Topic: Physical Bitcoin (Read 1066 times)

A tamper-evident security hologram is a sticker/hologram that is destroyed when removed, so you know what is underneath has never been compromised.

The private key is engraved onto the silver coin and covered with the tamper-evident hologram.

It is a good idea!
How about you just print your private keys on a fancy card (giftcard like card)then seal it off and the Crypto website written on the body?
I saw an article on an interesting physical Crypto concept: https://www.ccn.com/physical-bitcoin-banknotes-launched-in-singapore-to-drive-adoption-2/
I don't know how far they have gone with it.

Wow! Thanks for shared it.
Very nice physical bitcoin.

What is Tamper-Evident Security Hologram?
Is private key hidden?

I sell a few different types of coins that could be used as a "physical bitcoin."

Check them out: https://nastyfans.org/mint

Idea is good.
But physical Bitcoin is metal coin with private key and no more..
Or can try create chip with public and private key, eyes can't see keys.

Would be good for internet issues. Saw a thread somewhere on Bitcoin discussion with the question, what happened if internet would be turned of. For this  unlikely case physical Bitcoins would make sense. The only challenge would probably be, to asure (offline), that the amounts on them are not already spent/or different amounts as stated.

It has been fun to read the discussion about physical bitcoins. I know the thread is old, but I still wanted to reply, just to show that physical bitcoin is still being produced and provide helpful information as a response to some of the comments in this post. It is more of a summary of answers to comments placed in this post. 

- Cassasius was the first to produce physical bitcoins and was forced to stop selling loaded physical bitcoins on Nov 27, 2013. Mike Caldwell was the first to produce a physical bitcoin with actual bitcoin loaded unto the coin.

- Coinfirm.org has made a list with 65 different physical bitcoin companies. Only a few of them have the concept of storing bitcoin on the coin. Many are just coins with a bitcoin theme mint.

- At this moment a lot of these companies on the list are out of business. We’ve identified that Infinitum coins and Denarium are the only ones having real physical bitcoins in stock. Please let us know if there are other companies we have not found producing physical bitcoins with BTC storage that have coins in stock.

- If you type “ Physical bitcoin” into google, you find that Denarium is one of the first search results.
On eBay, you can find different designed “physical bitcoins.” These are coins with a bitcoin design. They have no way of storing bitcoin.

- Physical Bitcoins are good for storing BTC long term. Denarium sells loaded coins and empty coins. We don’t send loaded coins to the United States, because of regulation.

- We think that people are using the Denarium physical bitcoins to store BTC for the long term. We have seen an increase in BTC storage on our sold coins over the years. //denarium.com/charts We’ve extracted this chart with calculations from our public database and the public blockchain.

- They are very good to invest and save your bitcoin long term. Soon we will be releasing new products with even better security. We are planning to release coins in a resin mold for protection. It is possible to break the resin, but it is very hard.

- We know that about 594 BTC is stored in total in our coins.

- We cannot know for sure if the coins are being used as vouchers. Like Bitrefill, Fold, Gyft, and  Opendime. Source: https://bitcoin.org/en/resources. By that, we mean that people use our coins to make off-chain transactions with our coins.

- But it could be true that they are used in this way. You can give or pay for a service with a Denarium Bitcoin loaded with bitcoin. The person receiving can check from our database how much BTC is stored on the coin at that moment, and how much is the current equivalent in euros based on the current exchange rate. Database: https://status.denarium.com/coin/

- They are good for collecting. They are beautifully designed. Especially since we do sell a premium collection with silver and gold physical bitcoins as well.
 
- Physical bitcoins are safer than paper wallets since the private key is not visible and cannot be copied without damaging the hologram.
There have been many thefts from exchanges, online wallets, breaches in security of hardware wallets and theft from another physical bitcoin company. It is sad, but theft occurs. If we compare though the number of breaches/thefts stolen from exchanges, and online wallets compared to a physical bitcoin company and a few security issues in hardware wallets. It seems that your bitcoin is safer offline than online.

- Physical bitcoins provide: Safe storage, the possibility of off-chain transactions and are good for collecting.

- When you find a coin with a damaged hologram, there is probably no BTC stored any longer on the coin. It is then also not safe to store BTC any longer on the coin.

- This is because they have a tamper-evident security hologram on the back. The hologram shows you when the coin is spent. Check the condition of the hologram. If you see any honeycomb-like structure. The hologram has been removed. But to be sure: At the moment of transaction you can look up the coin in the Denarium database to see how much BTC is stored on the coin at that moment and how much is the value of that coin in euros at the moment of the exchange.

- There is an activation system at Denarium, which functions as an extra security check. When you buy a coin loaded or empty from us. You have the option to report that coin with a status of the condition of the hologram. (Good, damaged, missing) In that way, people are forced to check if the hologram is in good condition after travel, so that you know that once BTC is loaded on the coin, they are safe.
Resin coins are always safe and are never spent.

- Your bitcoins are on the blockchain, but the private key is never stored or extracted online.
 
- Spending the coins works through online importing, but there are ways to import your bitcoin offline.

- Spending offline is also possible when you make an off-chain transaction to use a coin to pay for a service or when you give them away.

- You do need to trust the physical bitcoin manufacturer. At Denarium we have never had a breach, close to 600 BTC is safely stored on our coins, we have been on the market since 2012 and producing physical bitcoins since 2015.  If you are technical enough, you can choose to buy a coin from us with a multisig option. In that way, we sell a trustless coin. For spending the coin, you need to be quite technical. But it is possible.

- You will always need a wallet. Whether offline or online.

- In the ‘online’ system there is much room for scams and theft.

- An off-chain transaction is in a way safer than using online wallets. Since the private key stays offline.

- There are added costs to share and store bitcoin. We have mining fees getting higher and higher, because of the cost of electricity.

- The online wallets, exchanges and other services also all charge an extra cost for the sending or receiving of bitcoin.

- Metal is mined for a lot more than just coins; Trees are cut for a lot more than paper money. I think our goal cannot be: a complete intangible world. This would be to disconnect from reality. The goal of bitcoin is more to get rid of the monopoly in the authorization of money.

It is not a bad idea, you just dont like it.
Moving physical bitcoins can be a benefit.
As example: opendime.com
You can verify the amount on it and if it is still unused. [priv key is hidden for both untill used]

Not always, I can spend a loaded opendime for goods and just hand over the opendime.


That is indeed correct if you buy loaded coins. or it needs to be a opendime or such.

...Yes i like opendimes.

There are tons physical bitcoin manufacturers from the past and current ones.

BTCC for instance is one of them: https://store.btcc.com/ (Check their physical bitcoin store out)

The most recognized manufacturer is Casascius but there are many, Kialara, BTCC, Satori, Denarium, etc, and a lot of forum members also produce custom coins.

Check out the Bitcoin Forum > Economy > Marketplace > Goods > Collectibles section here: https://bitcointalk.org/index.php?board=217.0 for more info and current sales.

You need to trust the manufacturer with the private keys however some of the coins are DIY or are not loadable so you have options.

Physical BTC are mainly for collectors and are BEAUTIFUL items in most cases!

Not actually Physical Bitcoins, but they are nice to have on my Desk and remind me of them.
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https://i.imgur.com/BeNZASG.jpg

Being intangible definitely has it perks. Bitcoin is a digital asset. It is a virtual currency. Having been said there are times when tangibility comes in handy. Be it for long term storage or for education etc, the ease of paper wallets and the like enable Bitcoin to take a physical form. They both have their upsides.

i think its possible and will work just fine if they can encrypt the wallet address and its qr code  in a coin shape form so that cashiers will just scan it in the counter  just like in the groceries and as long as the wallet address are link to your main bitcoin wallet online. ill support this kind of idea if  they can implenent it soon because i believe it will boost the number of bitcoin users worldwide, plus it can add innovation to our economy.

Would be good for internet issues. Saw a thread somewhere on Bitcoin discussion with the question, what happened if internet would be turned of. For this  unlikely case physical Bitcoins would make sense. The only challenge would probably be, to asure (offline), that the amounts on them are not already spent/or different amounts as stated.

I just feel like that we don't need physical bitcoin since virtual bitcoin is perfect. But it's ok if it's just for a collectible or something like marchandise but transaction with physical bitcoin it seems like against the concept of the bitcoin. As you know if you want to transaction with bitcoin you must send them to another address so by keeping bitcoin in physical bitcoin it's just like holding bitcoin in a hardware wallet like paper wallet, trezor etc.

So may be bitcoin is the world currency of the future instead of dollar?

Yes, digital is always better, it's the trend of the world, there's no reason for us to abandon it to something as old as physical bitcoin.

What is the point...digital version is way better...family can be educated as well for hw to access. Moreover, they need to be put online so as to be used.
Moreover, chances of theft increases.

Physical Bitcoin is for layman. But still it is silly. The reason why Bitcoin is efficient is primarily because we don't need to print it. We don't need to cut trees in case of paper money. And we don't need to dig to mine for metal to mint coins. Bitcoin is intangible. Which is why there are no added cost to send and store it. Unlike physically present money which is more likely to get lost.

A "physical Bitcoin" is no more meaningful than a paper wallet.  The coins never leave the blockchain, so they're just as online as they've always been.  When you need to actually spend the coins, you'll have to import them using your seed/private keys so that you can use them.

The difference is that when you get the "physical Bitcoin" sent to you, it's already loaded with BTC and you're given the seed, so it's possible that the company or person producing it could have kept the seed for themselves and would take it later.

They're useful as collectibles but not as much else.
They are not actually present in physical form.  You just have information that is required to transfer the coins that are stored in the blockchain.

Physical Bitcoin. It's a Good Idea.

But can u Justify me Physical Bitcoin is secure from ETH or other sources like the Credit card or VISA?

I think that physical bitcoin is a bad idea. Bitcoin is a cryptographic currency, which marks a new development for the world currency market. It is also the advantage, characteristic of bitcoin compared to the current popular currency. we should not abandon its characteristic to use a physical bitcoin.

I like the idea of physical bitcoins. They are a kind of hardware wallets, but if you want to trade with them, how would you asure, that the funds on them are not spent already?

how about phisical login and pass from bitcoinwallet?
need to think how to do it unique...

Those physical coins that you did able to see is just a model not totally having the same value on what we are seeing on bitcoin now and there would be no company would decide such thing and besides bitcoin is a decentralized digital currency which making it physical would really be an impossible stuff and come to think off whats the purpose of mining? Surely it will kill it. Decentralized to become centralized would really just happened into my dreams and i would say it is much better on this way in the situation of bitcoin.

In fact I've seen some phisical 'bitcoins' being made before. Most of the times they do not contain actual bitcoins but in some cases they are actually loaded with real bitcoin. These are mainly bought/sold as a collection item (I don't think loaded physical 'bitcoins' are still being made though). If I had the money I would like to have one and use it as some sort of decoration and put it in my room. But mainly to store the bitcoins long term.
Since these are collector items and not real bitcoins I don't believe it would be a good idea to create some sort of physical medium for bitcon. In my opionion that undermines the whole point of it. But that's just me.

First time I heard about such thing as physical bitcoin. Though it might an instrument to buy it as a scratch card and then use it to refill an e-wallet.

Everything features of  bitcoin maybe the mining, transaction, wallet aspect are base on the internet and that's why bitcoin is call electronic cash. Therefore, it is not possible for someone to have physical but such can crave a gold into bitcoin though.  However, there are some altcoin which have physical coin.

There are loads of these that already exist. One of the first creators of a physical bitcoin was Mike Caldwell who sold his coins under the name Casascius.
The point of these coins is to show that bitcoins can also be physical, tangible and that there are other means of storage that don't put your coins at risk to the same extent that storing them digitally does.
Since Casascius released his coins, there have been plenty of other makers too. Some have added a twist and created art items that have their own collectible value.
If you check out the Marketplace>Goods>Collectables part of this forum, you will be able to find losts of posts and listings of these physical pieces.

Physical bitcoin ,i dont think its a good idea even if that is possible,I mean physical things are tend to be destroyed easily and theft can be more easy any regular thief can steal your bitcoin .But as per i know the purpose was the bitcoin to decentralize and digitize  the wealth , hence here physical form does not fit at all.

the only purpose of physical bitcoins is (as it has always been) to be a collectible item. the value is also higher because of that. they need to be rare, as collectibles are, and have an interesting design so that it is pretty to hold one.

there is a board for them here: https://bitcointalk.org/index.php?board=217.0

BTC credit cards are like an instant exchanger, they convert your btcs to usd or whatever currency you are buying in. This isn't the true conversion of bitcoins to the physical world, what is the use of btcs then if we want to convert them in the end? I see no purpose of buying btcs then just to later convert them again. What can be done is, we can make some sort of credit cards which will transfer bitcoins between users instead of converting them.

Okay, understood.
What about the this then?

It seems possible and I think it is already functioning in some parts of the world.
So, time to make it more available to general public? Less fees will be the step towards it?

Well, these things already excist. Just google for 'casascius bitcoin'. I have one myself, and I think it's really pretty.

I have to agree with milani though. Bitcoin in physical format meant for payments is not gonna work. However, keeping a physical bitcoin for collection/storage can be pretty fun.

Sounds weird, man. If you want smth physical what about BTC credit card, like VISA or another?

Physical Bitcoin is a nonsense to my mind. It kills the idea of Bitoin itself, it's main value.... It is possible to make some physical coins of Bitcoin may be just for some fun or for someone's pleasure. But to my mind it will not work as it is expected in case when it is in physical format. It will be expensive and non-profitable.... But it is my oppinion. It may differ from someone's.  

whatever you're imagining with your 3D printer

my regular printer works like a charm

https://bitcoinpaperwallet.com/bitcoinpaperwallet/generate-wallet.html


its electricity-failure proof

Bitcoin can't be magically brought into the physical world, all we can do is create a shape like coin and insert the wallet seed in it, or the private keys if it is linked with one address. The way bitcoin is designed it isn't meant to function while being in a physical state. I hope you understand the concept of bitcoin properly because what you are asking is not possible. Bitcoin casascius is one of the examples of what can be done to bring bitcoin to the physical world. Bringing bitcoin to physical realm is like converting your Ferrari to a Toyota and we don't want that happening. 

First of all, I don't know if this is possible by any one company or organization, and don't know about what the procedure will be to realize this as well.
But what do you think about the concept of physical bitcoin? I remember hearing a while back about someone who actually did created a few physical bitcoin. But what about in more public approach, I mean, especially for people who actually want to hold bitcoin for long.
I think they will solve the issues of lost bitcoins, as they will be present in physical form, so if someone loses the passwords, or even a mishap occurs to them, their family can use them.

What are your thoughts?