Are physical crypto coins ever completely safe?

[Coin_Wow]

Some pictures I have seen of physical crypto coins are very beautiful and might make great items to keep a long time. Are they ever really safe? Even if they use the most secure possible way to hide/protect the private key doesn't the coin creator, who funded the address, have knowledge of that key? How would the maker ever be able to hide that valuable key - inside the coin - without being the first person to know exactly what it is?

[Charles-Tim]

You mean Casascius bitcoin?

Are they ever really safe?

No record of the coin being compromised but I do not trust collectibles generally.

Even if they use the most secure possible way to hide/protect the private key doesn't the coin creator, who funded the address, have knowledge of that key?

The people that created the coin have knowledge of the private key.

There have been some collectibles that were compromised in the past because the creator knows the private key. This is the reason I can not get any coin with pregenerated private key.

[Catenaccio]

Some pictures I have seen of physical crypto coins are very beautiful and might make great items to keep a long time. Are they ever really safe? Even if they use the most secure possible way to hide/protect the private key doesn't the coin creator, who funded the address, have knowledge of that key? How would the maker ever be able to hide that valuable key - inside the coin - without being the first person to know exactly what it is?

It depends on the companies and producers of collectible coins. If they are not trusted and did set up some thing for scam exit, to claim your private keys later, it's not completely safe.

If any founder of collectible coins do things like Yog, it's surely not safe for any buyers and collectors.
⏩⏩[AUCTION LIST] Auction for ColdKey victims of the apparent theft⏪⏪

[Stalker22]

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 Yes, the creator would know the key if they put it there. When you buy such a coin youd be trusting them completely not to steal the funds. If you want a physical representation, buy an empty one.

[BitMaxz]

Casascius coins are one of the physical crypto coins that are good for collectibles, but like others said, the ones who made them are the ones who already know those keys inside Casascius coins. It's fun to have a physical crypto collectible, but for me, it's not safe unless you are the one who put your private key on a Casascius coin.

If you are planning to buy a Casascius coin, I suggest buying an empty one that no private keys yet, and then you can put your customized design on the back of the Casascius coin and hide your private key there.

[Luzin]

The people that created the coin have knowledge of the private key.

I think if we move immediately to a new address maybe it will be safe. But the physical coins will have no value anymore. The physical coins you have will only be a decoration.  Unless you make your own and order the address according to your private key and other people don't know. But if you buy from someone else I make sure it is not safe. IMO

[notocactus]

I think if we move immediately to a new address maybe it will be safe. But the physical coins will have no value anymore. The physical coins you have will only be a decoration.  Unless you make your own and order the address according to your private key and other people don't know. But if you buy from someone else I make sure it is not safe. IMO

It still has value but much more less than what value it should have if the bitcoin inside the physical item was not swept away. You can think it similarly to stamps, even they were used, they still have values as collectibles but surely less than entirely unused stamps.

You can not create your Bitcoin private key and order the physical coin producer to attach it to the item for you. It is really important to inform you that even if you can successfully make such an order, and that company agrees to do that for you, it is your bad practice.


Let's say Private keys must be created, owned and stored by yourself, not by any others. So if you inform it to any company, it is no longer your Bitcoin private key practically.

[Taskford]

Some pictures I have seen of physical crypto coins are very beautiful and might make great items to keep a long time. Are they ever really safe? Even if they use the most secure possible way to hide/protect the private key doesn't the coin creator, who funded the address, have knowledge of that key? How would the maker ever be able to hide that valuable key - inside the coin - without being the first person to know exactly what it is?

Those loaded with Bitcoin? Depends on where you bought your physical crypto and its to risky to trust those people offering this so pick those reputable people selling this coins to avoid getting compromise.

But for you and other people to be aware on past incident physical scam coin hacking @krogothmanhattan had a thread compiling those incident here https://bitcointalk.org/index.php?topic=3315347.0

For sure you will get interested to read those cases and to know the risk of what you are trying to buy.

[krogothmanhattan]

   No they are not 100%.

   First and foremost you need to trust the maker, so its not completely trustless....a person might not have deleted the private keys and can sweep anytime they feel like it like it has happened with COLDKEY.

   Second, how were the keys generate? Was a solid program, good entropy and air gap computer used? Was there only one person invloved?

   So unless these are 100% done right and totally trusted (impossible really with #1) then you are better off not buying physical bitcoin items unless they are redeemed.

  As a maker of physical bitcoin and a collector as well, I still have loaded items from original makers....i rarely trust new makers unless I will take a chance for a very small amount of bitcoin loaded on the item that i am willing to lose if it does happen.