I just wrote this as a reply and thought I'd turn it into a submission. Here's my idea for bitcoin paper notes (basically standardized paper wallets): Goal Pass around bitcoin notes like paper money worldwide without necessarily having electricity or internet access. Implementation Create standard paper notes of various bitcoin denominations and put on the note both the public key (visible QR code) and private key (QR code hidden by scratch-off material). Once the notes are created, pre-load the notes with the denomination indicated by each note, e.g. 500 bits, 1k bits, 5k bits, 10k bits, 100k bits, etc. (Right now $1 USD = approx 4k bits.) Notes (especially ones that are starting to degrade) can be taken out of circulation by anyone at anytime by scratching off and revealing the private key and then transferring the bitcoins. Verification You can tell if a note has been compromised by (1) checking to see if the scratch-off material has been removed and (2) checking the balance via the public key. Weaknesses Hackers could use some sort of x-ray device to get the private key, give you the note, and steal the bitcoin later, but hopefully the note/scratch-off material would be good enough to fend off all but the most sophisticated/expensive attempts at hacking the private key. Hackers might also try to replace the scratch-off material on the private key. There would have to be some sort of holographic watermark over the scratch-off material that would be very hard to replace. Hackers could also create counterfeit notes where they know the private key beforehand. You could thwart this by checking incoming transfers to the public key on the note and see if it came from an "official" source. Oddly, these kinds of notes would allow people to load MORE bitcoins onto the note. Not sure what kind of problems this would cause... Conclusion It's not a perfect system, but neither is any paper currency system. If enough trust is formed around these standardized notes, people would use them just like paper currency, i.e. knowing there is a small risk that they might be using a bad note but not enough of a risk to verify every single note every single time they use it. The advantage is that it is easier for the common person to verify a note than it is with fiat currency.
Physical assets like gold, silver, real estate can be confiscated, Paper assets like currency, govt. bonds, paper gold etc. can be devalued or dissolved But #Bitcoin can neither be confiscated nor devalued It's time to follow Plan ₿ and sticking to it
In today's #Tokenncoin weekly #cryptonews roundup: Newly issued Fed #currency is not backed by paper bills #Bitcoin's inflation rate to drop to 1.8% #DowJones is forming a rising wedge similar to one from 1929 #BOLT's token swap raised suspicions to users
Paper currencies are no longer backed by gold or silver and are now little more than numbers on a screen. 🤷🤷🤷 This makes them more ""digital"" than cryptographic currencies like bitcoin. 🤗🙃 Thoughts? 🤔 #investing #gold #silver #cryptocurrencies #bitcoin #BTC
Is the Bitcoin white paper discussing the protocol/system or the currency itself?
It does not mention - - 21 million cap - supply schedule - "bitcoin" or the plural It does mention - - "A block header with no transactions would be about 80 bytes" - "suppose blocks are generated every 10 minutes" - "Bitcoin" Is the paper discussing Nakamoto consensus or the currency? Both?
The story of Wei Dai (one of the few people referenced by Satoshi in his white paper) and his ingenious idea behind b-money. The first decentralized digital currency. Pretty much a blueprint for Bitcoin. From 1998. (Oh, and he came up with Proof-of-Stake as well)
Ignore the funny looking dude, what you see there is a double sided oversized postcard with bitcoin cash info. Talking about the utility of our currency. I’m spreading the good news of bitcoin Jesus. I’ll staple a paper wallet or bchtip to each one with a buck or two.
Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to Bitcoin is a purely decentralized digital currency, which makes it unlike any other asset that came before it. Before the digital age, everyone transacted in physical forms of currencies, from livestock and salt, to silver and gold, and finally to banknotes. Bitcoin is a digital or virtual currency created in 2009 that uses peer-to-peer technology to facilitate instant payments. It follows the ideas set out in a whitepaper by the mysterious Satoshi "Bitcoin Cash" Paper Wallets. In August 2017, the Bitcoin blockchain "forked" creating a new digital currency called Bitcoin Cash (BCH). Paper wallets generated on this site are fully compatible with Bitcoin Cash. A special design is available to make it easy to identify Bitcoin Cash paper wallets. Is Bitcoin a Real Currency? An economic appraisal David Yermack. NBER Working Paper No. 19747 Issued in December 2013, Revised in April 2014 NBER Program(s):Law and Economics, Monetary Economics A bona fide currency functions as a medium of exchange, a store of value, and a unit of account, but bitcoin largely fails to satisfy these criteria.
Bitcoin in the United States in 2020 Just Got SUPER EXCITING!!!! US Digital Dollar White Paper HERE!
This is a live demonstration showing how to move/send crypto-currency from a paper wallet (or just a private key) to a different address, in this case, a software wallet managed by the Exodus ... If bitcoin becomes the ONLY form of currency, then it’s a totally different story. The real nature of bitcoin leaves perfect paper trails and proof of acitivity because of the nature in which ... If you have read Satoshi Nakamoto’s original white paper on Bitcoin, the likely takeaway is that BTC is a currency. Take the following excerpt from the conclusion of the white paper. talking about making your own crypto paper wallet. Sign up with coinbase. buy or sell 100 dollars in crypto currency and get 10 dollars of bitcoin for free with this link to coinbase. Also, The US Digital Dollar Project JUST Released a White Paper Laying Out Groundwork for US CBDC and US Digital Dollar in 2020. Also, what is the best exchange to buy bitcoin in the us 2020? Your ...