Physical paper bitcoin \ stacker news ~bitcoin

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1251 sats \ 17 comments \ @BallLightning 28 Jun bitcoin

I really think that there is a real need for physical (paper) money, especially in countries with bad infrastructure. Is there a way to implement some kind of bitcoin banknotes? The trivial way would be for an entity (government or some other) to print such banknotes and have them backed by real bitcoin. Obviously this requires trusting the issuer, but I am wandering if the banknotes can be made so that you can verify that this particular banknote has its backing and hasn't been redeemed.

I know that many people.are against this idea at all. This post is not about that but what are the technical possibilities. If you can't resist the urge to say "That's a bad idea", please create another post for discussing it.

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110 sats \ 0 replies \ @josh 28 Jun

Take a look at https://offline.cash. I haven't used them, but from my understanding, they ship multisig notes where one key is encrypted by the manufacturer and one key is provided by the first holder, who loads the funds. To claim the funds, you have to cut the note to access the manufacturer key and then ping their server to decrypt it.

Can't attest to the security of this setup but might be worth looking into.

100 sats \ 0 replies \ @justin_shocknet 28 Jun

Bank notes exist, and will unfortunately continue to exist for some time.

Even on a Bitcoin standard though, that does not make them Bitcoin bank notes.

States will not just disappear, the state is, and as Bitcoin becomes the world reserve currency states will hold Bitcoin just as they hold dollars today- as a foreign reserve.

So, while there are no Bitcoin bank notes, a Bitcoin standard gives legacy bank notes a more accurate measuring stick by becoming the global unit of account.

21 sats \ 0 replies \ @wingalt 30 Jun

Bolt card or opendime probably a better idea that paper bitcoin but sure something physical is ingrained in us when it comes about money

33 sats \ 0 replies \ @Catcher 28 Jun

"If you can't resist the urge to say "That's a bad idea", please create another post for discussing it."

Darth
https://m.stacker.news/37414

0 sats \ 0 replies \ @MarsIronPI 29 Jun

Hmm. Sounds kinda like ecash but with physical bills.

0 sats \ 0 replies \ @Artilektt 28 Jun

This reminds me of the old Casascius physical bitcoins. Unfortunately the government made him stop but you can still buy them from Ebay. But yeah the concept is definitely possible.

0 sats \ 0 replies \ @cristaiji 28 Jun

I can’t see any kind of paper bitcoin becoming a thing. However we might see Gold backed paper currencies emerge. This one is already in circulation apparently. https://en.m.wikipedia.org/wiki/Goldback

0 sats \ 3 replies \ @EntropyBearer 28 Jun

Hum... I mean, not for on-chain bitcoin, but for Layer 2.5 (cashu, not really lightning...) it's already possible to be like money printer go brrrrrrrr.

https://m.stacker.news/37474

Shoot, I forgot I did 5 of those. So, if anyone feels like getting...

https://m.stacker.news/37475 https://m.stacker.news/37476 https://m.stacker.news/37477 https://m.stacker.news/37478

0 sats \ 2 replies \ @BallLightning OP 28 Jun

This is not what I am thinking. Problem with these is that they can be redeemed at the mint and then passed to another person without him knowing. Maybe the token should be put inside in some way so that you should destroy the note in order to redeem it. The use case that I am thinking is the normal use case of paper (physical paper) money, like passing them to another person. And on top of that whatever is technically possible as enhancement, like ability to check if this note is backed by real bitcoin and possibly redeeming it (by destroying the note as I said).

21 sats \ 0 replies \ @EntropyBearer 28 Jun

Well, then, the closest thing that comes to mind, as @DarthCoin said, is the OPENDIME. As a cheaper alternative, there's also SATSCARD, from Coinkite too.

0 sats \ 0 replies \ @MarsIronPI 29 Jun

Problem with these is that they can be redeemed at the mint and then passed to another person without him knowing.

No, I think you scan it with your Cashu wallet before you accept it. Or something like that.

You’re right that it’s not the kind of paper money you're talking about, though.

0 sats \ 0 replies \ @SatsMate 28 Jun

There were cards from a few years ago I remember people giving out that had bitcoin loaded on them. People would scan them, and receive bitcoin. One time use.

This is probably the closest you will get to physical paper bitcoin. It was cool, cause it was an event, and people obviously wanted 10K sats or whatever was on it.

0 sats \ 3 replies \ @DarthCoin 28 Jun

No. I consider this a reminiscence of the fiat paper money mindset. People are so stuck into this crap that always want to go back to the same shit.

Bitcoin is digital and must be "transferred" digitally, otherwise is not anymore Bitcoin. It became an IOU. Clear and loud.

"paper bitcoin" = IOU

0 sats \ 2 replies \ @BallLightning OP 28 Jun

Obviously. While I haven't written so explicitly, it is clear from my post. I am asking specifically about the technical implementation.