This idea, almost as old as Bitcoin itself, also known as trading paper wallets.
First of all the seal is pointless because the individual who sealed it could see it before sealing, so it does not really prove the key is "secret"
Secondly, the user needs to check blockchain to verify the token indeed has the balance any time
Third , in a real world use, Bitcoin-haters, spies and cops see it's not cash so u can have trouble. This is how legal tender law is enforced.
Compare this with two people pressing buttons on their phones is completely stealth and not suspicious at all.
But yes, technically Two people who 100% trust each other that they will settle all debts anytime, do not ever need to actually pay each other. Simple promise is enough, an the promise can be denominated in BTC or USD or eggs or anything else. The result is exactly the same.
The promise can have any form, a piece of paper, email, facebook message, phone call, piece of paper with key I promise will not spend, etc
In real world the most likely result would be that the person who does the sealing spends everything at midnight, and the next day you got angry mob waving their just-emptied sealed pieces of paper.
Topic: What do you think about this "Bitcoin-backed money" idea? - page 2. (Read 1075 times)
For me this good idea It would be better if bitcoin is certificate as other currencies before and can be known by many people around the world.
It would be good for the development of bitcoin later
It would be good for the development of bitcoin later
First of all, what is representative money:
Then, what is gold certificate:
I just wondering if Bitcoin can also have representative form like the gold certificate. This representative form will be a paper that contain sealed private key. This paper will have face value that represent the Bitcoin amount it has. We could call this "Bitcoin-backed money". Futhermore we can use this Bitcoin-backed money just like we use paper money (banknotes) everyday.
How do you think about this idea?
A claim on a commodity, for example gold certificates or silver certificates. In this sense it may be called "commodity-backed money".
Then, what is gold certificate:
Quote from: https://en.wikipedia.org/wiki/Gold_certificate
A gold certificate in general is a certificate of ownership that gold owners hold instead of storing the actual gold. It has both a historic meaning as a U.S. paper currency (1863–1933) and a current meaning as a way to invest in gold.
I just wondering if Bitcoin can also have representative form like the gold certificate. This representative form will be a paper that contain sealed private key. This paper will have face value that represent the Bitcoin amount it has. We could call this "Bitcoin-backed money". Futhermore we can use this Bitcoin-backed money just like we use paper money (banknotes) everyday.
How do you think about this idea?
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