Post
Topic
Board Project Development
Re: Bitnotes: paper notes backed by bitcoins
by
troner
on 12/10/2016, 14:33:05 UTC
What was the need that made you create this?

The need for secure physical bitcoins.

There are many use cases: trading bitcoins with newbies, introducing new persons into Bitcoin via a gift, cold storage for conservative investors, possibly buying BTC in ATMs.

There have been many attempts to produce physical bitcoins and there is definitely a market for them.

Our product is not very similar to OpenDime. You won't need a computer with full USB port to accept a BItnote. Only a smartphone with an appropriate app.
You don't have to scratch it off at all, you can pay with it to somebody else. That's the main point. It's reusable. Like cash.

The second main point is that the manufacturer cannot steal the funds as long as you don't reveal the user's key from a particular Bitnote.