Hi,
I have a physical BTC coin from Casascius with an unredeemed value of 1 BTC, and I would like to put it up for auction. Since it has considerable value, particularly due to its physical form, I’m wondering how best to proceed to protect myself against fraud.
Specifically, I have the following questions:
Thank you for your help.
I have a physical BTC coin from Casascius with an unredeemed value of 1 BTC, and I would like to put it up for auction. Since it has considerable value, particularly due to its physical form, I’m wondering how best to proceed to protect myself against fraud.
Specifically, I have the following questions:
- How can I ensure that the recipient cannot claim:
- that the coin had no value,
- that it was different from the described item,
- that it didn’t arrive, etc.
- What escrow options are available?
- How should I insure the shipment?
- Has anyone had experience with this?
Thank you for your help.
Quick reply for now.. more later, but insurance will not cover the digital load and to add, services like USPS can only offer up to $50K worth of insurance, so even if they did cover the digital value, you would still be left with about 50% of your funds at risk.
Currently the "reward is not worth the risk" logistically for these coins... You would be better off peeling/redeeming the btc from the coin and then selling the carcass.
Whatever you decide to do, I am happy to help assist with any escrow or logistics
Solid advice, as these coins can be logistically tricky.
To me, Casascius Coins stand out as a tangible reminder of Bitcoin's early days, since so much of Bitcoin's story is digital rather than physical. They're also a bridge between the world of cryptocurrency and the world of numismatics. It's great that collectors recognize their historical significance.
But I never thought of a redeemed Casascius coin as a "carcass" before!