Post
Topic
Board Project Development
Re: Bitnotes: paper notes backed by bitcoins
by
Decoded
on 12/10/2016, 04:08:49 UTC
Id be happy to review this. Send me a sample and I'll review it on my blog, cryptodot.com.

I have a few questions, however.

1. Much like an opendime, this is a cheaper paper alternative. However you have to take the time to scan it to verify it holds bitcoin. Not for the lazy.
2. You need a special application to generate multisig privkeys using keyparts for extra security, right?
3. What advantage does this have over cash?
4. The design is quite primitive, I must say. It seems like the note is a little too flashy.

You you still need to 'redeem' it online. I like the idea, as I am a fan of physical coins and banknotes but this project won't win hearts of old school FIAT lovers.

If I'm understanding this right, you don't need to redeem it. The bitcoin is meant to be left in the note, so the note itself will be worth x amount of BTC. Just like 1 dollar represents x a share of the economy, among other factors.