~snip~
Oh, I see. Checked out their site. I read something about using copper in minting and they just plate the other portion with precious metals. Relating this to our Bitcoin physical coins, how do we know that these coins are purely made of what they say it is?
Some additional questions.
1. How do we authenticate each coin?
2. Do they have a unique serial number?
3. What is this HOLO?
4. What does it mean to be tamper proof? (I think I read this on a Holo coin auction, I am not sure)
Note: I'll probably compile all the questions and answers made here, and insert the proper attribution to who answered which, later when I have time to do it. Too busy reading informative stuff I got from you guys.
Hi Factmine,
Here is a brief response to your questions, based on what I have learned over the past 8 months:
Some additional questions.
1. How do we authenticate each coin? - You can have the seller post pics of front and back of coin with the seller's username and date. Then go to the uberbills site where I provided a link to.
Here is an example of a Cas Coin's description from uberbills:
https://casascius.uberbills.com/?address=12CS4Z1ZhAefHkGrumrsS9gvHCKJK13V1tFrom there, you can get the full address and check any blockchain site to see if the coin is still loaded.(There are other links to other coin companies, like Kialara and Titan, but I would start with Casascius, because of popularity and history).
2. Do they have a unique serial number? - yes. It is a combination of numbers and letters that reveal the first bits of your public address (aka public key). Other companies will engrave the public address on the coin itself.
3. What is this HOLO? It is short for the hologram sticker that conceals the private key. To get to the private key, you have to peel the hologram. You can then redeem the coin. Nearly all coin companies use the hologram method to hide the private key.
4. What does it mean to be tamper proof? (I think I read this on a Holo coin auction, I am not sure) - tamper-evident means that, once even a little bit of the holo is peeled, it will be evident that someone tampered with it. Thus stay away! The private key may have already been revealed even though the uberbills site shows that the coin is still funded. Probably a scam.
The main reason Mike Caldwell made these coins was to show a physical representation of bitcoin. One of the ways to spread the word is to make something tangible that stores value and sell them. These coins act as a pretty effective way of cold storage (as long as you believe the coin maker doesn't have access to the private keys
)
I have learned a boatload by reading lots of threads and participating in the forums. (Don't forget Google.)
Be careful, Factmine. This hobby can be habit forming
