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How to Make Money with Bitcoin Using Purse.io

Hey guys I’m Ofir from 99Bitcoins and welcome to another video in our “How to Make Money with Bitcoin” mini course.

In today’s video I want to show you a different angle for making money with Bitcoin.

Before I begin I just want to thank David Smith from BitcoinBulls for exposing me to this method. I call it the “Item flipping with Bitcoin” method. If you want to read his full article just click this link.

The basic idea of the method is very simple, you buy an item on Amazon at a discounted price and sell it for a premium on Ebay or on any other website you can find. If you’ve been dealing with selling online you probably already know that a lot of people are already doing this – so what does Bitcoin have to do with all of this ?

Well, there’s a specific site called purse.io which allows people to buy Amazon items at a discount if they pay with Bitcoin. Just to explain how it works, you basically put an order to buy something on Amazon, someone else buys this item  for you with Amazon credits they have lying around and you then pay them in bitcoins.

Now you may be asking yourself why would people want to waste their Amazon credit for getting Bitcoins? Well there could be many reasons for that, but you’ll be amazed at how many people have Amazon credit lying around that they have no use for. For example, Mechanical Turk workers outside of the U.S. and India are required to transfer their earnings to an Amazon.com gift card. Basically they are stuck with a lot of Amazon credit they can’t spend and converting it to Bitcoin is the perfect solution for them.

So by using purse.io you can get any Amazon item for a 5, 10 or even 20 percent discount. Once you get the discounted item you can resell it at a premium on Ebay, your own website or anywhere else for that matter.

Here’s an example of a Microphone that is sold for $12  on Amazon and for $20 on Ebay – meaning almost a 100% premium. Now imagine you can do the same thing but get this item at $9 instead of 12. Using Purse.io you can also specify that the item will be delivered directly to the seller and save on shipping costs.

So once you find an item that sells and creates a profit just rinse and repeat the whole process.

Now another question people ask is why would anyone look for an item on Ebay if they can find it for a cheaper price on Amazon. Again, there are many reason for this but here are some things to consider:

  • First, Amazon doesn’t accept Paypal and many people prefer the added protection Paypal gives them in order to buy online.
  • Second, many people aren’t even aware that Amazon isn’t only about buying books and that you can find virtually anything there.
  • Last but not least, people are lazy, and they just don’t do their due diligence when it comes to online price comparison.

Before we wrap up, here are some things to keep in mind when using this method:

  • This method is only relevant if you have an initial amount of Bitcoins to invest in it since you’re going to have to pay in Bitcoins for the items.
  • When reloading the Purse.io wallet use Coinbase transfers to avoid confirmation time delays. If you use a different wallet you can end up waiting up to 1 hour in some cases for your payment to be confirmed.
  • And finally, it’s better to go for cheaper items with this method since their order on purse.io tends to get fulfilled easier than expensive items. Also, don’t be too greedy and try to request a reasonable discount – anywhere around 10% will probably be fine.

So that’s it for today, I hope you enjoyed your lesson of “how to make money with Bitcoin” and I’ll see you in the next one.

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9 comments on “How to Make Money with Bitcoin Using Purse.io”

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  1. I’ve got 33% discounts on dozens of cheap items. Never needed a warranty on protein bars… You can also buy gift cards ($25) at 33% off, return them for full Amazon credit amount until you have enough for the thing you need a warranty on, then use that to buy your real item without delay or risk of more than $25 per users. I’ve had piss poor Purse earners, but never worse than a delay as staff always reigned them in. Delay could cost you in BTC value drop, but only $25 per idiot, and most people were reasonable, as it’s required to get paid. With a high level account you might be able to buy 33% cheap items, return them for store credit, then use that credit to get BTC at a much better rate (when you move up the levels) and repeat. Might be able to do less orders on the earning side (getting BTC) after account level is 5/6/VIP as more much more expensive orders are available to take and few earners can take them. I’ve had the credit return work but it’s been awhile. The other is just an idea I haven’t tried yet. Also, cheap orders are good if you don’t have Amazon Prime free shipping (which isn’t free, as Prime costs money). I’ve put an item at 33% discount that didn’t qualify for free shipping, but was Prime eligible. Some Purse users don’t have Prime and will request extra for shipping. I canceled three times (all done in a couple days) and the fourth had Prime so no extra cost. I don’t have Prime so I got 33% off and didn’t have to Bezos on another $5 of whatever to get free shipping. Purse.io has required patience at times as I have pulled the 33% (highest) discount for many small orders and new people take those. Instant 5% discount (buy it now) and staff handles it professionally with Prime always included is also an option. Amazon URLs can be searched for at Purse.io.

    smile.amazon.com works the same as Amazon but makes a donation you don’t pay for.

  2. Warning shoppers! Fraudulent Purse orders don’t have valid warranty!
    Warning to all shoppers who use Purse!

    You do not have a valid warranty for the Purse orders made using fraudulent means! which account for more that 80% of orders on Purse! (from 99 orders i made on purse 80 were made using fraudulent means – confirmed by Amazon)

    If you buy electronics or some expensive stuff and you don’t want to throw away money, don’t buy it using Purse. For a 15-20% discount you lose all value if you need warranty.

    I leaned it the hard way. A few weeks ago i needed warranty for some items i bought on Purse. I contacted Amazon because i did not have the invoice the manufacturer asked when i tried to RMA the product, and they told me the orders were placed using fraudulent means and i could not have a invoice or any right regarding warranty.

    I contacted Purse who helped me with a refund for 2 orders made by users who still had an account on Purse, but for the rest of the orders worth about 2500$ they won’t help. Their 10000$ Purse warranty does not exist.

    At the time is seemed a good idea to have a 10-20% discount on Amazon, but now after all this i won’t use Purse ever again.

    Please don’t order nothing on Purse that needs warranty or you throw your money away!

    1. Hi Nick,

      Thanks for that information. I have heard that some orders through Purse are made via fraudulent cards. I’m not sure the total is as high as 80% though, that sounds pretty extreme. It does make sense that the refund process would be compromised if there’s any fraud involved.

    2. You know, you could be warranty after the fact if you are that concerned about it. There is SquareTrade, Assurant et. al.
      Also, are you one of those people who uses warranty all the time? I hardly need to if it is within the warranty period.

      There are advantages of buying direct such as you credit cards extended warranty policy which can give it up to a few years depending on what they state.

      How exactly do you know 80 of your 99 orders are fraudulent?

      Regarding the invoice, could you request one from the customer service representative immediately after the order is placed?

  3. Hi Ofir, thanks to the great work you are doing I’m knida glued to your site because of the type of info that I’m consming. My question is on how to go about selling the discounted item on ebay, wouldn’t there be a product listing fee for a starter like me? Please do explain. Kudos!!!.

    1. Well I’m not an eBay specialist so I won’t know how to answer that exactly. But if I remember correctly (last time I sold something on eBay was about 4 years ago) the fee shouldn’t be that high. And thanks for the feedback!

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