I just had a great idea - print bitcoin denominations

[9kv]

So I had this idea just 30 seconds ago while browsing the forum.

Take a small device such as Raspberry Pi, and set up a Bitcoin wallet on the Pi.
Put it inside a very small grayscale printer (prints dollar bill sized sheets, or really any size)
Have a LCD screen on the printer allowing you to select amount of BTC and also a "print" button
---For security, implement a fingerprint scanner? or if that's too much, allow for a small password to be set on the printer
When someone "logs in" with their fingerprint, and selects a BTC amount, presses print
---the Pi creates a new wallet with the bitcoin amount specified, and also creates public/private QR codes for that account
---a small sheet of paper that could fit in a physical wallet is printed. on it are two QR codes (pubkey/privkey), other details like "amount on wallet" and "date printed"

Then you could just print off several of these whenever you need to, and spend them at Bitcoin accepting institutions. JUST LIKE FIAT PAPER MONEY.

Please someone give me their thoughts on this.

[9kv]

So how will the business know they haven't been tampered or spent or private key written down?

Hmm. Good point.

Possible solution is to print some type of verification hash on it that includes the address and timestamp?

[9kv]

So how will the business know they haven't been tampered or spent or private key written down?

Hmm. Good point.

Possible solution is to print some type of verification hash on it that includes the address and timestamp?

There are paper wallets currently people can print and use seals but I wouldn't accept them like fiat, you would need a way that they were printed and don't let the printer see the private key, which would be impossible. I just don't see a solution but it would be nice.

I mean there's gotta be some way to do this, nothing is impossible here.

Bitcoin needs to have an easier time in the real world or else it will remain confined to a small portion of the population.

[franky1]

paper wallets exist already.

ill even show the link that skips to the concept of hiding the private key so that you know its not been used unless the private bit has been ripped apart
https://bitcointalk.org/index.php?topic=92969.msg1768923#msg1768923

[TheButterZone]

http://blog.dustinkirkland.com/2013/10/fingerprints-are-user-names-not.html

[franky1]

paper wallets exist already.

ill even show the link that skips to the concept of hiding the private key so that you know its not been used unless the private bit has been ripped apart
https://bitcointalk.org/index.php?topic=92969.msg1768923#msg1768923

But that doesn't resolve the issue of it not being written down or copied before spending or trading, that is for private storage.

if the private key remains sealed and not ripped apart, then the only person that could steal funds without rippin the seal would be the creator. thus if you receive a paper wallet from a person who printed it, you know exactly who to chase after and slap with a wet fish if they have scammed you.

for instance if casascius coins were to be compromised then we will all know to chase after casascius.

the thing with bitcoin is that people need to truly get rid of the mind set of relying on third parties, the point of bitcoin is to self manage your funds and if your going to put funds onto a private key that has not been created by you, then there is a risk.

this is not a fault of bitcoin. but a fault of humans morality and ethics.

[franky1]

True but I would not accept them as a vendor or store, I am know who did it but there must be some way for the creator to make a paper wallet that they don't even know. An invisible ink with a seal that reveals it seems like a possible idea to me but i don't know what else.

even if there was a machine that prints a privkey inside a box, seals it and secures it to make it tamper proof before then ejecting the paper bank note out of the box. thus meaning the first person to touch it does not know the privkey.. as soon as that person hands it to someone else that second person has to trust that the bitnote was actually produced in this safety box device and not just printed out and folded by hand.

again this is not a bitcoin fault, but a fault of human morality and ethics

[NotAtOld]

A paper wallet should be considered as similar to a cheque. If you didn't generate it then you don't have the money until you sweep it.

[AllYouCanDo]

Only problem is whoever receives the payment has to immediately scan the QR code on the paper wallet and sweep the private key or risk fraud.
A bit easier just to scan a QR with your device in the first place.
edit: left my browser window open. What cipher_gnome said.

[Gleb Gamow]

So how will the business know they haven't been tampered or spent or private key written down?

Hmm. Good point.

Possible solution is to print some type of verification hash on it that includes the address and timestamp?

There are paper wallets currently people can print and use seals but I wouldn't accept them like fiat, you would need a way that they were printed and don't let the printer see the private key, which would be impossible. I just don't see a solution but it would be nice.

I mean there's gotta be some way to do this, nothing is impossible here.

Bitcoin needs to have an easier time in the real world or else it will remain confined to a small portion of the population.

Well physical coins work like this but they're from a third party, maybe something like mycelium paper wallet that is coming out but it has an led that shows a public address you send the funds to it and then it prints a wallet with a bip32 private key using special paper, the passcode to the wallet would be in a square where you would have to put a seal and the seal has a chemical that when removed shows the passcode. This would be the only way i could think of and i don't know how widely it would be adopted or accepted or expensive. The only true hard part would be the seal that when removes makes the key (i assume the adhesive would have a chemical that actually makes the ink color appear)

Mycelium Bitcoin Wallet: Export Private Key to Paper

[numismatist]

Then you could just print off several of these whenever you need to, and spend them at Bitcoin accepting institutions. JUST LIKE FIAT PAPER MONEY.

The seal on Paperwallets, so far as I have seen, was always a FAIL (just with varying afford to break it)

But you could do the following: Create a BANK. That prints out paper money in classical forms, with a serial number on it. And guarantes to print exactly the amount kept stored inside it's cold wallet. There is none such thing like a private key printed on them. Nothing to steal there, besides the note itself. As in classical money.

Why doing that, you might ask? Well, for several reasons.

• It is possible, so it will be done, period. Stop argueing.
• One can print nice pictures of historical ASIC devices on the front
• It reaches a "niche market" out there, where a currency is needed for simple trades. Wares vs. cash right on spot.

[RappingSniper]

Only problem is whoever receives the payment has to immediately scan the QR code on the paper wallet and sweep the private key or risk fraud.
A bit easier just to scan a QR with your device in the first place.
edit: left my browser window open. What cipher_gnome said.

I'm usually quite slow to compose a post. I do this all the time.

[TimeWatch]

If you think of changing a crypto currency to a physical one then govt is not stupid enough to not deny  this idea..even possibly make BTC illegal.

[wasserman99]

paper wallets exist already.

ill even show the link that skips to the concept of hiding the private key so that you know its not been used unless the private bit has been ripped apart
https://bitcointalk.org/index.php?topic=92969.msg1768923#msg1768923

But that doesn't resolve the issue of it not being written down or copied before spending or trading, that is for private storage.

if the private key remains sealed and not ripped apart, then the only person that could steal funds without rippin the seal would be the creator. thus if you receive a paper wallet from a person who printed it, you know exactly who to chase after and slap with a wet fish if they have scammed you.

for instance if casascius coins were to be compromised then we will all know to chase after casascius.

the thing with bitcoin is that people need to truly get rid of the mind set of relying on third parties, the point of bitcoin is to self manage your funds and if your going to put funds onto a private key that has not been created by you, then there is a risk.

this is not a fault of bitcoin. but a fault of humans morality and ethics.

You would know who had scammed you, however you would have little/no proof that it was them. Since it is difficult/impossible to determine who transmitted a TX you would not be able to prove that the person who gave you the "bill" scammed you so your only recourse would be to not do business with that person again.

[montello]

The idea is logical but i think it will go against the whole ideology of bitcoin on self management and reliability on a third party.

[Krona Rev]

Then you could just print off several of these whenever you need to, and spend them at Bitcoin accepting institutions. JUST LIKE FIAT PAPER MONEY.

The seal on Paperwallets, so far as I have seen, was always a FAIL (just with varying afford to break it)

But you could do the following: Create a BANK. That prints out paper money in classical forms, with a serial number on it. And guarantes to print exactly the amount kept stored inside it's cold wallet. There is none such thing like a private key printed on them. Nothing to steal there, besides the note itself. As in classical money.

Why doing that, you might ask? Well, for several reasons.

• It is possible, so it will be done, period. Stop argueing.
• One can print nice pictures of historical ASIC devices on the front
• It reaches a "niche market" out there, where a currency is needed for simple trades. Wares vs. cash right on spot.

I'm not thrilled about the idea, but numismatist is right. This will happen. I suspect bitcoin backed bank notes will reach more than a niche market. We can argue "with bitcoin you don't need to rely on a bank" all we like. The vast majority of people are fine with relying on banks, and they're already familiar with paper money. I suspect most of them think current paper money is backed by something. At least with bitcoin notes it would be easy to audit and ensure the notes are backed by something. I'm assuming the notes would be redeemable. The bearer of a note could take it to the bank and get the bitcoins.

Any other solution that involves trying to hide the private key will simply lead to ordinary people asking: What the hell is a "private key"?

[NavalStrike]

So I had this idea just 30 seconds ago while browsing the forum.

Take a small device such as Raspberry Pi, and set up a Bitcoin wallet on the Pi.
Put it inside a very small grayscale printer (prints dollar bill sized sheets, or really any size)
Have a LCD screen on the printer allowing you to select amount of BTC and also a "print" button
---For security, implement a fingerprint scanner? or if that's too much, allow for a small password to be set on the printer
When someone "logs in" with their fingerprint, and selects a BTC amount, presses print
---the Pi creates a new wallet with the bitcoin amount specified, and also creates public/private QR codes for that account
---a small sheet of paper that could fit in a physical wallet is printed. on it are two QR codes (pubkey/privkey), other details like "amount on wallet" and "date printed"

Then you could just print off several of these whenever you need to, and spend them at Bitcoin accepting institutions. JUST LIKE FIAT PAPER MONEY.

Please someone give me their thoughts on this.

Printing will give you nothing, but if you are crazy about this idea - do it!

[bitkilo]

Then you could just print off several of these whenever you need to, and spend them at Bitcoin accepting institutions. JUST LIKE FIAT PAPER MONEY.

The seal on Paperwallets, so far as I have seen, was always a FAIL (just with varying afford to break it)

But you could do the following: Create a BANK. That prints out paper money in classical forms, with a serial number on it. And guarantes to print exactly the amount kept stored inside it's cold wallet. There is none such thing like a private key printed on them. Nothing to steal there, besides the note itself. As in classical money.

Why doing that, you might ask? Well, for several reasons.

• It is possible, so it will be done, period. Stop argueing.
• One can print nice pictures of historical ASIC devices on the front
• It reaches a "niche market" out there, where a currency is needed for simple trades. Wares vs. cash right on spot.

People are used to money the way it is so why not give them that feel with btc.  A decentralized currency with a bank, maybe but I don't think any human is honest enough to run it like banks now. Problems are,
The owner still doesn't actually have their money anymore the bank does just like now.
What sort of 'guarantee' do we get that they don't print more that allowed?
Who owns the bank or banks?
Also would this bank get insurance on their private cold storage?
Interesting thread though, I will follow it and see what comes up.

[BitcoinBadger]

Not a bad idea but it won't be as successful as you think..

Because its hard to beat physical dollar!

[vm_mpn]

Has been done: https://bitcointalk.org/index.php?topic=487710.0