Topic: Physical Bitcoin for the 3rd World (Read 883 times)
Currently, when you receive a note, there is no guarantee that it is not empty - and even if it is verified after you receive it. If the trace has been erased in a manner that is not obvious, once the issuer signs, you're out of luck. It could still be spent before you try to redeem it. The design doesn't need to be changed at all, but the security before and after circulation should be beefed up, as I suggested in my previous post. The more that issuance and redemption restrictions are automated, the better. It doesn't matter who the issuing (or de-issuing) party is, as long as notes are guaranteed to contain the funds while in the wild.
Now that I have discovered an exquisite counterfeit-resistant note that requires 2 signatures to be redeemed, I am interested in discussing ways to reduce the need to electronically verify the note to the point where anyone who receives the note will instantly know that it is valid. In this way it can be used like cash.
1) Before the note is circulated, it will need to be loaded so that no one inadvertently receives an empty note. In order to remove arbitrary trust, it will need to be guaranteed at face value by the issuer - probably via an escrow contract. A government entity with unlimited funds would be ideal.
2) When a bill is redeemed, it will need to be irreparably destroyed in order to eliminate circulation of the emptied note. This will also require an escrowed guarantee of some sort, preferably automated via oracle as well. A notary or other verifiable witness will likely be needed before the second signature is made.
Solidity?
Tapscript?
https://bitcointalksearch.org/topic/info-offline-cash-bitcoin-notes-5402259
1) Before the note is circulated, it will need to be loaded so that no one inadvertently receives an empty note. In order to remove arbitrary trust, it will need to be guaranteed at face value by the issuer - probably via an escrow contract. A government entity with unlimited funds would be ideal.
2) When a bill is redeemed, it will need to be irreparably destroyed in order to eliminate circulation of the emptied note. This will also require an escrowed guarantee of some sort, preferably automated via oracle as well. A notary or other verifiable witness will likely be needed before the second signature is made.
Solidity?
Tapscript?
https://bitcointalksearch.org/topic/info-offline-cash-bitcoin-notes-5402259
Indeed, who in this case will be the issuing center, if it is a user, then there must be a mechanism for debiting coins from his wallet upon presentation of a printed bill, for this it must be accepted by a sufficient number of institutions, in this case you simply buy these bills by paying for them and the built-in nfc chip allows them to be used where cryptocurrency is accepted. Secondly, why complicate everything with unnecessary manipulations, if it's enough just to have a credit card with your crypto account.
Ballet crypto pure series wallets and polymerbit notes work perfect for your idea
To my knowledge, both of these products are sold empty. The problem with openly selling preloaded btc notes in the United States is that the seller must comply with onerous federal regulations severely resticting money transmitters. Originating the notes in countries such as El Salvador and the Central African Republic, on the other hand, will make it possible to prevent the circulation of unbacked notes - which do not require special verification.
Ballet crypto pure series wallets and polymerbit notes work perfect for your idea
I would use your idea in the opposite direction, national currencies to be moved to the blockchain.
CBDCs (central bank digital currencies) are the worst possible use of blockchain, and where the world is currently headed. National banks will attempt to preserve their ability to arbitrarily print unbacked notes (debase currencies) at will. But worse than reducing their value while artificially funding their tyrannical pogroms, they would love to be able to expire them. This is much different than the "expiration" of offline cash notes. Offline cash notes can empty the btc to any digital wallet throughout their lifetime, and, upon maturity, the holder of the note doesn't even require a second signatory to do so. CBDC notes, on the other hand, will not allow redemption in any form. They will literally expire. No backing.
The whole point of bitcoin is to escape from manipulable centralized statist currency monopolies. Offline Cash extends the benefits of bitcoin to the physical world, much like gold-backed currencies (which are also despised by politicians), but even better.
Now that I have discovered an exquisite counterfeit-resistant note that requires 2 signatures to be redeemed, I am interested in discussing ways to reduce the need to electronically verify the note to the point where anyone who receives the note will instantly know that it is valid. In this way it can be used like cash.
1) Before the note is circulated, it will need to be loaded so that no one inadvertently receives an empty note. In order to remove arbitrary trust, it will need to be guaranteed at face value by the issuer - probably via an escrow contract. A government entity with unlimited funds would be ideal.
2) When a bill is redeemed, it will need to be irreparably destroyed in order to eliminate circulation of the emptied note. This will also require an escrowed guarantee of some sort, preferably automated via oracle as well. A notary or other verifiable witness will likely be needed before the second signature is made.
Solidity?
Tapscript?
https://bitcointalksearch.org/topic/info-offline-cash-bitcoin-notes-5402259
1) Before the note is circulated, it will need to be loaded so that no one inadvertently receives an empty note. In order to remove arbitrary trust, it will need to be guaranteed at face value by the issuer - probably via an escrow contract. A government entity with unlimited funds would be ideal.
2) When a bill is redeemed, it will need to be irreparably destroyed in order to eliminate circulation of the emptied note. This will also require an escrowed guarantee of some sort, preferably automated via oracle as well. A notary or other verifiable witness will likely be needed before the second signature is made.
Solidity?
Tapscript?
https://bitcointalksearch.org/topic/info-offline-cash-bitcoin-notes-5402259
doesn't it seem that digital things are too involved in something that should be prioritized through physical value?
the name itself, "3rd world" was created due to the backward use of advanced technologies.
however, I would use your idea in the opposite direction, national currencies to be moved to the blockchain.
1 - who will prevent you from printing unlimited notes?
2 - who will regulate and issue these notes?
In Africa, corrupt governments are very tough, they love centralization and total control of the population, and more they love the local currency very much, they always sing the same song: "our local currency is the symbol of our sovereignty, and our story ". so if you arrive with a note that is not from any country in any country in africa they can arrest you! just be careful when it comes to getting involved with governments in africa
As long as the notes are loaded with btc, their issuance is strictly limited to the supply of btc on the note. An escrow account or simple smart contract guarantees that the issuer doesn't circulate the notes before they are loaded, and prevents them from being circulable once they are redeemed. This would eliminate the need to frequently verify the note.
The ability to verify the note electronically, by those who have the means, is a second layer of security regarding the integrity of the note.
Regimes that claim to be friendly to bitcoin would still be subject to the smart contract, and could freely issue the note under those parameters. But bitcoin notes do not require any "government" in order to function. Their acceptance of bitcoin and especially bitcoin notes facilitates and speeds the inevitable bitcoinization of the world economy.
Now that I have discovered an exquisite counterfeit-resistant note that requires 2 signatures to be redeemed, I am interested in discussing ways to reduce the need to electronically verify the note to the point where anyone who receives the note will instantly know that it is valid. In this way it can be used like cash.
1) Before the note is circulated, it will need to be loaded so that no one inadvertently receives an empty note. In order to remove arbitrary trust, it will need to be guaranteed at face value by the issuer - probably via an escrow contract. A government entity with unlimited funds would be ideal.
2) When a bill is redeemed, it will need to be irreparably destroyed in order to eliminate circulation of the emptied note. This will also require an escrowed guarantee of some sort, preferably automated via oracle as well. A notary or other verifiable witness will likely be needed before the second signature is made.
Solidity?
Tapscript?
https://bitcointalksearch.org/topic/info-offline-cash-bitcoin-notes-5402259
1) Before the note is circulated, it will need to be loaded so that no one inadvertently receives an empty note. In order to remove arbitrary trust, it will need to be guaranteed at face value by the issuer - probably via an escrow contract. A government entity with unlimited funds would be ideal.
2) When a bill is redeemed, it will need to be irreparably destroyed in order to eliminate circulation of the emptied note. This will also require an escrowed guarantee of some sort, preferably automated via oracle as well. A notary or other verifiable witness will likely be needed before the second signature is made.
Solidity?
Tapscript?
https://bitcointalksearch.org/topic/info-offline-cash-bitcoin-notes-5402259
1 - who will prevent you from printing unlimited notes?
2 - who will regulate and issue these notes?
In Africa, corrupt governments are very tough, they love centralization and total control of the population, and more they love the local currency very much, they always sing the same song: "our local currency is the symbol of our sovereignty, and our story ". so if you arrive with a note that is not from any country in any country in africa they can arrest you! just be careful when it comes to getting involved with governments in africa
Now that I have discovered an exquisite counterfeit-resistant note that requires 2 signatures to be redeemed, I am interested in discussing ways to reduce the need to electronically verify the note to the point where anyone who receives the note will instantly know that it is valid. In this way it can be used like cash.
1) Before the note is circulated, it will need to be loaded so that no one inadvertently receives an empty note. In order to remove arbitrary trust, it will need to be guaranteed at face value by the issuer - probably via an escrow contract. A government entity with unlimited funds would be ideal.
2) When a bill is redeemed, it will need to be irreparably destroyed in order to eliminate circulation of the emptied note. This will also require an escrowed guarantee of some sort, preferably automated via oracle as well. A notary or other verifiable witness will likely be needed before the second signature is made.
Solidity?
Tapscript?
https://bitcointalksearch.org/topic/info-offline-cash-bitcoin-notes-5402259
1) Before the note is circulated, it will need to be loaded so that no one inadvertently receives an empty note. In order to remove arbitrary trust, it will need to be guaranteed at face value by the issuer - probably via an escrow contract. A government entity with unlimited funds would be ideal.
2) When a bill is redeemed, it will need to be irreparably destroyed in order to eliminate circulation of the emptied note. This will also require an escrowed guarantee of some sort, preferably automated via oracle as well. A notary or other verifiable witness will likely be needed before the second signature is made.
Solidity?
Tapscript?
https://bitcointalksearch.org/topic/info-offline-cash-bitcoin-notes-5402259
In order to correct any misconceptions about the security and integrity of Bitcoin Cash, and regarding its level of decentralization, I am providing a link to a detailed description. Please review this carefully before commenting:
https://offline.cash/pages/bitcoin-note-security-overview
https://offline.cash/pages/bitcoin-note-security-overview
To create physical bitcoin doesn't look a good idea, because it's not supposed to work like this. Bitcoin demands internet access, so people can deal in real time person to person, without involving any central middlemen and barter systems.
A holder of bitcoin cash is not restricted from cashing in if he wants. No one is stopping him. Bitcoin cash simply allows the use of bitcoin offline. It is even environmentally friendly because offline transactions do not require electricity - which has been a big concern lately.
To have a central regulator issuing bitcoin cash officially raises a lot of doubts about the legitimacy of the process. For transparency and autonomy purposes it's better to simply work to connect people to internet faster as possible. Contact the government's agents, contact crypto businesses which will be benefited by the spread of internet access, contact philanthropist organizations which give assistance to third world countries.
To create physical bitcoin doesn't look a good idea, because it's not supposed to work like this. Bitcoin demands internet access, so people can deal in real time person to person, without involving any central middlemen and barter systems.
A holder of bitcoin cash is not restricted from cashing in if he wants. No one is stopping him. Bitcoin cash simply allows the use of bitcoin offline. It is even environmentally friendly because offline transactions do not require electricity - which has been a big concern lately.
So many of the people without electricity have a mobile phone, which means they go somewhere to charge it. It's also one of the most expensive countries for mobile data.
Even though "cheap" cellphones are more common than desktops and laptops, poverty inhibits Internet accessibility.To create physical bitcoin doesn't look a good idea, because it's not supposed to work like this. Bitcoin demands internet access, so people can deal in real time person to person, without involving any central middlemen and barter systems.
The new generations have an essential role in poor areas, so they can introduce the older ones to technology. We have been seeing this on this forum from times to times in different threads, especially at Bitcoin Discussion board. A week ago I've seen an african teacher who bought a laptop with signature campaign income to teach his students about bitcoin and blockchain. Step by step things are improving thanks to these people.
This is a very good thing because if people have physical coins rather than electronic form in their pockets, then they will be able to use them very easily because they will have their private keys as well as public ones in their coin and that would be a great option as a security feature available in coin
Your argument is extremely fuzzy, Are you saying that bitcoin notes won't work because you think that they are not easy for the visually impaired to use?
The Central African Republic has just declared Bitcoin to be legal tender, but 90% of the population doesn't have ready access to the Internet. I am exploring safe ways to use Bitcoin without having to connect to the Internet for every exchange. Ideally a paper wallet could be created in a manner that prevents anyone from memorizing or recording the private key before it is sealed.
I am also exploring a smart contract that guarantees (via escrowed funds and/or multisig) that no funds are released until the BitCheques are opened.
One truth we ought to realise is that, we are simply filling the gaps in the various systems of our world. Come a laps in a particular system, individuals look for means to make that situation better and that's what brought about the evolution of bitcoin. To fill the laps in the traditional monetary system of our world.I am also exploring a smart contract that guarantees (via escrowed funds and/or multisig) that no funds are released until the BitCheques are opened.
Most times, we view bitcoin to be some revolutionary currency for which, it has come to sweep fiat away and be what is acceptable all around the globe but this in itself is highly impossible. Its sadly not going to happen given that bitcoin have got some lapses too.
The technology of the Internet is not accessible by the visually impaired once around us and as such, bitcoin too. They can't own a wallet not to talk of a private key. Then, we talk about the issues of network which is lacking in most parts of our world. These are fill ups for fiat thus to say, they are both needed for a better functional society.
I discovered a very interesting patented technology that is very much in line with the goal of having a physical form of bitcoin that is readily exchangeable without Internet access:
https://mandrillapp.com/track/click/30895797/www.offline.cash?p=eyJzIjoiUVdWcTV1dUtmVnBXLWtYY1daVlRHcHhJOHY0IiwidiI6MSwicCI6IntcInVcIjozMDg5NTc5NyxcInZcIjoxLFwidXJsXCI6XCJodHRwczpcXFwvXFxcL3d3dy5vZmZsaW5lLmNhc2hcXFwvI2J1eT91c2VyQ29kZT13d2psa2pzXCIsXCJpZFwiOlwiMDM5OWE1NzY2NzQ3NDFhNGJiZGVmNWFiOTNiYzYzODNcIixcInVybF9pZHNcIjpbXCJmNGFkOTM5YjBiMjE1OTQzZDUyMWNmNjU3Nzk5ZWYzYzQwYjY0Njg3XCJdfSJ9
If you can find any bug in this note, let me know. I will be investigating it in detail. It looks like a lot of thought has been put into this technology.
https://mandrillapp.com/track/click/30895797/www.offline.cash?p=eyJzIjoiUVdWcTV1dUtmVnBXLWtYY1daVlRHcHhJOHY0IiwidiI6MSwicCI6IntcInVcIjozMDg5NTc5NyxcInZcIjoxLFwidXJsXCI6XCJodHRwczpcXFwvXFxcL3d3dy5vZmZsaW5lLmNhc2hcXFwvI2J1eT91c2VyQ29kZT13d2psa2pzXCIsXCJpZFwiOlwiMDM5OWE1NzY2NzQ3NDFhNGJiZGVmNWFiOTNiYzYzODNcIixcInVybF9pZHNcIjpbXCJmNGFkOTM5YjBiMjE1OTQzZDUyMWNmNjU3Nzk5ZWYzYzQwYjY0Njg3XCJdfSJ9
If you can find any bug in this note, let me know. I will be investigating it in detail. It looks like a lot of thought has been put into this technology.
This topic (Offline Cash) has its own thread which includes links to a FAQ and detailed description:
https://bitcointalksearch.org/topic/introducing-the-bitcoin-note-physical-bitcoin-that-looks-and-feels-like-cash-5401680
Please check it out as these high tech notes get ready to be rolled out. I have been in communication with Cameron Robertson, the inventor. Very promising technology!
So many of the people without electricity have a mobile phone, which means they go somewhere to charge it. It's also one of the most expensive countries for mobile data.
Even though "cheap" cellphones are more common than desktops and laptops, poverty inhibits Internet accessibility. 
~snip~
There are many problems in the 3rd world country - one of the main issues is illiteracy and then the access to internet and there is non availability of smartphones to keep a track of the things. So the physical bitcoin won't be successful anytime sooner.
There are many problems in the 3rd world country - one of the main issues is illiteracy and then the access to internet and there is non availability of smartphones to keep a track of the things. So the physical bitcoin won't be successful anytime sooner.
Access to the Internet is done through smartphones in places like Africa.
Many people don't have a computer or laptop, but they do have a smartphone. Any cheap Android phone is capable enough to do anything really.
This was a thing in early 2010s, the poor countries basically skipped the PC era, and went straight into smartphones, mostly because they are extremely cheap comparatively (not a flagship of course).
Internet access through 3G at least, is almost everywhere
There are many problems in the 3rd world country - one of the main issues is illiteracy and then the access to internet and there is non availability of smartphones to keep a track of the things. So the physical bitcoin won't be successful anytime sooner.
Well, that's kind of the point, isn't it? The purpose of the notes is to make bitcoin as easy to use as fiat without the likely abuse (debasement) by government officials - which plagues fiat.
The technology is built into the note which alleviates the need to memorize passwords, pass phrases, or any other access keys. It also puts full custody in the hands of the bearer instead of a third party.
Just exchange the bill for a product or service like fiat.
It's cash.
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