Topic: I just had a great idea - print bitcoin denominations (Read 2383 times)
The idea isn't new. I guess people brought this idea up for years already. It's a good idea, but those 'notes' could only be used once. As soon as you give a note away, the recipient needs to wipe the address or you could potentially reclaim all the BTC on that note. On the other hand, you'd have to the same. Not perfect. But it could be an idea for when you don't have an internet connection and want to give BTC to people!
Maybe check this first https://piperwallet.com/
Bitcoin requires much less trust in third parties.
However, one might imagine that a highly trusted Bitcoin org (looking at you Bitpay) could print paper denominations that circulate that are certificates of claim NOT paper wallets (perhaps even fractionally reserved) These bills could be redeemed by the holder for actual btc, making the bill then void of further claim.
I am not sure how this would be accomplished. I do think it would be extremely valuable.
However, one might imagine that a highly trusted Bitcoin org (looking at you Bitpay) could print paper denominations that circulate that are certificates of claim NOT paper wallets (perhaps even fractionally reserved) These bills could be redeemed by the holder for actual btc, making the bill then void of further claim.
I am not sure how this would be accomplished. I do think it would be extremely valuable.
No!
Bitpay is a scumbag company. Im sure they got ties ro the government because of their size.
Whaf the hell is the point of bitcoin if u create just a another bank
Bitcoin requires much less trust in third parties.
However, one might imagine that a highly trusted Bitcoin org (looking at you Bitpay) could print paper denominations that circulate that are certificates of claim NOT paper wallets (perhaps even fractionally reserved) These bills could be redeemed by the holder for actual btc, making the bill then void of further claim.
I am not sure how this would be accomplished. I do think it would be extremely valuable.
Unless you count the miners there really is no third party with bitcoin. Person A pays person B with no C involved.However, one might imagine that a highly trusted Bitcoin org (looking at you Bitpay) could print paper denominations that circulate that are certificates of claim NOT paper wallets (perhaps even fractionally reserved) These bills could be redeemed by the holder for actual btc, making the bill then void of further claim.
I am not sure how this would be accomplished. I do think it would be extremely valuable.
You dont need a bitcoin org to print certificates of claim as you call them because you can do it yourself and for free, unless there accepting btc as payment big business org can stay out of developing things to buy that we really dont need.
Money needs to be spent on better and easy wallet security, until then Trezor.
Bitcoin requires much less trust in third parties.
However, one might imagine that a highly trusted Bitcoin org (looking at you Bitpay) could print paper denominations that circulate that are certificates of claim NOT paper wallets (perhaps even fractionally reserved) These bills could be redeemed by the holder for actual btc, making the bill then void of further claim.
I am not sure how this would be accomplished. I do think it would be extremely valuable.
However, one might imagine that a highly trusted Bitcoin org (looking at you Bitpay) could print paper denominations that circulate that are certificates of claim NOT paper wallets (perhaps even fractionally reserved) These bills could be redeemed by the holder for actual btc, making the bill then void of further claim.
I am not sure how this would be accomplished. I do think it would be extremely valuable.
Back in the day the first time I participated in a thread on this same idea (2011) a guy was printing paper Bitcoin checks with Ron Pauls image on them. I thought they were cool so I bought a bunch. They are probably collectors items now! The idea of the Bitcoin check is simple: it is just a piece of paper with the public key printed on it an the private key printed on it but covered by a sticker. You write the amount on the check, fund the public address, and spend it. Then when it comes time to redeem they carefully take off the sticker and sweep the private key.
However, as many have pointed out this is not needed. Instead, just use Bitcoin the way it was designed to be used: transfer the BTC, done.
https://bitcointalksearch.org/topic/ron-paul-bitcoin-cheque-53360
However, as many have pointed out this is not needed. Instead, just use Bitcoin the way it was designed to be used: transfer the BTC, done.
https://bitcointalksearch.org/topic/ron-paul-bitcoin-cheque-53360
So how will the business know they haven't been tampered or spent or private key written down?
Hmm. Good point.Possible solution is to print some type of verification hash on it that includes the address and timestamp?
Bitcoin needs to have an easier time in the real world or else it will remain confined to a small portion of the population.
The idea of having an app to easily print arbitrary denomination "bitcoin bills" is pretty cool. But as others said, they're not ideal for paying merchants. You really need to use a transaction for that. It would be nice for giving to people as gifts though.
If physical bitcoins come in market, then people will switch to another crypto currency..because BTC will loose its shine for what its known for...and govt will also make tons of policies regarding btc.
Then you could just print off several of these whenever you need to, and spend them at Bitcoin accepting institutions. JUST LIKE FIAT PAPER MONEY.
The seal on Paperwallets, so far as I have seen, was always a FAIL (just with varying afford to break it)
But you could do the following: Create a BANK. That prints out paper money in classical forms, with a serial number on it. And guarantes to print exactly the amount kept stored inside it's cold wallet. There is none such thing like a private key printed on them. Nothing to steal there, besides the note itself. As in classical money.
Why doing that, you might ask? Well, for several reasons.
- It is possible, so it will be done, period. Stop argueing.
- One can print nice pictures of historical ASIC devices on the front
- It reaches a "niche market" out there, where a currency is needed for simple trades. Wares vs. cash right on spot.
I'm not thrilled about the idea, but numismatist is right. This will happen. I suspect bitcoin backed bank notes will reach more than a niche market. We can argue "with bitcoin you don't need to rely on a bank" all we like. The vast majority of people are fine with relying on banks, and they're already familiar with paper money. I suspect most of them think current paper money is backed by something. At least with bitcoin notes it would be easy to audit and ensure the notes are backed by something. I'm assuming the notes would be redeemable. The bearer of a note could take it to the bank and get the bitcoins.
Any other solution that involves trying to hide the private key will simply lead to ordinary people asking: What the hell is a "private key"?
Wouldn't using bank/bitcoin notes in this regard open you up to the above possibilities? (hint: also yes).
Not a bad idea but it won't be as successful as you think..
Because its hard to beat physical dollar!
Because its hard to beat physical dollar!
Then you could just print off several of these whenever you need to, and spend them at Bitcoin accepting institutions. JUST LIKE FIAT PAPER MONEY.
The seal on Paperwallets, so far as I have seen, was always a FAIL (just with varying afford to break it)
But you could do the following: Create a BANK. That prints out paper money in classical forms, with a serial number on it. And guarantes to print exactly the amount kept stored inside it's cold wallet. There is none such thing like a private key printed on them. Nothing to steal there, besides the note itself. As in classical money.
Why doing that, you might ask? Well, for several reasons.
- It is possible, so it will be done, period. Stop argueing.
- One can print nice pictures of historical ASIC devices on the front
- It reaches a "niche market" out there, where a currency is needed for simple trades. Wares vs. cash right on spot.
People are used to money the way it is so why not give them that feel with btc. A decentralized currency with a bank, maybe but I don't think any human is honest enough to run it like banks now. Problems are,
The owner still doesn't actually have their money anymore the bank does just like now.
What sort of 'guarantee' do we get that they don't print more that allowed?
Who owns the bank or banks?
Also would this bank get insurance on their private cold storage?
Interesting thread though, I will follow it and see what comes up.
So I had this idea just 30 seconds ago while browsing the forum.
Take a small device such as Raspberry Pi, and set up a Bitcoin wallet on the Pi.
Put it inside a very small grayscale printer (prints dollar bill sized sheets, or really any size)
Have a LCD screen on the printer allowing you to select amount of BTC and also a "print" button
---For security, implement a fingerprint scanner? or if that's too much, allow for a small password to be set on the printer
When someone "logs in" with their fingerprint, and selects a BTC amount, presses print
---the Pi creates a new wallet with the bitcoin amount specified, and also creates public/private QR codes for that account
---a small sheet of paper that could fit in a physical wallet is printed. on it are two QR codes (pubkey/privkey), other details like "amount on wallet" and "date printed"
Then you could just print off several of these whenever you need to, and spend them at Bitcoin accepting institutions. JUST LIKE FIAT PAPER MONEY.
Please someone give me their thoughts on this.
Printing will give you nothing, but if you are crazy about this idea - do it! Take a small device such as Raspberry Pi, and set up a Bitcoin wallet on the Pi.
Put it inside a very small grayscale printer (prints dollar bill sized sheets, or really any size)
Have a LCD screen on the printer allowing you to select amount of BTC and also a "print" button
---For security, implement a fingerprint scanner? or if that's too much, allow for a small password to be set on the printer
When someone "logs in" with their fingerprint, and selects a BTC amount, presses print
---the Pi creates a new wallet with the bitcoin amount specified, and also creates public/private QR codes for that account
---a small sheet of paper that could fit in a physical wallet is printed. on it are two QR codes (pubkey/privkey), other details like "amount on wallet" and "date printed"
Then you could just print off several of these whenever you need to, and spend them at Bitcoin accepting institutions. JUST LIKE FIAT PAPER MONEY.
Please someone give me their thoughts on this.
Then you could just print off several of these whenever you need to, and spend them at Bitcoin accepting institutions. JUST LIKE FIAT PAPER MONEY.
The seal on Paperwallets, so far as I have seen, was always a FAIL (just with varying afford to break it)
But you could do the following: Create a BANK. That prints out paper money in classical forms, with a serial number on it. And guarantes to print exactly the amount kept stored inside it's cold wallet. There is none such thing like a private key printed on them. Nothing to steal there, besides the note itself. As in classical money.
Why doing that, you might ask? Well, for several reasons.
- It is possible, so it will be done, period. Stop argueing.
- One can print nice pictures of historical ASIC devices on the front
- It reaches a "niche market" out there, where a currency is needed for simple trades. Wares vs. cash right on spot.
I'm not thrilled about the idea, but numismatist is right. This will happen. I suspect bitcoin backed bank notes will reach more than a niche market. We can argue "with bitcoin you don't need to rely on a bank" all we like. The vast majority of people are fine with relying on banks, and they're already familiar with paper money. I suspect most of them think current paper money is backed by something. At least with bitcoin notes it would be easy to audit and ensure the notes are backed by something. I'm assuming the notes would be redeemable. The bearer of a note could take it to the bank and get the bitcoins.
Any other solution that involves trying to hide the private key will simply lead to ordinary people asking: What the hell is a "private key"?
The idea is logical but i think it will go against the whole ideology of bitcoin on self management and reliability on a third party.
paper wallets exist already.
ill even show the link that skips to the concept of hiding the private key so that you know its not been used unless the private bit has been ripped apart
https://bitcointalksearch.org/topic/m.1768923
But that doesn't resolve the issue of it not being written down or copied before spending or trading, that is for private storage.ill even show the link that skips to the concept of hiding the private key so that you know its not been used unless the private bit has been ripped apart
https://bitcointalksearch.org/topic/m.1768923
if the private key remains sealed and not ripped apart, then the only person that could steal funds without rippin the seal would be the creator. thus if you receive a paper wallet from a person who printed it, you know exactly who to chase after and slap with a wet fish if they have scammed you.
for instance if casascius coins were to be compromised then we will all know to chase after casascius.
the thing with bitcoin is that people need to truly get rid of the mind set of relying on third parties, the point of bitcoin is to self manage your funds and if your going to put funds onto a private key that has not been created by you, then there is a risk.
this is not a fault of bitcoin. but a fault of humans morality and ethics.
If you think of changing a crypto currency to a physical one then govt is not stupid enough to not deny this idea..even possibly make BTC illegal.
Only problem is whoever receives the payment has to immediately scan the QR code on the paper wallet and sweep the private key or risk fraud.
A bit easier just to scan a QR with your device in the first place.
edit: left my browser window open. What cipher_gnome said.
A bit easier just to scan a QR with your device in the first place.
edit: left my browser window open. What cipher_gnome said.
I'm usually quite slow to compose a post. I do this all the time. 
Then you could just print off several of these whenever you need to, and spend them at Bitcoin accepting institutions. JUST LIKE FIAT PAPER MONEY.
The seal on Paperwallets, so far as I have seen, was always a FAIL (just with varying afford to break it)
But you could do the following: Create a BANK. That prints out paper money in classical forms, with a serial number on it. And guarantes to print exactly the amount kept stored inside it's cold wallet. There is none such thing like a private key printed on them. Nothing to steal there, besides the note itself. As in classical money.
Why doing that, you might ask? Well, for several reasons.
- It is possible, so it will be done, period. Stop argueing.
- One can print nice pictures of historical ASIC devices on the front
- It reaches a "niche market" out there, where a currency is needed for simple trades. Wares vs. cash right on spot.
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