Then you could just print off several of these whenever you need to, and spend them at Bitcoin accepting institutions. JUST LIKE FIAT PAPER MONEY.
The seal on Paperwallets, so far as I have seen, was always a FAIL (just with varying afford to break it)
But you could do the following: Create a BANK. That prints out paper money in classical forms, with a serial number on it. And guarantes to print exactly the amount kept stored inside it's cold wallet. There is none such thing like a private key printed on them. Nothing to steal there, besides the note itself. As in classical money.
Why doing that, you might ask? Well, for several reasons.
- It is possible, so it will be done, period. Stop argueing.
- One can print nice pictures of historical ASIC devices on the front
- It reaches a "niche market" out there, where a currency is needed for simple trades. Wares vs. cash right on spot.
People are used to money the way it is so why not give them that feel with btc. A decentralized currency with a bank, maybe but I don't think any human is honest enough to run it like banks now. Problems are,
The owner still doesn't actually have their money anymore the bank does just like now.
What sort of 'guarantee' do we get that they don't print more that allowed?
Who owns the bank or banks?
Also would this bank get insurance on their private cold storage?
Interesting thread though, I will follow it and see what comes up.