Bitcoins get physical

#1

Post by kitcar » Sat, Oct 22, 2011, 12:05 PM UTC

"Each Casascius Bitcoin is a collectible coin backed by real Bitcoins embedded inside. They come in two denominations: 1 bitcoin, and 25 bitcoins. Each piece has its own Bitcoin address and a redeemable "private key" on the inside, underneath the hologram."

One big weakness is they seem to be "single use" though, as they need to be torn open to be used.

Bitcoins get physical
casascius.com

Re: Bitcoins get physical

#2

Post by 0x12 » Sat, Oct 22, 2011, 12:09 PM UTC

A private key that someone else printed out and stored in a coin is no longer private.

Re: Bitcoins get physical

#3

Post by narcissus » Sat, Oct 22, 2011, 1:26 PM UTC

Similar to bitbills.com, but definitely prettier :)

Re: Bitcoins get physical

#4

Post by omid » Sat, Oct 22, 2011, 1:43 PM UTC

This just feels wrong. Physical coins provide peer-to-peer non-anonymous transactions instead of distributed anonymous ones, that is what Bitcoin is about.

Re: Bitcoins get physical

#5

Post by skeltoac » Sat, Oct 22, 2011, 1:54 PM UTC

Good for casascius (profit), good for bitcoin (new users). Poor choice for meaningful commerce (hassle, dubious, costly).

Re: Bitcoins get physical

#6

Post by brador » Sat, Oct 22, 2011, 2:06 PM UTC

omid wrote: post #4

This just feels wrong. Physical coins provide peer-to-peer non-anonymous transactions instead of distributed anonymous ones, that is what Bitcoin is about.

FYI: Bitcoin is not anonymous unless you are a miner or pay cash. Even then, you can still be tracked and located if necessary.

Re: Bitcoins get physical

#7

Post by drKarl » Sat, Oct 22, 2011, 2:11 PM UTC

What's the point? That just defeats the whole philosophy of anonymous cryptocurrency and... 25 physical BTC = 29.50BTC!! You loose money if you buy physical coins...

Re: Bitcoins get physical

#8

Post by soapdog » Sat, Oct 22, 2011, 2:14 PM UTC

I think they have value for collectors and for playing poker with friends.

I think that at this moment, bitcoins have potential for eCommerce but not much penetration on real shops and retailers.

I don't see people going Scrooge McDuck crazy and piling these coins in huge vaults but still, the inception of physical coins and bills make bitcoin more flexible. For example, they can be traded when there is no connection available.

Maybe in the future you will be climbing the Himalayas and a little monk will be there selling hot tea and enlightenment but he only accepts bitcoins since Buddhists are keen on the "money is an illusion" thing. Unfortunately, your AT&T iPhone 18S will have no coverage and you will be thankful for your bitcoin coins... (and, yes, this is a joke).

Re: Bitcoins get physical

#9

Post by justanonforthis » Sat, Oct 22, 2011, 2:31 PM UTC

Currently tripping on my first ever E. Purchased on Silk Road using Bitcoins. Wouldn't underestimate the demand for this!

Just looked at my own website. It's beautiful!

Re: Bitcoins get physical

#10

Post by sp332 » Sat, Oct 22, 2011, 2:36 PM UTC

drKarl wrote: post #7

What's the point? That just defeats the whole philosophy of anonymous cryptocurrency and... 25 physical BTC = 29.50BTC!! You loose money if you buy physical coins...

You have to pay for the BTC, and then also pay for the physical coin. Anyway this is as anonymous as cash, isn't it?