We review the new Custom Value coin from Denarium, which is a fun way to store any amount of bitcoin. We also review Coin Box #2, a stunning display to showcase your entire collection of cryptocurrency.
Be sure to check out the Denarium website at https://denarium.com. Enjoy!
Henry, what prevents someone other than the owner (including Denarium) from redeeming (stealing) the bitcoin on the coin? Anyone can peel off the hologram sticker, scan the QR code private key, load the bitcoin into a wallet, and then transfer the bitcoin to another wallet address. Are the private keys password protected? How does the multisig option work?
+Derek Mahar Hello! Nothing stops someone from spending the funds if that person gets access to the physical coin itself. It's not password protected. The hologram is mainly there to protect potential buyers in the aftermarket and also to protect it from middle-men in shipping.
We don't store the keys anywhere thus we can't spend the bitcoins in any of the coins, however we can't really prove this. If you want a trustless coin that uses multisig, we have information on that at https://denarium.com/multisig/. It's a bit more complicated to buy a multisig coin but it is trustless then.
We are also looking at launching a new type of multisig product. In that product we create the keys, but we sell for example 3 coins in a bundle. Of the 3 coins, 2 are needed to spend the bitcoins. This protects the owner from physical losses of the coins. I think it's a great idea and we hope to launch this product soon.
Wait, why do I even want to own a btc coin itself? While I understand SOME people need to have something physical in their hand, ok, but, what's the point of btc in the first place? To be in the computer..... Some company making a 'coin' to sell you in set amounts of btc seems superfluous and rather stupid. A fun way to store btc, sure. Still and all, some company looking to cash in selling you brass.
I'd add that the coins are actually very secure means of storing bitcoins. Storing them in computers is usually less safe. We at Denarium also offer multisig option for ordering trustless coins (coins that even we can't theoretically spend). This is one reason to use coins other than just as a "novel item".
The reason to buy a physical bitcoin is the same as any collectible: as a hobby, for fun, as a gift, or maybe as an investment. You're right: Bitcoin inside a physical coin is a little silly, because you can't "spend" it without opening the coin and using a computer or phone. Most people don't want to do that, so it's really just a novel piece of metal that is something to admire.
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