What are Physical Bitcoins?
Let's find out Physical Bitcoins meaning, definition in crypto, what are Physical Bitcoins, and all other detailed facts.
The notion of manufacturing multiple physical versions of Bitcoin (BTC) has evolved since the cryptocurrency's inception, although they are far from popular, with just a few companies active in this embryonic sector.
Despite the fact that Bitcoin is a necessary good of the digital age, there has been a lot of interest in procedures like pricing private keys and protecting them in the form of physical items, or looking for ways to make digital assets feel more like traditional fiat currencies by using a physical token.
For many people, possessing something physical is very appealing and this was the main reason the industry of Bitcoin decided to create the idea of a physical variation. Some people are also intrigued by the idea of the item becoming a collectible object.
A physical Bitcoin has three main factors. Firstly is the development of a physical coin, which in itself does not have a virtual value. Secondly, there is a favorable design of the front side of the coin, but this is only performed for cosmetic reasons. Lastly, the design could be a basic logo.
However, coins that contain an empty, blank side are referred to as blanks. In this scenario, the coin is not loaded with any Bitcoin or Bitcoin addresses.
How Can a Physical Item Be Transformed Into Bitcoin?
In total, to transform a physical item into Bitcoin, two components are required, which are similar to the principle behind paper wallets. The first is the provision of a public key, which is masked from plain sight.
However, it should be available to the owner whenever he needs it. Based on how the physical Bitcoin is constructed and configured, the holder can see the public key on the backside in a variety of ways. This enables him to spend the Bitcoin held on the real coin.
The second component is the storage of a private key, which is often accomplished with the use of a tamper-proof hologram to provide optimum safety.
Examples of Physical Bitcoins:
- Casascius
- Alitin mint
- Titan Bitcoin
- Cryptmint coins
- Antana coins
- Ravenbit Satoshi coin
- CoinedBits
Besides, note that there are several coins that were never materialized.