Coming Very Soon, a real Bitcoin you can hold! (and is worth 1 BTC) - page 3.

Kolbas

sr. member

Activity: 342

Merit: 250

Quote from: ?? on ??

If you create a wallet, save the private and public key then shutdown and delete your wallet. Now send it a BTC to the public address the Bitcoin network will process this transaction.

Later you go and create a wallet importing your previous private key, when the wallet finishes processing the block chain database you will have a shiny new BTC in the wallet.

This works on the same concept.

Pro's - ease of mind to people, it starts to feel more like the "real" money they use every day.

Con's - It could be a con (after customer receives goods, the manufacturer transfers the BTC back because they still had the private key.
Reportedly easy to counterfeit by creating your own custom holograms that are identical or near enough most wouldn't catch the difference.
As from the above you could spend the same coin in multiple places and bypassing the safeguards of the Bitcoin network.

I think these are great innovations (Bitbill as well) combined they equate almost perfectly to today's monetary trading :-D ... as with BTC digital wallets they just have to address and ease security concerns and they would make for very solid business :-D

Thank you, I'm beginning to understand. Great! I think, counterfeiting is not a big problem: there always were fake money, it will not be some bad feature of bitcoin itself. But of course it must be a method to check if the coin is not fake. A detector!

joulesbeef

sr. member

Activity: 476

Merit: 250

moOo

Quote from: Blackout on August 19, 2011, 03:20:10 PM

Or wait.. is the private key just the text that you save as the wallet.dat file? and it will have 1btc in it..... still confused as to how this works

pywallet will do it.. I suspect a future client will do it

but I suspect casascius might know the best ways, as he has had the paper wallets for a long time now.

bitcoinspot.nl

sr. member

Activity: 300

Merit: 250

yeah and a coin with a cannabis-plant for holland!

Ill buy it!

timmey

newbie

Activity: 28

Merit: 0

Quote from: casascius on August 19, 2011, 12:18:19 PM

Quote from: timmey on August 19, 2011, 06:57:05 AM

Call me dumb but i don't get the hologram/private key thing...
If the coin holds the private key, what prevents someone from reading it, sell the coin, and move the BTC away after it's sold? :-/
Can someone explain please?

They would have to destructively tear off the hologram to read the key. These holograms tear in a tamper evident pattern.

D'Oh...now i get it. The hologram is a sticker and covers the private key... i had some sort of hologram directly lasered on the coin's surface in my mind...you know, to make it look pretty Roll Eyes

adamstgBit

legendary

Activity: 1904

Merit: 1037

Trusted Bitcoiner

what happens once the Value from the coin is redeemed and used?

dose the coin self-destruct?

maybe there should be no key on the coin at all!
only a promises that if you send back the coin(s), you can exchange them to what ever currency you want.
when the coin is sent back to you, you'll pay them and sell the coin again.

having "no longer valid coins" in the system is kinda sucks.

my 2 bitcents

Kolbas

sr. member

Activity: 342

Merit: 250

II don't think so, wallet is much heavier. OK, what's private key?

Blackout

full member

Activity: 196

Merit: 100

Or wait.. is the private key just the text that you save as the wallet.dat file? and it will have 1btc in it..... still confused as to how this works

Kolbas

sr. member

Activity: 342

Merit: 250

+1
I think, physical bitcoins should remain decentralized and controlled by me only. They shouldn't be a part of some service or bank during their lifetime, except our blockchain. Can bitcoin exist without wallet.dat file? If not, where's the wallet.dat for this bitcoin? Excuse me if I lack some technical knowledge, please explain.

Blackout

full member

Activity: 196

Merit: 100

Quote from: casascius on August 19, 2011, 02:02:29 PM

By the way, the private key inside the coin is represented as 22 characters, rather than 50+. To get the real private key, simply take the SHA256 hash of the characters inside the coin. The characters are legible to the eye, and not any sort of QR code etc. The reduced character count keeps it legible, but were it a QR code, it would drop the density and make it more readable.

The Casascius Bitcoin Utility can do this conversion and reveal the private key and public address, and hopefully the standard will be adopted by others as well (it's pretty simple and straightforward, and also includes a simple check digit scheme to prevent typos).

Sample: (formatted this way because it fits nicely on a circular insert)

SP8uj
59ZK24
jMZdhN
1ezw1

Casascius Bitcoin Utility gives a matching private key and bitcoin address: 5JjDdAyDmwCsuDLgcd6aPdpS7kbPLE63pArUZPSYzLRkUHe3vp9 and 1GcJ96oXeaFzEZLox1VfjHbdYtzrSUC54

I'm still a little confused with this bitbill and bitcoin coin things... when you GET one of these things, and you want to actually use the value and put it into your wallet, how do you do it? I only see the option to send coins and receiving coins is done automatically... I'm on Win 7 client. Where do you enter this public and private key?

casascius

vip

Activity: 1386

Merit: 1136

The Casascius 1oz 10BTC Silver Round (w/ Gold B)

By the way, the private key inside the coin is represented as 22 characters, rather than 50+. To get the real private key, simply take the SHA256 hash of the characters inside the coin. The characters are legible to the eye, and not any sort of QR code etc. The reduced character count keeps it legible, but were it a QR code, it would drop the density and make it more readable.

The Casascius Bitcoin Utility can do this conversion and reveal the private key and public address, and hopefully the standard will be adopted by others as well (it's pretty simple and straightforward, and also includes a simple check digit scheme to prevent typos).

Sample: (formatted this way because it fits nicely on a circular insert)

SP8uj
59ZK24
jMZdhN
1ezw1

Casascius Bitcoin Utility gives a matching private key and bitcoin address: 5JjDdAyDmwCsuDLgcd6aPdpS7kbPLE63pArUZPSYzLRkUHe3vp9 and 1GcJ96oXeaFzEZLox1VfjHbdYtzrSUC54

the joint

legendary

Activity: 1834

Merit: 1020

Quote from: kgo on August 19, 2011, 01:52:15 PM

Quote from: the joint on August 19, 2011, 06:20:31 AM

Price subject to revision? So a Bitcoin will be pegged to a Bitcoin of a different value? So, one of these Bitcoins that is worth 1 BTC can also be worth a different amount than 1 BTC? This is all getting very confusing. "Hey! I have 20 BTC! They are worth 15.5 BTC!"

I'm guessing he's talking about the 0.15 portion that covers the cost to make the coins.

But if they drop below 1 BTC, I'll take em all!

I hope, but he said the price is subject to revision due to Bitcoin price fluctuations. I assume that means volatility.

Edit: Oops. Duh.

kgo

hero member

Activity: 548

Merit: 500

Quote from: the joint on August 19, 2011, 06:20:31 AM

Price subject to revision? So a Bitcoin will be pegged to a Bitcoin of a different value? So, one of these Bitcoins that is worth 1 BTC can also be worth a different amount than 1 BTC? This is all getting very confusing. "Hey! I have 20 BTC! They are worth 15.5 BTC!"

I'm guessing he's talking about the 0.15 portion that covers the cost to make the coins.

But if they drop below 1 BTC, I'll take em all!

casascius

vip

Activity: 1386

Merit: 1136

The Casascius 1oz 10BTC Silver Round (w/ Gold B)

Quote from: kokojie on August 19, 2011, 12:30:31 PM

I think there will probably never a need to tear off and read the key.

I actually hope that people do occasionally test the coins. It's an integrity check for the whole system and discourages fraud and counterfeiting. I intend to sell these in bulk packages of "n+1", such as packs of 21, 51, and 101, encouraging buyers to choose one of the coins at random and rip it open to test it.

Quote from: kokojie on August 19, 2011, 12:30:31 PM

These coins hold value and are meant as a physical btc exchange medium. Once the BTC is revealed and withdrawn, these coin's only value is its artistic+metal value. Thought there should be a way (like a serial number), for the holder to verify through your website, that the coin is not easily counter-feit and the key is valid.

Each hologram has a factory-printed serial number which is actually just the first 8 characters of the bitcoin address for the coin. The verification will be possible through any block explorer.

kokojie

legendary

Activity: 1806

Merit: 1003

I think there will probably never a need to tear off and read the key. These coins hold value and are meant as a physical btc exchange medium. Once the BTC is revealed and withdrawn, these coin's only value is its artistic+metal value. Thought there should be a way (like a serial number), for the holder to verify through your website, that the coin is not easily counter-feit and the key is valid.

casascius

vip

Activity: 1386

Merit: 1136

The Casascius 1oz 10BTC Silver Round (w/ Gold B)

Quote from: timmey on August 19, 2011, 06:57:05 AM

Call me dumb but i don't get the hologram/private key thing...
If the coin holds the private key, what prevents someone from reading it, sell the coin, and move the BTC away after it's sold? :-/
Can someone explain please?

They would have to destructively tear off the hologram to read the key. These holograms tear in a tamper evident pattern.

Phinnaeus Gage

legendary

Activity: 1918

Merit: 1570

Bitcoin: An Idea Worth Spending

Upon reading this thread, I came up with another brain-fart. What if there was a physical Bitcoin designed for each country?

USA: Eagle
Canada: Loon
Turkey: Fez
France: Duck!

Gerken

full member

Activity: 126

Merit: 100

So is there a discount because of the shoddy translation or is it a "collectible unique" now?

Piper67

legendary

Activity: 1106

Merit: 1001

Quote from: Meatpile on August 19, 2011, 09:20:40 AM

Its "supposed" to be gold?? How could you have no idea what you are making?

That's just for the hologram.

Meatpile

sr. member

Activity: 277

Merit: 250

~~Its "supposed" to be gold?? How could you have no idea what you are making?~~

Whoops, reading comprehension fail.

TTBit

legendary

Activity: 1136

Merit: 1001

Quote from: timmey on August 19, 2011, 06:57:05 AM

Call me dumb but i don't get the hologram/private key thing...
If the coin holds the private key, what prevents someone from reading it, sell the coin, and move the BTC away after it's sold? :-/
Can someone explain please?

Its just a single hop. Once it's revealed, you would want to withdraw.

Topic: Coming Very Soon, a real Bitcoin you can hold! (and is worth 1 BTC) - page 3. (Read 9237 times)