Self-printed single-use paper wallets would be a FANTASTIC way to transact with merchants who can sweep the balance at the point of sale.
It's got all the benefits of a physical bitcoin but without the cost.
It's been discussed in detail before, but basically, change would be either returned to the same paper wallet, a new paper wallet printed by the merchant, or another paper wallet held by the customer. In some ways the customer bears some risk of the merchant stealing the change but it's easily mitigated by using low-denomination paper wallets.
Really what there needs to be is a POS system that takes bitcoin this way, pretending they are "dollars" so that clerks don't have to be trained on alternate currencies to use it.
Topic: Could Bitcoins conceivably be traded as paper wallets for goods and services? (Read 497 times)
June 27, 2013, 10:08:14 PM
June 27, 2013, 10:02:22 PM
Maybe one day, but not for a long while yet. We've had credit cards and bank cards for years and they haven't ever fully replaced paper money.
June 27, 2013, 09:14:15 PM
sure, why not?
June 27, 2013, 07:05:03 PM
You could just make a key for only that amount of bitcoin you wanted to spend. Then you wouldn't worry when that coin is spent, because that key was made for only that transaction.
That makes me wonder. If you are printing many wallets for individual transactions, are you losing money on ink?
That makes me wonder. If you are printing many wallets for individual transactions, are you losing money on ink?
June 18, 2013, 06:15:04 AM
Everything is possible.
June 18, 2013, 06:05:16 AM
No, because paper wallets store the private keys on the wallet, which means the person who gave you the wallet or manufactured the wallet would remain having access to the funds. As soon as you accepted the payment, they could drain the paper remotely as you were walking away!
Bitcoin (the non-paper version) is a payment network...just use it.
Bitcoin (the non-paper version) is a payment network...just use it.
This is an amazing point. I was going to say that they could be used, but I hadn't even thought about this.
HOWEVER, couldn't one create paper wallets to where the private key is hidden under a scratch-off, since you could still see the public key and could verify funds/send funds to it? That would protect the receiver since the person giving the paper wouldn't know what the private key is.
Good idea but it depends on who is printing out the paper wallet i guess. The scratch-off covering isn't any good if the private keys are being copied somehow in a privately owned commercial printer. Ever heard of Piper? It's a printer solely designed for printing out paper wallets and nothing else. My understanding is that it doesn't have to be connected to the internet in order function and it can generate private keys. Maybe a device like this could be redesigned not to connect to the internet and made. It would only have a USB drive for transferring a wallet and could be dismantled easily for inspection. The memory on the printer would be reformatted each time it is used. This process would seem like a hassle to me. Bare in mind i am kind of a "newbie" so correct me if i'm wrong.
Well, this is already done using gift cards and things like that, so I don't think BTC would really be any less secure than them. As long as it's a trusted person handling all the printing there should be no problems with it I don't think.
June 18, 2013, 02:23:29 AM
This is essentially the same as physical bitcoins, which have been done by several people so far. I think the most well known is https://www.casascius.com/.
June 18, 2013, 01:58:50 AM
I do like this Idea,
because of the Privatkey it woulld be like Phone Refill Cards with a unique Privatkey
that from a trusted Issuer and you could buy Coins on a Kiosk - that Place where you buy Newspapers and Chewing Gums
someone with a already established Rep could do this
because of the Privatkey it woulld be like Phone Refill Cards with a unique Privatkey
that from a trusted Issuer and you could buy Coins on a Kiosk - that Place where you buy Newspapers and Chewing Gums
someone with a already established Rep could do this
June 18, 2013, 01:32:49 AM
Yes, they could be. However, it is easier to send a bitcoin to someone on the other side of the world than sending a paper wallet.
June 17, 2013, 05:57:23 PM
No, because paper wallets store the private keys on the wallet, which means the person who gave you the wallet or manufactured the wallet would remain having access to the funds. As soon as you accepted the payment, they could drain the paper remotely as you were walking away!
Bitcoin (the non-paper version) is a payment network...just use it.
Bitcoin (the non-paper version) is a payment network...just use it.
This is an amazing point. I was going to say that they could be used, but I hadn't even thought about this.
HOWEVER, couldn't one create paper wallets to where the private key is hidden under a scratch-off, since you could still see the public key and could verify funds/send funds to it? That would protect the receiver since the person giving the paper wouldn't know what the private key is.
Good idea but it depends on who is printing out the paper wallet i guess. The scratch-off covering isn't any good if the private keys are being copied somehow in a privately owned commercial printer. Ever heard of Piper? It's a printer solely designed for printing out paper wallets and nothing else. My understanding is that it doesn't have to be connected to the internet in order function and it can generate private keys. Maybe a device like this could be redesigned not to connect to the internet and made. It would only have a USB drive for transferring a wallet and could be dismantled easily for inspection. The memory on the printer would be reformatted each time it is used. This process would seem like a hassle to me. Bare in mind i am kind of a "newbie" so correct me if i'm wrong.
June 17, 2013, 05:04:20 PM
No, because paper wallets store the private keys on the wallet, which means the person who gave you the wallet or manufactured the wallet would remain having access to the funds. As soon as you accepted the payment, they could drain the paper remotely as you were walking away!
Bitcoin (the non-paper version) is a payment network...just use it.
Bitcoin (the non-paper version) is a payment network...just use it.
This is an amazing point. I was going to say that they could be used, but I hadn't even thought about this.
HOWEVER, couldn't one create paper wallets to where the private key is hidden under a scratch-off, since you could still see the public key and could verify funds/send funds to it? That would protect the receiver since the person giving the paper wouldn't know what the private key is.
June 17, 2013, 04:56:25 PM
Paper wallets do have a part to play in the Bitocin economy.
But not for everyday trading.
But not for everyday trading.
June 17, 2013, 04:47:40 PM
No, because paper wallets store the private keys on the wallet, which means the person who gave you the wallet or manufactured the wallet would remain having access to the funds. As soon as you accepted the payment, they could drain the paper remotely as you were walking away!
Bitcoin (the non-paper version) is a payment network...just use it.
Bitcoin (the non-paper version) is a payment network...just use it.
June 17, 2013, 04:40:48 PM
like fiat money is today but without the inflation aspects of course? Maybe paper wallets would work in case the government really clamps down on the internet or in countries were there isn't much access to a grid. I think i heard somewhere that Satoshi programmed Bitcoin to have 100 million private keys for every human being on earth.
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