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Author Topic: Thinking about creating my own physical Bitcoin...  (Read 3496 times)
SgtSpike
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May 10, 2013, 06:38:50 PM
 #1

I love Casascius coins.  I think they are awesome, they deserve the attention they get, and I am now thinking about creating my own coins, similar in format to Casascius coins.

The big reason I want to do this is as a way to use some of the great firstbits addresses I have.  You could buy a coin with 1KILO on the back of it, and know that you can always look up the full address of that coin at blockchain.info (or firstbits.com when it is back up).  Or, buy a coin with 1KIRK on the back, redeem the coin by importing the private key into your Bitcoin client, and then use the address as your own (perfect if your name is Kirk?).

These coins would:
- have custom security level hologram on one side with private key behind it (~$5000 sunk fee)
- have elaborate design on the other side
- potentially have some sort of edging on the coin (like US quarters do)
- likely be 1.5" in size
- all be 1 BTC coins (1 BTC is held inside of the private key)
- all have premium firstbits addresses on them, such as 1SEXY, 1KIRK, 1KILO, 1STUD, 1MUSIC, 1AAAAA, etc

Decisions to be made:
- Design of hologram and coin face.
- Size of coin.
- Straight metal coin, or colored?
- Is 1 BTC too much or too little?
- NAME of the coin.

Your thoughts?  Would you be interested in such a coin?
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ironcross360
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May 10, 2013, 06:43:49 PM
 #2

I would be interested. But a good idea to make a coin worth of cash value also is to gold plate it?

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May 10, 2013, 06:49:40 PM
 #3

I love Casascius coins.  I think they are awesome, they deserve the attention they get, and I am now thinking about creating my own coins, similar in format to Casascius coins.

The big reason I want to do this is as a way to use some of the great firstbits addresses I have.  You could buy a coin with 1KILO on the back of it, and know that you can always look up the full address of that coin at blockchain.info (or firstbits.com when it is back up).  Or, buy a coin with 1KIRK on the back, redeem the coin by importing the private key into your Bitcoin client, and then use the address as your own (perfect if your name is Kirk?).

These coins would:
- have custom security level hologram on one side with private key behind it (~$5000 sunk fee)
- have elaborate design on the other side
- potentially have some sort of edging on the coin (like US quarters do)
- likely be 1.5" in size
- all be 1 BTC coins (1 BTC is held inside of the private key)
- all have premium firstbits addresses on them, such as 1SEXY, 1KIRK, 1KILO, 1STUD, 1MUSIC, 1AAAAA, etc

Decisions to be made:
- Design of hologram and coin face.
- Size of coin.
- Straight metal coin, or colored?
- Is 1 BTC too much or too little?
- NAME of the coin.

Your thoughts?  Would you be interested in such a coin?

Design: Casascius got it right the first time. Bitcoin logo, denomination, year minted. Maybe "In Satoshi We Trust"? Wink
Size: Probably around the size of a JFK half dollar: slightly larger than a quarter.
Color: Probably straight metal. Maybe consider making a few special edition ones in .999 silver? Other than that, probably nickel plated zinc or pure nickel.
Denominations: You might also want to consider BTC0.5 and BTC0.1, BTC1 is a nice novelty, but nobody is going to realistically trade in BTC1 increments.
Name: No idea
SgtSpike
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May 10, 2013, 06:59:52 PM
 #4

I would be interested. But a good idea to make a coin worth of cash value also is to gold plate it?
I'll keep that in mind, thanks for the feedback.

I love Casascius coins.  I think they are awesome, they deserve the attention they get, and I am now thinking about creating my own coins, similar in format to Casascius coins.

The big reason I want to do this is as a way to use some of the great firstbits addresses I have.  You could buy a coin with 1KILO on the back of it, and know that you can always look up the full address of that coin at blockchain.info (or firstbits.com when it is back up).  Or, buy a coin with 1KIRK on the back, redeem the coin by importing the private key into your Bitcoin client, and then use the address as your own (perfect if your name is Kirk?).

These coins would:
- have custom security level hologram on one side with private key behind it (~$5000 sunk fee)
- have elaborate design on the other side
- potentially have some sort of edging on the coin (like US quarters do)
- likely be 1.5" in size
- all be 1 BTC coins (1 BTC is held inside of the private key)
- all have premium firstbits addresses on them, such as 1SEXY, 1KIRK, 1KILO, 1STUD, 1MUSIC, 1AAAAA, etc

Decisions to be made:
- Design of hologram and coin face.
- Size of coin.
- Straight metal coin, or colored?
- Is 1 BTC too much or too little?
- NAME of the coin.

Your thoughts?  Would you be interested in such a coin?

Design: Casascius got it right the first time. Bitcoin logo, denomination, year minted. Maybe "In Satoshi We Trust"? Wink
Size: Probably around the size of a JFK half dollar: slightly larger than a quarter.
Color: Probably straight metal. Maybe consider making a few special edition ones in .999 silver? Other than that, probably nickel plated zinc or pure nickel.
Denominations: You might also want to consider BTC0.5 and BTC0.1, BTC1 is a nice novelty, but nobody is going to realistically trade in BTC1 increments.
Name: No idea
Yes, I agree Casascius coins were well designed!  I obviously need my own design, but general style/feeling, it would probably end up similar.  I was thinking a bit larger than a JFK half-dollar (1.2"), but perhaps you are right and that would be too large.

The biggest problem with denominations is how do I decide which address gets which denomination?  Should it be random, or selected by the customer, or attempt to select the best out of the bunch for the higher denominations?  I thought about it before, and didn't really want to let the customer select by denomination, as that would mean I would have to wait to apply a hologram until the coin was ordered.  If I don't apply them in a big batch, but instead one by one as they are ordered, I can see it leading to mistakes.  Mistakes are not acceptable in a project like this.  Maybe I could just do them in batches, and let the addresses fall where they will.
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May 11, 2013, 03:06:45 AM
 #5

I think it'd be awesome if you made the coins out of silver. That way they would retain some value AND be a collectors item even after they're spent.
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May 11, 2013, 04:17:03 AM
 #6

I think it'd be awesome if you made the coins out of silver. That way they would retain some value AND be a collectors item even after they're spent.
Mmm, might be a possibility!  Especially if they were 1 BTC denominations...
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May 11, 2013, 04:20:04 AM
 #7

I love casascius coins but I think we need a little diversity in our physical coins. A little decentralization if you know what I mean.

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May 11, 2013, 04:54:53 AM
 #8

I'd be in the market for this, especially with with some of the huge markups the casascius resellers are asking. A guy I messaged the other day wanted 1.9 bitcoins for a 2013 1 BTC valued coin.


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May 11, 2013, 06:31:43 AM
 #9

I'm not sure what I'd do for markup.  If I used silver 1oz coins, I'd be looking at around $31/coin in variable costs plus the $5k fixed costs.  Add some profit in to recover the fixed costs and make it worth my time, and a 1 BTC coin at today's market price stamped with 1AAAAA address might cost an individual around 1.5 BTC.  Could cut that down to 1.3 BTC if I wasn't using silver.

And of course, the markup would be worse on the smaller coins... I might have a minimum order if I decide to do multiple denominations and sell 0.1, 0.2, 0.5 BTC coins.  Maybe I should denominate them as 100 mBTC, 200 mBTC, 500 mBTC?

I am glad to see interest in this!  I will move forward with the project as much as I can, until I have the funding to make it happen.
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May 11, 2013, 10:52:33 AM
 #10

I think it'd be awesome if you made the coins out of silver. That way they would retain some value AND be a collectors item even after they're spent.
Mmm, might be a possibility!  Especially if they were 1 BTC denominations...
Here: http://www.freedomsilvermint.com/custom-minting.html
It would cost you $200 for the die (which lasts forever), and there is a minimum order of 100@$2.75over spot of your custom rounds.

I just looked quickly to give you an idea. I'm sure you'd be able to find a less-expensive method.

Goof luck!
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May 11, 2013, 11:34:34 AM
 #11

Interested!

As some of you may know I'm collecting a lot of physical bitcoin collectables to start a museum.  I've got another website to build then I start on the museum  Grin

So, Yes! You should ABSOLUTELY create a physical bitcoin. I love Cascasius but the man needs competition!

+1 for me! Willing to pay BTC1.5 for a 1BTC coin  Wink

The Bitcoin Museum is back under my control, but I still need to go through all the code. DO NOT PURCHASE ANYTHING FROM IT

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May 11, 2013, 11:36:21 AM
 #12

This is certainly interesting.


I hope you can successfully do this, I wish you good luck!

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May 12, 2013, 11:20:04 AM
 #13

make 21 silver coin with only 1 satoshi in it
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May 12, 2013, 12:20:34 PM
 #14

Interested!

As some of you may know I'm collecting a lot of physical bitcoin collectables to start a museum.  I've got another website to build then I start on the museum  Grin

So, Yes! You should ABSOLUTELY create a physical bitcoin. I love Cascasius but the man needs competition!

+1 for me! Willing to pay BTC1.5 for a 1BTC coin  Wink


is your museum going to be online?
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May 12, 2013, 02:34:04 PM
 #15

If you do lower than 1BTC then measure it in mBTC - I really think mBTC should be pushed forwards for lower values.

But i think a 1BTC .999 or .925 silver coin would be really nice!.

Smiley
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May 12, 2013, 11:33:18 PM
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+1 for 1btc silver coin. I would be interested.

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May 13, 2013, 08:37:02 AM
 #17

Interested!

As some of you may know I'm collecting a lot of physical bitcoin collectables to start a museum.  I've got another website to build then I start on the museum  Grin

So, Yes! You should ABSOLUTELY create a physical bitcoin. I love Cascasius but the man needs competition!

+1 for me! Willing to pay BTC1.5 for a 1BTC coin  Wink


is your museum going to be online?

Getting there Smiley

Believe me, once I've gotten the bones of it up you'll all be the first to know Smiley

The Bitcoin Museum is back under my control, but I still need to go through all the code. DO NOT PURCHASE ANYTHING FROM IT

The Biggest Collection of Bitcoin Memorabilia The Bitcoin Museum
Series 2 BitcoinNerd 1g Silver coin thread!
Discount Jewellery! Noella Jean Jewellery



Buy premium Champanges, Spirits & Wines in Australia! My Bitmit Items

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May 13, 2013, 07:56:18 PM
 #18

How many quality firstbit addresses do you have? What will you do when you run out?

Still around.
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May 14, 2013, 01:40:39 AM
 #19

If I were sgtspike I'd sell those ones at a premium.

Mind you, forstbits have gone a bit out of fashion

The Bitcoin Museum is back under my control, but I still need to go through all the code. DO NOT PURCHASE ANYTHING FROM IT

The Biggest Collection of Bitcoin Memorabilia The Bitcoin Museum
Series 2 BitcoinNerd 1g Silver coin thread!
Discount Jewellery! Noella Jean Jewellery



Buy premium Champanges, Spirits & Wines in Australia! My Bitmit Items

Tip Me if you Hate Justin Bieber 1DobZomBiE2gngvy6zDFKY5b76yvDbqRra
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May 14, 2013, 11:30:44 AM
 #20

How many quality firstbit addresses do you have? What will you do when you run out?

1xxxxx and shorter are fairly easy to generate, I'm sure he can make more.
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