Bitcoin: the real economy is yet to be explored
Many believe that bitcoin profits can only be found from exchange trading, faucet raiding, signature campaigns and signing up to some Ponzi scam hoping to escape before the collapse.
But this is the small community mind-set of the forums, where people think bitcoin only exists.
But outside of forums, bitcoin has many opportunities.
Product supplies:
You can look into Drop shipping or finding cheap wholesale sites like Ali-Express to get goods at a discount and sell them for profit. Either sold as fiat where you convert the profit to bitcoin and spend the cost on the next supply. Or sold as bitcoin, keeping the profit as bitcoin and converting the cost back to fiat to spend on the next supply.
Training:
This is another opportunity. If you think that you know a considerable amount more than others, you can arrange your time productively to charge someone to learn what you know. This can be done either writing it as a book, a face to face consultation, or even an expert level training course.
It is even possible if you know many people in a given area who want to talk and learn about bitcoin, to hire/rent some space for people to meet up and offer an entrance fee.
Just think of any business that handles fiat, and then translate it to something that is paid for with bitcoin.
History of economies.
Back in the old western days of gold mining. Do you know who the 3 top ‘earners’ were? It was not the miners, but was:
- the guys selling the pickaxes and dynamite
- stage coaches and transport
- saloons and town hall meeting places.
After all when miners sold the gold. It was only sold ‘at cost’ of what the traders deemed necessary to keep the slaves fed and watered. Whereas the pickaxes, stage coaches and beer was being sold at profit because these things were “needed” by the people far more than the gold rock.
Even now bank notes are handed to workers at cost (minimum wage) but those spending the bank notes hand them to businesses for goods at large profits.
It’s the basic rules of demand and supply.
The same goes for bitcoin mining, where mining bitcoin doesn’t make much profit. But selling the bitcoin ASICS does. Selling peoples technical knowledge to set up pools and tweak settings and code utility tools earns more than someone plugging in the devices.
But mining is specialised, expensive field now. And so next comes the goods and services that bitcoiners will happily hand their bitcoins away for.
So don’t be disheartened that mining has moved out of the reach of normal residential peoples abilities. The real bitcoin economy has yet to grow. So think beyond mining and start thinking about the many layers around the bitcoin economy that need to be filled.