1BTC - Bitcoin Treasure Hunt - Can you crack the code? [competition now closed]

[Astargath]

OOH finally you got it, i was starting to get skeptical but im glad you got it, it looks really nice but i thought it would be nr 001 not nr 019, What is the price of one of those if you wanted to sell it?

Probably the market price of 1BTC , Azure will have a public key visible on the back of the coin, enabling him  to verify it current value on the block chain.

He can cash it any time he wants by importing private key, which is hidden on the coin somewhere.

I suppose it would increase in value because of its vanity , the future would only tell if it would be of better value.
Some collectors would pay over the market price for this coin.

So you mean he can actually get 1 virtual bitcoin from the real coin but he would keep the coin aswell wouldnt he? Or am i missing something

[Azure]

Hehe! Finally! Congrats!
It looks A W E S O M E !

Thanks, and yeah, it looks pretty!
 

[Azure]

Do not let it get wet at all, it may rust away  

Its a real looker isn't it, nice to see it, thanks Azure

It's silver!  It's just the reflected light making it look "yellow", but it's not, it's pure silver.
 

[Azure]

OOH finally you got it, i was starting to get skeptical but im glad you got it, it looks really nice but i thought it would be nr 001 not nr 019, What is the price of one of those if you wanted to sell it?

This is what they cost to buy:
http://www.tgbex.com/pricing/

The 1 BTC+ ones are made of solid silver.

[TGBEX]

Glad it finally got there and you like it!

Just to clarify a few issues:

Yes, the coin can be redeemed for 1 bitcoin by importing the private key into another wallet. The redeemed 'coin' might have some small value as a novelty item/ collectible (potentially).

The 1 BTC coin is NOT silver - only the 10BTC & 20BTC coins are made from solid silver - VAT (sales tax) is chargeable on any non-bitcoin related costs, so we would need to charge 2BTC for a 1BTC coin if they were silver.

TGBEX do not sell unloaded coins, all numbered coins are 'loaded'. We have had a number of requests for coins as empty wallets, but company vision is to help spread bitcoin awareness and ownership, so it does not really 'fit' (and there are numerous other manufacturers out there who do this).

Being able to sell 'loaded' coins (legally!) is the tricky (and very expensive) part.

We are based in the Isle of Man, which is bitcoin-friendly but still legal, tax and other costs associated with every country we sell to (we would love to sell to US, but licencing costs will likely make it impossible).

Our operating model has allowed us to obtain UK banking facilities, we fall under local regulations (considered superior to the USAs by the OECD?) and should be applying for a licence once possible, so arguably the most legal way to buy bitcoin in the EU?

Real advantages of physical bitcoins are you 'own' your bitcoins (or at least control the private key(s) to be more technically correct) and they are a great tool for showing someone how simple bitcoin (wallet) can be.