Journey to creating new physical Bitcoin! (PICS UP)

[bhavdee]

I am on the process to creating a physical bitcoin.

The coin has been designed and is currently in the manufacturing process.

However I am stuck on the bitcoin address part.

How will one redeem the bitcoin from the coin? any help guys would be great!

[intelliminer]

I am on the process to creating a physical bitcoin.

The coin has been designed and is currently in the manufacturing process.

However I am stuck on the bitcoin address part.

How will one redeem the bitcoin from the coin? any help guys would be great!

interesting

[WeTradeCoins]

I am on the process to creating a physical bitcoin.

The coin has been designed and is currently in the manufacturing process.

However I am stuck on the bitcoin address part.

How will one redeem the bitcoin from the coin? any help guys would be great!

you should make the bitcoin backup into paper, then fold it in the coin and then mold it alltogether. This way, to claim the btc, the physical one must be destroyed first

[zeeshanblc]

Interested to buy this. Subscribed!

[keelba]

What is the purpose of a physical bitcoin? Are you talking about creating a new type of currency backed by Bitcoin the same way a dollar could be backed by gold? Who controls the supply of these physical coins? Doesn't that put us back onto the same path we were on, only using bitcoins instead of gold?

Or are you talking about some sort of memento that says it is worth 1 BTC, for example? If so, then you could create a new bitcoin wallet and then, like the previous poster said, put something inside the coin that allows the owner to access the BTC. It could only be a one time use thing, though because once someone knows the private key, it could not be passed on to someone else. That's why I say it is a memento, and not a real "coin" or type of currency.

On the other hand, why does someone have to actually break open the physical coin? They could trade the coin at face value and never actually open the coin. This essentially becomes a "note". But then, how would you know your coin was authentic if you never opened it and verified it against the blockchain. How would you deal with counterfeiting? Wouldn't this enable more bitcoins to be circulating than are actually in existence, with no accounting of them? That sounds like a very bad thing.

Sorry, I'm not trying to poo-poo your idea. I'm just trying to get a feel for how you think it should work before I can offer any real solutions.

[evilscoop]

its been done before has it not...

Think the coins has a holigram on or something

o yes :-
https://en.bitcoin.it/wiki/Casascius_physical_bitcoins

[wormbog]

You need to embed the private key inside the coin, and have the public key visible from the outside so someone can verify that the address has the correct amount.

Personally I think physical bitcoins make a more interesting collectible and conversation starter than a means of actually transferring bitcoins around. I would prefer to buy coins without any cash value.

[scab]

I am on the process to creating a physical bitcoin.

The coin has been designed and is currently in the manufacturing process.

However I am stuck on the bitcoin address part.

How will one redeem the bitcoin from the coin? any help guys would be great!

Interesting.. good luck on this.

[keelba]

You need to embed the private key inside the coin, and have the public key visible from the outside so someone can verify that the address has the correct amount.

So what happens when I sell a coin to someone and convince them to hold onto it for many years for safe keeping. Maybe I convince them they can pass it on to their children or grandchildren. Then I sell someone else the EXACT same coin with the same keys, knowing it will be many years before they actually try to spend it. Each new person I sell to I can prove that there is real money associated with that coin on the blockchain. I can repeat this process thousands of times until someone eventually tries to spend the money. By that time, I would be long gone.

[evilscoop]

then sir you'd be a scammer, and if your were selling the coins people would quickly notice that the public/private keys were all the same

[bhavdee]

Thanks for your comments guys.

OK, so the physical coin I am creating will be pretty much similar to the current Casascius coin.

However as Casascius only sell to reseller's it is harder for people to obtain a physical Bitcoin, with a value - especially in the UK.

So the coin I am creating will be mass produced, allowing more people to get their hands on a physical Bitcoin, either to:

1) Keep as an investment
2) Resell
3) Pass on as a gift

etc..

The coin will be sold with 1 BTC loaded on to it, however if there is interest for coins without value then these will also be sold.

The best way would be to have a public key on the outside, which will be associated with the private key inside so people can check online
what amount that key holds.

If they obviously peel the hologram, then it would reveal the private key however it would void the hologram as it leaves marks.

This will prevent counterfeiting.

[evilscoop]

perfect...

tbh if its a blank empty coin, it is basically acting as a paper/metal wallet, is it not, and that starts to get more interesting and marketable id think

[bhavdee]

Certainly does, if more interest is gathered from coins without value then this would be the route I would take.

[deltaray]

I think physical Bitcoins are a really bad idea and I don't see what practical purpose they serve. They try to erode the security of a Bitcoin outside the already well designed network/cryptographic security of the Bitcoin protocol. They require someone to be able to verify them on the spot, but why not then just use a real bitcoin wallet and transfer over the network.

[zeeshanblc]

If you can also create for PowerCoin that would be great.

[bhavdee]

Creating physical bitcoins, allow us to have a tangible asset almost.

If it was all virtual then it would not be as popular as it is now...

People like to have something they can feel and hold, and this is were physical bitcoins come in


Now if someone who can help with the below:


How do I retrieve a private and public key?

Do I send the bitcoin to a address first, if so which address?

Is it best to have one address per bitcoin, or can I have many bitcoins under one address?

some help would be great!

[evilscoop]

Creating physical bitcoins, allow us to have a tangible asset almost.

If it was all virtual then it would not be as popular as it is now...

People like to have something they can feel and hold, and this is were physical bitcoins come in


Now if someone who can help with the below:


How do I retrieve a private and public key?

Do I send the bitcoin to a address first, if so which address?

Is it best to have one address per bitcoin, or can I have many bitcoins under one address?

some help would be great!

to answer in order :-
https://en.bitcoin.it/wiki/Mini_private_key_format
https://bitcointalk.org/index.php?topic=168957.0


irrelevant, the address you create on the coin

tbh your basically creating a paper wallet but in a more solid form - https://en.bitcoin.it/wiki/Paper_wallet
Though technically a coin is just a single bitcoin address

In order for this to work, you'll need trust from people, and a way to demonstrate you are not and cannot store the private keys in anyform for the coin...in other words, evan if you wanted to, you should not know or be able to find out the private key to a coin, without breaking the seal yourself.....

[scab]

In the future I dont see people using physical currency at all, but cool thought nonetheless!

[Dave Knight]

In the future I dont see people using physical currency at all, but cool thought nonetheless!

Yes, when the whole world is moving away from physical money to some kind of digital currency transfer, why would you be trying to go in the other direction? What makes you think there is a market for this?

[evilscoop]

people always like tangible object to put in boxes etc
paper wallet for example...

Its why we will never have a paperless office....ppl still print crap to tell you their going paperless and green...yada yada