Physical Bitcoin for the 3rd World

[Slow death]

Now that I have discovered an exquisite counterfeit-resistant note that requires 2 signatures to be redeemed, I am interested in discussing ways to reduce the need to electronically verify the note to the point where anyone who receives the note will instantly know that it is valid. In this way it can be used like cash.

1) Before the note is circulated, it will need to be loaded so that no one inadvertently receives an empty note. In order to remove arbitrary trust, it will need to be guaranteed at face value by the issuer - probably via an escrow contract. A government entity with unlimited funds would be ideal.

2) When a bill is redeemed, it will need to be irreparably destroyed in order to eliminate circulation of the emptied note. This will also require an escrowed guarantee of some sort, preferably automated via oracle as well. A notary or other verifiable witness will likely be needed before the second signature is made.

Solidity?

Tapscript?

https://bitcointalk.org/index.php?topic=5402259.0

1 - who will prevent you from printing unlimited notes?

2 - who will regulate and issue these notes?

In Africa, corrupt governments are very tough, they love centralization and total control of the population, and more they love the local currency very much, they always sing the same song: "our local currency is the symbol of our sovereignty, and our story ". so if you arrive with a note that is not from any country in any country in africa they can arrest you! just be careful when it comes to getting involved with governments in africa

[BitCheques]

1 - who will prevent you from printing unlimited notes?

2 - who will regulate and issue these notes?

In Africa, corrupt governments are very tough, they love centralization and total control of the population, and more they love the local currency very much, they always sing the same song: "our local currency is the symbol of our sovereignty, and our story ". so if you arrive with a note that is not from any country in any country in africa they can arrest you! just be careful when it comes to getting involved with governments in africa

As long as the notes are loaded with btc, their issuance is strictly limited to the supply of btc on the note. An escrow account or simple smart contract guarantees that the issuer doesn't circulate the notes before they are loaded, and prevents them from being circulable once they are redeemed. This would eliminate the need to frequently verify the note.

The ability to verify the note electronically, by those who have the means, is a second layer of security regarding the integrity of the note.

Regimes that claim to be friendly to bitcoin would still be subject to the smart contract, and could freely issue the note under those parameters. But bitcoin notes do not require any "government" in order to function. Their acceptance of bitcoin and especially bitcoin notes facilitates and speeds the inevitable bitcoinization of the world economy.

[examplens]

Now that I have discovered an exquisite counterfeit-resistant note that requires 2 signatures to be redeemed, I am interested in discussing ways to reduce the need to electronically verify the note to the point where anyone who receives the note will instantly know that it is valid. In this way it can be used like cash.

1) Before the note is circulated, it will need to be loaded so that no one inadvertently receives an empty note. In order to remove arbitrary trust, it will need to be guaranteed at face value by the issuer - probably via an escrow contract. A government entity with unlimited funds would be ideal.

2) When a bill is redeemed, it will need to be irreparably destroyed in order to eliminate circulation of the emptied note. This will also require an escrowed guarantee of some sort, preferably automated via oracle as well. A notary or other verifiable witness will likely be needed before the second signature is made.

Solidity?

Tapscript?

https://bitcointalk.org/index.php?topic=5402259.0

doesn't it seem that digital things are too involved in something that should be prioritized through physical value?
the name itself, "3rd world" was created due to the backward use of advanced technologies.

however, I would use your idea in the opposite direction, national currencies to be moved to the blockchain.

[BitCheques]

I would use your idea in the opposite direction, national currencies to be moved to the blockchain.

CBDCs (central bank digital currencies) are the worst possible use of blockchain, and where the world is currently headed. National banks will attempt to preserve their ability to arbitrarily print unbacked notes (debase currencies) at will. But worse than reducing their value while artificially funding their tyrannical pogroms, they would love to be able to expire them. This is much different than the "expiration" of offline cash notes. Offline cash notes can empty the btc to any digital wallet throughout their lifetime, and, upon maturity, the holder of the note doesn't even require a second signatory to do so. CBDC notes, on the other hand, will not allow redemption in any form. They will literally expire. No backing.

The whole point of bitcoin is to escape from manipulable centralized statist currency monopolies. Offline Cash extends the benefits of bitcoin to the physical world, much like gold-backed currencies (which are also despised by politicians), but even better.

[Hookzup1]

Ballet crypto pure series wallets and polymerbit notes work perfect for your idea

[BitCheques]

Ballet crypto pure series wallets and polymerbit notes work perfect for your idea

To my knowledge, both of these products are sold empty. The problem with openly selling preloaded btc notes in the United States is that the seller must comply with onerous federal regulations severely resticting money transmitters. Originating the notes in countries such as El Salvador and the Central African Republic, on the other hand, will make it possible to prevent the circulation of unbacked notes - which do not require special verification.

[Daltonik]

Now that I have discovered an exquisite counterfeit-resistant note that requires 2 signatures to be redeemed, I am interested in discussing ways to reduce the need to electronically verify the note to the point where anyone who receives the note will instantly know that it is valid. In this way it can be used like cash.

1) Before the note is circulated, it will need to be loaded so that no one inadvertently receives an empty note. In order to remove arbitrary trust, it will need to be guaranteed at face value by the issuer - probably via an escrow contract. A government entity with unlimited funds would be ideal.

2) When a bill is redeemed, it will need to be irreparably destroyed in order to eliminate circulation of the emptied note. This will also require an escrowed guarantee of some sort, preferably automated via oracle as well. A notary or other verifiable witness will likely be needed before the second signature is made.

Solidity?

Tapscript?

https://bitcointalk.org/index.php?topic=5402259.0

Indeed, who in this case will be the issuing center, if it is a user, then there must be a mechanism for debiting coins from his wallet upon presentation of a printed bill, for this it must be accepted by a sufficient number of institutions, in this case you simply buy these bills by paying for them and the built-in nfc chip allows them to be used where cryptocurrency is accepted. Secondly, why complicate everything with unnecessary manipulations, if it's enough just to have a credit card with your crypto account.

[BitCheques]

Currently, when you receive a note, there is no guarantee that it is not empty - and even if it is verified after you receive it. If the trace has been erased in a manner that is not obvious, once the issuer signs, you're out of luck. It could still be spent before you try to redeem it. The design doesn't need to be changed at all, but the security before and after circulation should be beefed up, as I suggested in my previous post. The more that issuance and redemption restrictions are automated, the better. It doesn't matter who the issuing (or de-issuing) party is, as long as notes are guaranteed to contain the funds while in the wild.