In many respects, his creations looked and felt just like conventional coins, and back then were worth scarcely more. In fact, with the first batch that Casascius released, the cost of postage alone was set at 1 BTC, while each 1 BTC coin was priced at 1.

The first 8 characters of the bitcoin address appears on each coin. This might be nice as an investment if there was a good indicator that your investment would give you any kind of return. Mike Caldwell sold his Casascius physical coins until late , by which point close to 28, coins had been minted. Almost half of those coins have now been redeemed, but over 47, BTC remains unclaimed at this time, waiting until the owners can bring themselves to peel off the holographic layer and redeem them using the private key.

While BTC has remained a primarily digital currency, today physical bitcoins exist in many forms including paper wallets , commemorative coins, and limited edition trinkets. Simply through engraving, printing, or etching the public and private keys to a bitcoin address, and obfuscating the latter, anything can be turned into a physical bitcoin and used to hold any amount of BTC or BCH.

So, while there are some other physical cryptocurrencies, most real-world crypto coins are in bitcoin. Physical bitcoin: Casascius One of the best known physical cryptocurrencies is Casascius. Starting in , bitcoin user Mike Caldwell minted a range of physical currency, containing a range of bitcoin from a 0. In order to cash in their bitcoin, purchasers would remove a holographic sticker to reveal a key. This process was called unpeeling. In , though, Caldwell closed down his business after being told by the US government that, by minting coins, he was breaking the law.

Rather than do this, Caldwell, who had minted 27, coins of varying value, stopped minting loaded coins. Despite the closure, Casascius coins are still worth something. According to CasasciusTracker , the majority of the tokens were still wrapped up. As of 12 May , there were 19, active coins, compared with the 8, that had been redeemed.

In reality, there is almost certainly far, far more. Physical bitcoins: Worth more than they hold? One of the many interesting things about physical bitcoins is their value. You would expect a material version of the crypto to be worth what the crypto is worth itself, but because of the comparative rarity and the collectability of the physical coin, it is often worth more. This is especially true if and when a range stops being minted.

They manufacture physical bitcoins, which are offline wallets, with the public and private bitcoin keys engraved on the back of specially designed coins.

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A neat-looking novelty that looks unmistakably valuable. Available as a pre-loaded BTC bar, as well as a non-denominated savings bar. Two-factor encryption is available at no charge. Bar is 80mm x 40mm x 6mm. How they work: The "private key" is on a card embedded inside the coin and is protected by a tamper-evident hologram. The hologram leaves behind a honeycomb pattern if it is peeled. If the hologram is intact, the bitcoin is good.

If you have purchased a 2-factor item, the private key is encrypted and will need to be decrypted using your original preselected passphrase before you can redeem the funds. The 8-character code you see on the outside of the coin is the first eight characters of the Bitcoin address assigned specifically to that coin. You can verify the coin's balance on Block Explorer. There is a mathematical relationship between the Bitcoin address and the private key inside the coin.

The digital bitcoin is actually located on the public "block chain" stored on the internet, but it is completely inaccessible to anyone unless the private key from the coin is loaded into a Bitcoin wallet. To recover the digital bitcoins, there are several ways to convert the embedded code back into a digital bitcoin so it can be spent over the internet.

Most importantly, none of the methods relies on me or any other central issuer, due to Bitcoin's completely decentralized design. The embedded private key code is everything a Bitcoin client needs to find and claim the digital Bitcoins from the peer-to-peer network. While 19, actual coins were active from the Cassius collection, 8, have been redeemed so far. In addition, Cassius Physical Bitcoin usually sells at a higher price than the digital standard in the secondary market.

Even unloaded coins, with the flooding of digital funds, can sell for a decent amount of money these days. In fact, it is difficult to find a loaded Cassius physical bitcoin and there are lots of meaningless coins in the secondary market that are only sold for collectible purposes. Let us know what you think about this topic in the comments section below.

Jamie Redman Jamie Redman is the news lead at Bitcoin. Redman has been an active member of the cryptocurrency community since He has a passion for bitcoin, open-source code and decentralized applications.

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