ROUGH IDEA: Pocket Paper Wallet... feedback please

[pointbiz]

I've been thinking about the paymyaddress.com site and wondering if it would make sense to make a credit card size pocket paper wallet. That would have the bitcoin address (and QR code) on the front and the private key (maybe just the QR Code) inside the pocket paper wallet.

I've made a very rough draft and took pictures with my iPhone, sorry for the poor quality. I just wanted to get feedback if this is something people would like to see added to bitaddress.org. The final version could have multiple designs.

This prototype is not the proper credit card size.

Closed Front: bitcoin address with it's QR code will be shown on the front with a nice design (any graphic volunteers?)

Closed Back: back of wallet. Any design could go here. Take note of the two tabs that fold in to keep the wallet closed.



Open Front: bitcoin address shown. Take note of the tabs and slits which will fit together when folded. Take note of the black square which helps to prevent holding the wallet up to a light and nabbing the private key.


Open Back: private key QR code shown. Take note of the tabs and slits which will fit together when folded. Take note of the black square which helps to prevent holding the wallet up to a light and nabbing the private key.


Is this a viable idea?

[cbeast]

Private keys can simply be on one side covered with a scratch off sticker found at office supply stores.

[edit] I guess I don't understand what this is. Will this be used to trade with someone or to store removable paper keys? What I was referring to is simply a paper coin.

[Ryland R. Taylor-Almanza]

I like it. Gonna' make one for myself, lol. If you make some good looking final drafts, I'll buy from you.

[pointbiz]

Private keys can simply be on one side covered with a scratch off sticker found at office supply stores.

I'm thinking of something that you can print and cut out with scissors. Also, I'm thinking you can open it up when you want to scan the QR private key to spend on a mobile phone. Or you could open and redeem at mtgox or somewhere else while on the road. Ideally the private key is re-usable but you wouldn't keep too much money on this pocket wallet.

[cbeast]

Ideally the private key is re-usable but you wouldn't keep too much money on this pocket wallet.

I don't think private keys are reusable once redeemed. My idea is to creat cardboard coins with scratch off stickers covering the private keys and they can be loaded from a smartphone as needed. You can carry ready to load empty cardboard coins with you.

[pointbiz]

I like it. Gonna' make one for myself, lol. If you make some good looking final drafts, I'll buy from you.

They'll be free but I take donations
Maybe I could have fancy ones that people pay for... since I'm not a graphics designer I might have to pay for help to get anything decent looking.

Part of my thinking is these could be used as gift cards... somehow it's all rough thoughts at this point. You could make one of these and give it to someone instead of a plastic retail store gift card.

EDIT: I cannot actually charge for fancy graphics since the bitaddress.org site operates just with JavaScript and no Ajax.

[casascius]

I use your paper wallets all the time, and if I wanted to put them in my pocket, I would probably just cut them into strips and fold them in half.  I am not sure I see the advantage to making a special pocket form, unless it's like a dollar bill or something.

If you're itching to do something neato with the paper wallet generator, consider making it so people can print two kinds of documents: "bitcoin bills" and "bitcoin payment slips".  These are mostly the same document except for what text goes on it, and their intended purpose.

A bitcoin bill might have some artwork to make it look like a sort of coupon.  And it would have a place to write its denomination.  For example, it might say: "This Bitcoin Bill is worth _______ BTC, and was printed by _________.  Check BlockExplorer to confirm that the balance is accurate and hasn't been redeemed, as it can only be redeemed once.  Please dispose of this bill after redeeming it."  A typical user might print up some bills, load them in convenient denominations, and carry them around in their wallet and treat them like cash.  Of course, only people who trust the presenter - or those who can quickly redeem the bills on the spot - will accept them.  These could be called "bitcoin notes" or "bitcoin checks" if "bitcoin bill" was ambiguous or confusing.

A bitcoin payment slip would be the same thing, but its purpose would be to collect a payment from someone else.  It would say, "my payment address is ____________" next to the bitcoin address.  The half with the private key would be torn off and kept by the person who printed it, and might have a memo line to remind him what it was for.  In addition, the bitcoin address would be printed on both halves of the slip.

[pointbiz]

Ideally the private key is re-usable but you wouldn't keep too much money on this pocket wallet.

I don't think private keys are reusable once redeemed. My idea is to creat cardboard coins with scratch off stickers covering the private keys and they can be loaded from a smartphone as needed. You can carry ready to load empty cardboard coins with you.

I haven't used any of the bitcoin mobile app so I don't know if any of them allow partial payments then "forget" the private key.

[casascius]

Private keys ARE technically reusable, but reusing them is usually not a good idea.  You've divulged them, and if someone steals a future balance from you, you will have absolutely no way to prove who did it, or that someone other than you did it.  I pretty much never reuse private keys.

Further, if you redeem private keys on MtGox, MtGox will remember the private key and capture any future payments and credit them to your MtGox account.  This is according to MagicalTux himself.

[Stephen Gornick]

I'm wondering how long before someone will create a paper-based physical bitcoin using security paper with protections, such as the Invisible code System from Page:
 - http://www.page-international.com

This can be created to work just like the Casascius physical bitcoin but the "issuer" can print and load them bitcoins themselves.  The cost of the paper would likely be less than the alternatives presented thus far.

Now that http://BitAddress.org has been released as open source, this should be something that would be relatively trivial to execute on.

[casascius]

I'm wondering how long before someone will create a paper-based physical bitcoin using security paper with protections, such as the Invisible code System from Page:
 - http://www.page-international.com

There are professional companies that print scratch-off lottery tickets for state lotteries, with security controls on the information being concealed on the tickets.  (Example: Pollard Banknote Company).  I have seriously considered contacting one and inquiring about having them run a bunch of BTC scratchoff wallets in various denominations, that would work just like throwaway bitbills.  But I think I already have enough on my hands with the coins.  It would work however...

[cbeast]

Wouldn't it be great if the store clerk printed your receipt with your change printed in Bitcoin key pairs?*

*wink Casascius

[pointbiz]

I use your paper wallets all the time, and if I wanted to put them in my pocket, I would probably just cut them into strips and fold them in half.  I am not sure I see the advantage to making a special pocket form, unless it's like a dollar bill or something.

If you're itching to do something neato with the paper wallet generator, consider making it so people can print two kinds of documents: "bitcoin bills" and "bitcoin payment slips".  These are mostly the same document except for what text goes on it, and their intended purpose.

A bitcoin bill might have some artwork to make it look like a sort of coupon.  And it would have a place to write its denomination.  For example, it might say: "This Bitcoin Bill is worth _______ BTC, and was printed by _________.  Check BlockExplorer to confirm that the balance is accurate and hasn't been redeemed, as it can only be redeemed once.  Please dispose of this bill after redeeming it."  A typical user might print up some bills, load them in convenient denominations, and carry them around in their wallet and treat them like cash.  Of course, only people who trust the presenter - or those who can quickly redeem the bills on the spot - will accept them.  These could be called "bitcoin notes" or "bitcoin checks" if "bitcoin bill" was ambiguous or confusing.

A bitcoin payment slip would be the same thing, but its purpose would be to collect a payment from someone else.  It would say, "my payment address is ____________" next to the bitcoin address.  The half with the private key would be torn off and kept by the person who printed it, and might have a memo line to remind him what it was for.  In addition, the bitcoin address would be printed on both halves of the slip.

Hmmm... interesting thoughts. Especially the bitcoin checks.

I guess the purpose of the pocket wallet is to have a "my payment address is" card with you at all times. So people could pay you face to face, and if necessary you have some BTC pocket change on you that you could redeem in various ways, some of which would be a one time redeem and maybe in other scenarios you'd redeem a few times before discarding the wallet. Since it's paper you can print as many as you want  I think it's less fun to have a paper with a payment address but not somehow also have the power, in hand, to then spend that money you just received. It's psychological.

They'd be different than the existing paper wallets on my site because they'd be fancy (dancing elephants and all) and the private key would be discreetly hidden inside the card. It would be as safe as the cash in your wallet.
 

[pointbiz]

Wouldn't it be great if the store clerk printed your receipt with your change printed in Bitcoin key pairs?*

*wink Casascius

Nice. That would be IDEAL. If only we knew someone working on POS systems....