Physical Gold Bitcoin

[K3surfacer]

Hello everybody,

Is it a good idea to do this: issue a physical 1 ounce (or 1 gram, ...) 24 karat gold coin (call it BTCg coin) with a private key (of 1 BTC or less) engraved on it (or a paper wallet attached to it) and sell it for the equivalent and fixed price of the gold in fiat+ price of 1 BTC at the time of minting (let's say once in a year on 3rd of January)?

This will:

1. Make bitcoin even more popular,
2. The person buying it will say: Either BTC go up, and I will have the BTC in my BTCg coin making me profit. Or BTC goes down (say zero, for most conservative investor) and still have the GOLD in my BTCg making my investment less volatile.
3. There will be new front in trading...
4. be a moment of truth for BTC each year celebrating 3rd of January
...

Thank you.
 
PS: Bitcointalk.org can itself be an initiator? It is in a sense "official" enough, famous, reputable. For design I have some ideas too.

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[pooya87]

what you are describing sounds more like the physical coins that already exist in many different forms. you can visit the collectibles board on bitcointalk to check them out.
the board: https://bitcointalk.org/index.php?board=217.0

and i don't think this can particularly make bitcoin more popular. but it is interesting to combine bitcoin with gold though.

[Xester]

Hello everybody,

Is it a good idea to do this: issue a physical 1 ounce (or 1 gram, ...) 24 karat gold coin (call it BTCg coin) with a private key (of 1 BTC or less) engraved on it (or a paper wallet attached to it) and sell it for the equivalent and fixed price of the gold in fiat+ price of 1 BTC at the time of minting (let's say once in a year on 3rd of January)?

This will:

1. Make bitcoin even more popular,
2. The person buying it will say: Either BTC go up, and I will have the BTC in my BTCg coin making me profit. Or BTC goes down (say zero, for most conservative investor) and still have the GOLD in my BTCg making my investment less volatile.
3. There will be new front in trading...
4. This will be the fundamental moment of truth for BTC each year celebrating 3rd of January
...

Thank you.
 

You have a unique idea and actually if that will work out bitcoin will be popular. But in my own opinion we do not need that kind of system since we have already a bitcoin trading and we have a trading on gold. If in case this will be implemented it will take a long time to make users to adjust to a new kind of system. Thus in the end I will vote for no, since I think the community is not yet ready.

[KennyR]

That's seems to be something a better plan to make the gold enthusiasts show attention towards the bitcoin. In reality as one of the mate suggested it won't be working effectively as we expect. Already several such platforms were available with the altcoins. Recently One Gram concept is incorporated with a altcoin and now the crowdsale is going on.

[olushakes]

Hello everybody,

Is it a good idea to do this: issue a physical 1 ounce (or 1 gram, ...) 24 karat gold coin (call it BTCg coin) with a private key (of 1 BTC or less) engraved on it (or a paper wallet attached to it) and sell it for the equivalent and fixed price of the gold in fiat+ price of 1 BTC at the time of minting (let's say once in a year on 3rd of January)?

This will:

1. Make bitcoin even more popular,
2. The person buying it will say: Either BTC go up, and I will have the BTC in my BTCg coin making me profit. Or BTC goes down (say zero, for most conservative investor) and still have the GOLD in my BTCg making my investment less volatile.
3. There will be new front in trading...
4. be a moment of truth for BTC each year celebrating 3rd of January
...

Thank you.
 

Exactly like others have rightly stated its something I have seen before even though I never believed it existed but in the collectible sections of the forum, you will likely find some of the things you think never existed. However, over there, you should be ready to accept escrow which is the sole of doing business and also be considered of the cost of shipping as well because the likely beneficiaries of the products will be spread across the world.

[dwieyani]

This makes a great idea for those who love gold that shows attention to bitcoin. And in fact it all becomes in order not to work as selectively as expected.

[amacl1n]

That's a good idea but it was implemented from years, and it has all minerals, and all altcoins. even with specially-minted variety repressing coins characters, I won't be exaggerating if I say there are 50 merchants or so doing that (BTW Casicius which was the first faced some legal issues, so it might be a tricky subject too" it's a great idea since you didn't know it was implemented and I didn't read the replies so hopefully some wasn't acting as a rude know-it-all,

Regards.

[Zedicor]

i like the idea having btc in a piece of gold would be great, how to hide the private key though?

[CARrency]

Hello everybody,

Is it a good idea to do this: issue a physical 1 ounce (or 1 gram, ...) 24 karat gold coin (call it BTCg coin) with a private key (of 1 BTC or less) engraved on it (or a paper wallet attached to it) and sell it for the equivalent and fixed price of the gold in fiat+ price of 1 BTC at the time of minting (let's say once in a year on 3rd of January)?

This will:

1. Make bitcoin even more popular,
2. The person buying it will say: Either BTC go up, and I will have the BTC in my BTCg coin making me profit. Or BTC goes down (say zero, for most conservative investor) and still have the GOLD in my BTCg making my investment less volatile.
3. There will be new front in trading...
4. be a moment of truth for BTC each year celebrating 3rd of January
...

Thank you.
 

I don't like these idea, I know bitcoin for a while now, it may not even a year, but I love bitcoin because it is a digital currency, even I have a lot of bitcoins, just a few people will know that I am rich. And, I don't want a physical coin, I think it is good as long as it is for design, a memory as a bitcoin user. I may engrave it on my grave.

[aeclubwoi]

i like the idea having btc in a piece of gold would be great, how to hide the private key though?

Yes it is much better.

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[BurstIncomeAsset]

You are not the only one to have such idea

https://bitcointalk.org/index.php?board=217.0

[Fraxinus]

It is an awesome concept as this will get the people who are interested in gold to look up BTC too-as long as it is covered in the media or there are articles online about it-it definitely has potential as people who are into gold will see that BTC can hold true value
I support this and will be on the lookout to see how things will develop and I hope someone takes this concept and actually makes it reality

[btvGainer]

A lot of people try to compare bitcoin with gold and they like to believe that btc association with gold or any other precious metal will bring more popularity to bitcoin which is not true.I believe btc and gold both have values but they are two different things.
Why choose gold to engrave 1 btc wallet priv key on it and why not platinum?

[YuginKadoya]

This is a great opportunity even if bitcoin and gold are two different things it can surely make many Gold enthusiast be interested in bitcoin and I think it will cause a great partnership of the two, and many would surely want to buy and exchange for it, and I would really want to trade in both gold and bitcoin someday, and right now it is still unsure if when will the price would really go up for now patiently waiting is a must.

[paul gatt]

A lot of people try to compare bitcoin with gold and they like to believe that btc association with gold or any other precious metal will bring more popularity to bitcoin which is not true.I believe btc and gold both have values but they are two different things.
Why choose gold to engrave 1 btc wallet priv key on it and why not platinum?

People always compare gold and bitcoin, it is not a coincidence, gold represents the most noble product of the material world, meanwhile, bitcoin represents the technology product.

[naughty1]

Hello everybody,

Is it a good idea to do this: issue a physical 1 ounce (or 1 gram, ...) 24 karat gold coin (call it BTCg coin) with a private key (of 1 BTC or less) engraved on it (or a paper wallet attached to it) and sell it for the equivalent and fixed price of the gold in fiat+ price of 1 BTC at the time of minting (let's say once in a year on 3rd of January)?

This will:

1. Make bitcoin even more popular,
2. The person buying it will say: Either BTC go up, and I will have the BTC in my BTCg coin making me profit. Or BTC goes down (say zero, for most conservative investor) and still have the GOLD in my BTCg making my investment less volatile.
3. There will be new front in trading...
4. be a moment of truth for BTC each year celebrating 3rd of January
...

Thank you.
 

It's not a way for bitcoin to grow, it's not working, look at what happened with bitcoin, the new government is the main reason for the development of bitcoin, if bitcoin is accepted by governments, It will grow rapidly.