Re: I just made my first Bitcoin ATM withdrawal... 3BTC from my printer.
I assume it's the private key that's under your finger. Without any additional security measures, how can one be sure that a paper coin is unspent?
The idea with these is that the receiver of a bill scans the private key, immediately moving the funds to another address. The bill can then be discarded.
So stupid... if you NEED INTERNET ACCESS to verify it, then why is it in paper in the first place?
This is only useful for personal offline backup, never to be used for public transfer.
The recipient needs internet access. I plan to use this method if I for local, in person sale of my bitcoins for cash.
For example: I have a localbitcoin ad to sell 10BTC. Someone responds and we meet wherever he is comfortable with his internet access. I print and fund a 10BTC bill before going out to meet him/her. We exchange cash for paper, and they transfer the coin to there own wallet. Yes, they should have access, but I don't need anything other than my printed coin. I don't have a smart phone so this is ideal for me.
yeah also if you think about gifts. you want to spread the idea of bitcoin within your family and spend gifts of BTC bills to all. so they don't need to check if the bills are funded because they trust in you.
