Most people know that Bitcoin is not an ACTUAL coin, but get confused when they see products like these online:
Normally, I do not post about cryptocurrency as it has little relation to the hobby of coin collecting, but I saw this item trending in “Hobby Coin Collecting Products” on Amazon and I wanted to address any confusion.
You cannot buy a physical Bitcoin, because there is no such thing. You can have codes, known as key, that give you access to Bitcoin. These keys can be printed on physical items, but the Bitcoin itself is not the item.
The tokens above are simply tokens. They are meant to signify the idea of Bitcoin, but you cannot store or own Bitcoin or any other cryptocurrency with the tokens above.
So why do people buy physical cryptocurrency tokens?
I think the main reason people buy these tokens are as gifts for others interested in cryptocurrency. Buying cryptocurrency is complicated for beginners and this is a much easier gift idea for a BTC fanatic.
Since Bitcoin has no physical form, this is an easier way to show off an interest in cryptocurrency. These can be put in display cases for a good desk decoration.
Although the tokens above cannot store any cryptocurrency, you can purchase tokens that do store cryptocurrency.
Cold Storage Wallet
Cold storage wallets are as close as you can get to having a physical cryptocurrency coin.
Cold storage wallets are not connected to the internet. It is simply a public and private key printed on a physical item so that you have access to your keys anytime.
A cold storage wallet does actually store Bitcoin. However, it is important to note that it does not come with Cryptocurrency on the token. You will have to buy your own Bitcoin on a platform like Coinbase and transfer it over. This transfer will cost a fee.
People buy cold storage wallet tokens to prevent their cryptocurrency from being susceptible to online cyber attacks. Theoretically your coins are safer in a cold wallet because it can’t be hacked.
One thing to consider, is that in the manufacturing process someone at one point likely had access to your private key. This means that the company or a malicious employee could potentially have access to all cryptocurrency stored on the wallet.
And the weirdest crypto token selling I have ever seen…
These candles come with a Bitcoin token and $5 or more of Bitcoin.
Jewelry Candles | Crypto Candle Collection | Bitcoin Token Inside | Guaranteed $5 in Real Bitcoin Value
Without a doubt one of the strangest candles I have ever seen for sale, but definitely a fun quirky idea. I have seen a similar design for rings where you melt the candle and have a potential of getting valuable jewelry.
These are pretty pricey, considering you are likely to only get 1 candle + 5$ in BTC + a BTC token, but the potential of winning more makes it fun. This is definitely a fun gift idea for a crypto-enthusiast just for the novelty of it.
Share any thoughts or comments below! I am by no means an expert on cryptocurrency, but I can try to answer any questions.
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