It is time to resume our guides on how to earn your first [piece of a] Bitcoin, by talking about something that may pique the interest of many of our readers. While this guide is not focusing on people who have never held a [piece of a] Bitcoin before, it still opens up a lot of opportunities to make a solid profit over time.
Investing in Physical Goods
One of the major advantages of Bitcoin’s popularity comes in the form of special physical items, themed after this popular digital currency, ranging from shorts and polo’s, to paintings, to physical coins [for cold storage and other purposes], and knives to stickers. It is hard to find something that can not be bought with Bitcoin these days.
Alas, that also creates a problem when it comes to using Bitcoin as a payment option. There is a lot of “useless” stuff to buy with BTC, but, finding a way to use it for everyday purchases is rather difficult. And, as we need to create more use cases for Bitcoin adoption, spending it on a Bitcoin polo or a sticker isn’t going to sway a lot of minds.
But, have no fear, as there are special items to be found as well. Physical coins are a great example as these can be bought, with Bitcoin, directly from the supplier. The best part is that most of these coins are created in very limited quantities, which means they should be viewed as an investment rather than a “gadget”.
For example, I own one of the 25 Ravenbit NODE Silver Edition coins. With a very low supply to be ever created, not only do I own a piece of Bitcoin history – which looks awesome to boot! – but, I have also received a .999 oz silver coin. As most of you know by now, silver is one of the few precious metals which seems to hold a steady value over time.
While most of these physical coins are intended to be used for cold storage of Bitcoin – as in, making them inaccessible via an internet connection – they are great collector’s items, as well, especially if you can get your hands on low-quantity coins right now because once Bitcoin gains mainstream adoption, there will be people with large pockets willing to pay top money for such an exclusive item.
You have to keep in mind, however, that these coins are an actual investment and require you to have Bitcoin funds at your disposal. But, that doesn’t mean they are not worth the investment, even if you just want to own your own piece of Bitcoin history. Who knows, you might check back in a year or two from now and see that prices for your coin have tripled.
Reselling Physical items
Depending on which item(s) you want to resell, you can cover the initial investment costs in either Bitcoin or fiat currency. Whichever item comes to mind first, there is a good chance someone in the world will want to pay you for it and, hopefully, use Bitcoin to do so. There are many niche markets out there and they all need suppliers, one way or another.
Local products – in my case, Belgian beer or chocolate – would do quite well in the Bitcoin market, I think. There are other products as well, such as the spicy peppers provided by PexPeppers, for instance. You would be surprised how many people are willing to pay for spicy sauce in a bottle, just because they accept Bitcoin payments.
Note from the Author: One of the main things to keep in mind when selling physical items, is the factor of shipping costs. Depending on the item you want to sell, a customer may want a tracking number which brings in additional costs. Don’t get greedy and try to sell your items for 300 x their value, then add shipping costs on top of that.
All images courtesy of Pixabay