I just had a great idea - print bitcoin denominations

[wasserman99]

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"?

Isn't one major selling point of bitcoin is that it is impossible to counterfeit a bitcoin and that you are protected from a double spend attack? (hint: yes).

Wouldn't using bank/bitcoin notes in this regard open you up to the above possibilities? (hint: also yes).

[MightyBTC]

If physical bitcoins come in market, then people will switch to another crypto currency..because BTC will loose its shine for what its known for...and govt will also make tons of policies regarding btc.

[littlebeetle]

The idea of having an app to easily print arbitrary denomination "bitcoin bills" is pretty cool. But as others said, they're not ideal for paying merchants. You really need to use a transaction for that. It would be nice for giving to people as gifts though.

[Plank]

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.

I agree,solutions are of course possible.Not using as fiats either you use it on paper or virtually bitcoin will still remain a bitcoin isn't it.Just to make more populous and easy to use this method would surely solves the problem

[BurtW]

Back in the day the first time I participated in a thread on this same idea (2011) a guy was printing paper Bitcoin checks with Ron Pauls image on them.  I thought they were cool so I bought a bunch.  They are probably collectors items now!  The idea of the Bitcoin check is simple:  it is just a piece of paper with the public key printed on it an the private key printed on it but covered by a sticker.  You write the amount on the check, fund the public address, and spend it.  Then when it comes time to redeem they carefully take off the sticker and sweep the private key.

However, as many have pointed out this is not needed.  Instead, just use Bitcoin the way it was designed to be used:  transfer the BTC, done.

https://bitcointalk.org/index.php?topic=53360.0

[ParacelStorm]

Bitcoin requires much less trust in third parties.

However, one might imagine that a highly trusted Bitcoin org (looking at you Bitpay) could print paper denominations that circulate that are certificates of claim NOT paper wallets (perhaps even fractionally reserved) These bills could be redeemed by the holder for actual btc, making the bill then void of further claim.
I am not sure how this would be accomplished. I do think it would be extremely valuable.

[bitkilo]

Bitcoin requires much less trust in third parties.

However, one might imagine that a highly trusted Bitcoin org (looking at you Bitpay) could print paper denominations that circulate that are certificates of claim NOT paper wallets (perhaps even fractionally reserved) These bills could be redeemed by the holder for actual btc, making the bill then void of further claim.
I am not sure how this would be accomplished. I do think it would be extremely valuable.

Unless you count the miners there really is no third party with bitcoin. Person A pays person B with no C involved.
You dont need a bitcoin org to print certificates of claim as you call them because you can do it yourself and for free, unless there accepting btc as payment big business org can stay out of developing things to buy that we really dont need.
Money needs to be spent on better and easy wallet security, until then Trezor.

[Ondago]

Bitcoin requires much less trust in third parties.

However, one might imagine that a highly trusted Bitcoin org (looking at you Bitpay) could print paper denominations that circulate that are certificates of claim NOT paper wallets (perhaps even fractionally reserved) These bills could be redeemed by the holder for actual btc, making the bill then void of further claim.
I am not sure how this would be accomplished. I do think it would be extremely valuable.

No!
Bitpay is a scumbag company. Im sure they got ties ro the government because of their size.
Whaf the hell is the point of bitcoin if u create just a another bank

[Orjaner]

Maybe check this first https://piperwallet.com/

[minerpumpkin]

The idea isn't new. I guess people brought this idea up for years already. It's a good idea, but those 'notes' could only be used once. As soon as you give a note away, the recipient needs to wipe the address or you could potentially reclaim all the BTC on that note. On the other hand, you'd have to the same. Not perfect. But it could be an idea for when you don't have an internet connection and want to give BTC to people!