I wish to use US currency ($1 bills specifically) because I want to lean on the counterfeiting security and laws. I wouldn't know how to verify paper rubles, pesos or rupees, or how unique each bill is. It would take huge balls for someone to knowingly counterfeit a FRN and send it through the US mail system.
I'm not disagreeing with your decision and reasoning but should point out that counterfeit FRNs were for sale on that tor market that was shut down and shipped via US mail.
But yes, a neat way to piggyback off the anti-counterfeit features that an ordinary person accepting the note can use to help verify its authenticity.
The USD$1 has anti-counterfeiting features? Such as?
Its main/only meaningful anti-counterfeiting feature is the one which you are voiding, its low value.
It has no security features beyond starch-free paper and even its micro-printing is not beyond the reach of cheap printers today.
Most anything else would be a better choice if you are looking for counterfeiting security, and the counterfeiting security laws will apply to any nation's currency.
If you are smitten with the USA bills, and want the advantage of the honest mistake of your customers accidentally spending it and losing the ability to redeem it, you might consider moving up to the new US$5 which have UV sensitive thread and watermarking.
Yes, the paper is going to be what I check before releasing coins, and should be checked by those who accept it as payment. Maybe I'm underestimating criminals, but the risk involved to counterfeit a $1 bill to get 0.05 BTC for free seems a bit steep. I would contact authorities if I came across a counterfeit bill.
Hoping to launch in the next few days - website is being built! We are taking steps so others can re-produce the idea. With luck, many local pubs and stores around the world will be able to release coins with their own keys.
Counterfeiting a US$1 is very easy. Especially if just changing the serial numbers. It is a lot cheaper to do than 0.05BTC is today.
For what its worth, the paper is pretty cheap. You can get it for US$1
I hope for your success. You probably have nothing to worry about with the current value of BTC, though who knows what the future may bring.
The Liberty Dollar paper currency had DNA taggants. At the time it had more security features than any other paper currency in one piece.
