Bitcoins have been darling of investors and recently has been gaining a lot of traction around among commons. Although a lot of people, especially the traditional investors are sceptical as it is difficult for them to invest in something which they can’t physically hold.
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Which has brought a lot of stakeholders to think of producing or printing physical bitcoins?
Physical Bitcoins have been a challenging topic till now but there are possibilities of having one soon if challenges are worked upon with focus.
This idea is not new and was first touched upon by Gavin Andresen in 2010. He himself started a Bitcoin Forum to discuss possible ways to “print out bitcoins to function as user-created paper money.” A lot of companies and wallets followed same and came up with its versions of physical Bitcoins.
The most common of them being Denarium which finds its headquarters in Finland. Denarium coins have private keys built inside the coin and use a holographic code as a security against counterfeiting. The holographic image also has space where a portion of a public address of the Bitcoin which allows the holder for checking balances and loading bitcoins. Denarium sells its coins in two variants one being loaded with predefined money and other being empty without money.
The other players which have been fairly popular in the “Physical” Bitcoin space are Opendime which uses a tiny USD flash drive to load bitcoins by the first user and passed along in more lighter hardware wallet. The beauty of Opendime is that the private is generated at the time the setup, unlike others physical bitcoins where the private key is attached to it.
Having physical bitcoins could be a doom as they can be exchanged anonymously without disclosing leaving any proofs behind just like dollars- exactly reasons its hated by regulators. Also making a physical bitcoin which is super secure and usable is very difficult. Also having a physical bitcoin (or in paper wallets- where Keys are printed on paper) would require the first receiver to empty the wallet as anyone could empty the wallet with keys physically handy breaking the blockchain.
Although sounds and interesting ideas, a full proof solution to make bitcoins physicals is yet to be seen. Any physical bitcoin operator which existed a few years ago has either disappeared or don’t show signs of being recently active. Others are just innovation souvenirs that don’t hold actual bitcoins. Only time will tell whether these interesting physical bitcoin options both, on the horizon and in the market will make a difference as big as a digital bitcoin.
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