First of all, what is
representative money:
A claim on a commodity, for example gold certificates or silver certificates. In this sense it may be called "commodity-backed money".
Then, what is
gold certificate:
A gold certificate in general is a certificate of ownership that gold owners hold instead of storing the actual gold. It has both a historic meaning as a U.S. paper currency (18631933) and a current meaning as a way to invest in gold.
I just wondering if Bitcoin can also have representative form like the gold certificate. This representative form will be a paper that contain sealed private key. This paper will have face value that represent the Bitcoin amount it has. We could call this
"Bitcoin-backed money". Futhermore we can use this Bitcoin-backed money just like we use paper money (banknotes) everyday.
How do you think about this idea?