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Author Topic: Considering venture into physical bitcoin - thoughts?  (Read 535 times)
freedominnumbers
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June 22, 2011, 05:46:09 PM
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I am considering venturing into the realm of physical bitcoin. Doing some research it appears bitbills.com has started the ball rolling on this successfully but I think if I were to carry bitcoins in my pocket I'd want a more dynamic trading/redemption capability, such as anywhere there is internet, a friends house, etc.

What are your thoughts on the state of the Bitcoin market? Do you consider there to be enough demand for physical bitcoin to warrant an investment in a more dynamic/user friendly product?
What do you require of bitcoin in your pocket?

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casascius
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June 22, 2011, 05:55:57 PM
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Yes, the demand is there, and if these trading sites got their act together, they would provide a function that allows for making deposits via redemption of a BitBill or any other physical token just by entering the private key code, rather than having to set up a patched client and wait for a block chain download.

Do it yesterday.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
cnbtcn
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June 22, 2011, 05:59:01 PM
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You'd have to be careful, using it in the united states would probably get you arrested like the guys who tried to spend liberty dollars
freedominnumbers
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June 22, 2011, 06:19:33 PM
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You have to be careful not to represent it as money. The trouble in many cases with liberty dollars is people were giving them out to average joe vendors and not letting people know what they were. Nothing illegal about barter but both parties have to know that is what they are doing.
US law says toilet paper is money, than toilet paper is money.

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ElHajjaj
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June 22, 2011, 06:26:02 PM
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If I could have bought bitbills from someone to get started rather than wait days for bank transfers to clear, I would have considered it. Unfortunately bitbills are expensive to obtain, so I don't know how it's worthwhile for anyone to pay .30, .40, or ,.70 BTC to acquire each bill. Anyone selling me those bitbills would have to charge at least that much on top of face value to not lose money, and if someone local has bitcoin to sell I'd rather just meet up and do it electronically with laptops.

Maybe someone will point out something I'm missing, though.
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