Selling physical Bitcoins on eBay is never a bad idea. These collectable items can fetch a pretty penny when opening up the offer to a global market. But there are some things to keep in mind. Otherwise, one’s sale might get suspended without as much as a warning. Loaded coins, for example, cannot be sold on the auction platform, as it violates their terms of service.
Selling Loaded Coins On eBay is A No-no
The reason why collectable physical coins are often sold on eBay is due to their intrinsic value. A gold coin, for example, can appreciate in value over time. A rare coin, from the Roman era, for example, can be either worthless or worth millions. It is always a bit of a gamble unless one has plenty of expertise in the field.
Things are somewhat different with physical Bitcoins, though. Despite their limited supply, these coins are never “circulated’ like traditional coinage. Moreover, they are not issued by a recognised financial institution, which puts their value somewhat in question. Then again, a limited availability is always a price booster.
On the surface, selling a physical Bitcoin is not against eBay’s terms of service. It is a physical coin, just like any other, and people can stick a price on it however they like. Mainly the Casascius coins seem to pop up on the auction site regularly, and they can go for a fair amount of money.
Unfortunately, these coins can never come pre-funded with a Bitcoin balance. The price of the coin itself is not a problem, but virtual currency can not be sold or bought on eBay. As some of these physical coins have an actual Bitcoin balance, they are in conflict with the platform’s agreement. In most cases, these auctions will be cancelled, and sellers may even get banned if they are repeat offenders.
There are other ways to sell loaded physical Bitcoins to people all over the world. Albeit none of these platforms has the appeal eBay has [yet], OpenBazaar is an excellent way to open up to buyers from all over the world. The BitcoinTalk forums are also an option. For now, mainstream platforms frown upon these types of auctions, and it will take a lot of time until that changes.
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