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Author Topic: Physical Bitcoin Explained?  (Read 86 times)
challengecoins4u
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June 23, 2019, 03:06:02 PM
 #1

Hi there,

My name is Sam and I am with Challenge coins 4 U.

Originally we are a company that creates custom challenge coins (these are brass coins popular in the armed forces, firefighters and police).

Recently, we have gotten interest from many bitcoin people to produce physical 1" bitcoins for bitcoin ATMs.

What are your thoughts on this?

Who makes physical bitcoin [coins] for the ATM machines?

Let's have a discussion!
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mjglqw
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June 23, 2019, 03:56:32 PM
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Recently, we have gotten interest from many bitcoin people to produce physical 1" bitcoins for bitcoin ATMs.
Who makes physical bitcoin [coins] for the ATM machines?

Let's get this straight first. Bitcoin is only digital, not physical. The physical bitcoins you see online are only for collections and for fun, and are mostly just worth a couple of dollars(besides those rarer ones).

Why would you sell a bitcoin collectible on an ATM machine?

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June 23, 2019, 04:32:42 PM
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Let's get this straight first. Bitcoin is only digital, not physical. The physical bitcoins you see online are only for collections and for fun, and are mostly just worth a couple of dollars(besides those rarer ones).


There are some expensive collectibles out there like alitinmint or titan bitcoin. The first one is silver and used to be worth close to 1 BTC even without any bitcoins stored.

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Why would you sell a bitcoin collectible on an ATM machine?

That's what I'd like to know too. Collectibles are usually targeting a very small but dedicated group of people. They should not be offered in bulk like casino chips but be limited and make the buyer feel special like he has something limited and preferably handmade. Kialaras are a good example of this approach.

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June 23, 2019, 04:47:56 PM
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I presume the people asking this are unfamiliar with the form Bitcoin takes? Bitcoin is nothing but data.

If it's in a physical form like a coin with Bitcoin value then that means the private keys that allow you to control that data are hidden somewhere on it which means you had to trust the third party who created it to not have kept the private keys.

There are enough examples of that having been a disaster for me at least to never want to dabble again.

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June 25, 2019, 11:07:39 AM
 #5

Hi there,

My name is Sam and I am with Challenge coins 4 U.

Originally we are a company that creates custom challenge coins (these are brass coins popular in the armed forces, firefighters and police).

Recently, we have gotten interest from many bitcoin people to produce physical 1" bitcoins for bitcoin ATMs.

What are your thoughts on this?

Who makes physical bitcoin [coins] for the ATM machines?

Let's have a discussion!
How do you think this can work without partnering directly with the sole creators of Bitcoin and if they wanted to create a physical Bitcoin, I am sure it would not have been a difficult thing for them to do, but the purpose of Bitcoin is to make it digital payment where there can be transaction between peer to peer.

There is no way you can create a physical Bitcoin without involving the government, because you must  need a location to install the building to operate it and an authorized space to install the machine, and without government approval, you may not have access to these, which automatically implies that you are creating a centralized coin.

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June 25, 2019, 12:14:15 PM
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don't let the term "physical bitcoin" fool you. that is a poor choice of words to explain something that is doing something entirely different. a better term which describes them is "Collectibles" which why the board on bitcointalk is also called that: https://bitcointalk.org/index.php?board=217.0

so if you start making actual "physical bitcoin" as a physical form of a currency and sell them using ATMs then you are planning for failure from the start because nobody is going to use them. all you can do is to produce limited number of them with a cool design and sell them to those who like collecting rare stuff!

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June 25, 2019, 12:43:52 PM
 #7

Hi there,

My name is Sam and I am with Challenge coins 4 U.

Originally we are a company that creates custom challenge coins (these are brass coins popular in the armed forces, firefighters and police).

Recently, we have gotten interest from many bitcoin people to produce physical 1" bitcoins for bitcoin ATMs.

What are your thoughts on this?

Who makes physical bitcoin [coins] for the ATM machines?

Let's have a discussion!

First do you know how bitcoin was made? Do you know what is blockchain technology?
Because if you know the answer for this question, no reason for you to ask this none sense question.
Obviously, bitcoin was a digital form of currency were it can be use for payment system online and
can be convert in any form of fiat currency.
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June 25, 2019, 01:05:45 PM
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Why would you sell a bitcoin collectible on an ATM machine?

Probably to just feel the market?

I think there might be some degree of demand here, but only when the coins (aka private keys attached to them) come loaded with such a low value, that people don't mind the risk and buy it. Not in a hundred years would I trust an unkown entity doing this with higher amounts. If the coins look cool, have a mintage number on them for rarity hunters, I might buy a couple just for the heck of it.

The only thing is that I don't want to deal with KYC/AML nonsense, so if that's required before you can buy them, then say goodbye to your business plan.

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June 25, 2019, 01:42:30 PM
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I cannot imagine how bitcoin will look like, what is the material to be used for the coins, how much price the material to make the bitcoin itself. Like other said, the coin of bitcoin that we saw in the online store was made for just fun, and we don't know what material they used the bitcoin, so I don't think that will be worth if we buy.

I think everybody can make a real coin like a bitcoin and used the bitcoin image, but the price is not as expensive as bitcoin itself. Bitcoin is a digital thing that available on the internet. And if you still want to create a coin like a bitcoin, then you should add more description and explain to people in your store or in the atm, so people don't feel bad once they received the coin.

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