wanted, but it would help if I could at least get a refund or maybe send the app to someone who CAN use it.
Is there anything I can do at this point, or do I just have to live with the fact that I wasted money on an app that I can't use?

You can't gift it, gifting can only be done from within the store, not from within your library.
Puchases are considered final but you can try the 'report a problem' link to contact iTunes Support and see if they will refund or credit you : http://reportaproblem.apple.com
If the 'report a problem' link doesn't work then you can try contacting iTunes Support via this page : http://www.apple.com/support/itunes/contact/ - click on Contact iTunes Store Support on the right-hand side of the page, then Purchases, Billing & Redemption

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