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Title: Those shiny gold-like physical coins Post by: Ken01 on December 11, 2013, 05:53:38 AM Here's a real newbie question.
As Bitcoin is a virtual currency, I've always wondered about those photos (or what appears to be genuine real-life photographs) of golden shiny coins with the standardized (or what seems standardized) Bitcoin logo on it. So what minting company mints them? Are those coins minted with real gold? In what carat weight of gold? Why gold? Why golden in color? The idea itself (of a physical coin) seems contradictory to me unless I'm even more confused than I fear I am. Does this question even make any sense?!? Title: Re: Those shiny gold-like physical coins Post by: PinkBatman on December 11, 2013, 06:09:35 AM Casascius (https://www.casascius.com/) are the most popular right now, he is still active on the forums but having some kind of legal troubles and has halted production.
There are a few other companies as well like Titan (https://www.titanbtc.com/), Recalescence (https://recalescencecoins.com/) and Lealana (https://bitcointalk.org/index.php?topic=315440.0). Gold is pretty rare but most everyone makes a silver coin. These coins have a tamper evident hologram that contains a private key where the actual bitcoin are stored. Title: Re: Those shiny gold-like physical coins Post by: Ken01 on December 11, 2013, 06:42:18 AM Wow. I thought I was asking a joke question.
Doesn't it beg for deception and exploitation? For example, the Titan Bitcoin, perhaps like all physical Bitcoins, has: "a one-time use redemption code [embedded in a security hologram] that allows you to transfer the coin’s value anywhere you like, at any time..." So an unscrupulous owner can buy/ trade/ pay online using the redemption code, then turn around and pawn the shiny physical coin to some sucker for some good dollars? Or What if the owner of the physical coin is one of those honest people who truly never touches anything computer and the "embedded security hologram" becomes, after enough time, totally obsolete or unreadable or damaged? In other words, a single physical coin cannot store the robust backup of the entire Internet. Title: Re: Those shiny gold-like physical coins Post by: ajax3592 on December 11, 2013, 07:37:41 AM What if the owner of the physical coin is one of those honest people who truly never touches anything computer and the "embedded security hologram" becomes, after enough time, totally obsolete or unreadable or damaged? In other words, a single physical coin cannot store the robust backup of the entire Internet. Lol its not like that. The coins from Casascius made in 2011 are so valuable that they are auctioned. 1BTC from 2011 made by him is sold for 2.50-3.50BTC And, about the "unreadable" part I think they laser print the private key for longer life. |