Design choices for central bank digital currency

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Bitcoin paper currency

I just wrote this as a reply and thought I'd turn it into a submission.
Here's my idea for bitcoin paper notes (basically standardized paper wallets):
Goal
Pass around bitcoin notes like paper money worldwide without necessarily having electricity or internet access.
Implementation
Create standard paper notes of various bitcoin denominations and put on the note both the public key (visible QR code) and private key (QR code hidden by scratch-off material).
Once the notes are created, pre-load the notes with the denomination indicated by each note, e.g. 500 bits, 1k bits, 5k bits, 10k bits, 100k bits, etc. (Right now $1 USD = approx 4k bits.)
Notes (especially ones that are starting to degrade) can be taken out of circulation by anyone at anytime by scratching off and revealing the private key and then transferring the bitcoins.
Verification
You can tell if a note has been compromised by (1) checking to see if the scratch-off material has been removed and (2) checking the balance via the public key.
Weaknesses
Hackers could use some sort of x-ray device to get the private key, give you the note, and steal the bitcoin later, but hopefully the note/scratch-off material would be good enough to fend off all but the most sophisticated/expensive attempts at hacking the private key.
Hackers might also try to replace the scratch-off material on the private key. There would have to be some sort of holographic watermark over the scratch-off material that would be very hard to replace.
Hackers could also create counterfeit notes where they know the private key beforehand. You could thwart this by checking incoming transfers to the public key on the note and see if it came from an "official" source.
Oddly, these kinds of notes would allow people to load MORE bitcoins onto the note. Not sure what kind of problems this would cause...
Conclusion
It's not a perfect system, but neither is any paper currency system.
If enough trust is formed around these standardized notes, people would use them just like paper currency, i.e. knowing there is a small risk that they might be using a bad note but not enough of a risk to verify every single note every single time they use it.
The advantage is that it is easier for the common person to verify a note than it is with fiat currency.
submitted by bitcoinbanana to Bitcoin [link] [comments]

Physical assets like gold, silver, real estate can be confiscated, Paper assets like currency, govt. bonds, paper gold etc. can be devalued or dissolved But #Bitcoin can neither be confiscated nor devalued It's time to follow Plan ₿ and sticking to it

submitted by eljaboom to Bitcoin [link] [comments]

Forget Bitcoin! Now is the time for a new form of currency entirely based on toilet paper. I shall call it ______ !

submitted by TheDankestSlav to AskOuija [link] [comments]

In today's #Tokenncoin weekly #cryptonews roundup: Newly issued Fed #currency is not backed by paper bills #Bitcoin's inflation rate to drop to 1.8% #DowJones is forming a rising wedge similar to one from 1929 #BOLT's token swap raised suspicions to users

submitted by Tokenncoin to Tokenncoin [link] [comments]

Paper currencies are no longer backed by gold or silver and are now little more than numbers on a screen. 🤷🤷🤷 This makes them more ""digital"" than cryptographic currencies like bitcoin. 🤗🙃 Thoughts? 🤔 #investing #gold #silver #cryptocurrencies #bitcoin #BTC

Paper currencies are no longer backed by gold or silver and are now little more than numbers on a screen. 🤷🤷🤷 This makes them more submitted by WeeMat to u/WeeMat [link] [comments]

Is the Bitcoin white paper discussing the protocol/system or the currency itself?

It does not mention - - 21 million cap - supply schedule - "bitcoin" or the plural
It does mention - - "A block header with no transactions would be about 80 bytes" - "suppose blocks are generated every 10 minutes" - "Bitcoin"
Is the paper discussing Nakamoto consensus or the currency? Both?
submitted by gaguw6628 to btc [link] [comments]

The "SirToshi" White Paper - Why the Bitcoin protocol is the only genuine currency

The submitted by FutureBitcoinSV to bitcoinsv [link] [comments]

TIL: Bitcoin mining uses less electricity than gold mining, paper currency printing, the banking system and also governments.

TIL: Bitcoin mining uses less electricity than gold mining, paper currency printing, the banking system and also governments. submitted by MoonMan_666 to Bitcoin [link] [comments]

Your paper currency steals from you. Bitcoin treats everyone equally.

Your paper currency steals from you. Bitcoin treats everyone equally. submitted by Chl0r0PHIL to Bitcoin [link] [comments]

Why is there so much debate on whether Bitcoin is store of value or digital currency? Satoshi's white paper was pretty clear it's a digital currency.

Why is there so much debate on whether Bitcoin is store of value or digital currency? Satoshi's white paper was pretty clear it's a digital currency. submitted by hunk_quark to btc [link] [comments]

TIL: Bitcoin mining uses less electricity than gold mining, paper currency printing, the banking system and also governments.

TIL: Bitcoin mining uses less electricity than gold mining, paper currency printing, the banking system and also governments. submitted by Cryptophorus to btc [link] [comments]

The story of Wei Dai (one of the few people referenced by Satoshi in his white paper) and his ingenious idea behind b-money. The first decentralized digital currency. Pretty much a blueprint for Bitcoin. From 1998. (Oh, and he came up with Proof-of-Stake as well)

https://medium.com/blockwhat/98-wei-dai-who-dat-f93c4e4bcfc9
submitted by TillAntonio to Bitcoin [link] [comments]

One Bitcoin Money Not Currency Paper Banknotes Anti-Fake 1 BTC Bills Collectible

One Bitcoin Money Not Currency Paper Banknotes Anti-Fake 1 BTC Bills Collectible submitted by Hellterskelt to bitcoin_is_dead [link] [comments]

One Bitcoin Money Not Currency Paper Banknotes Anti-Fake 1 BTC Bills Collectible

One Bitcoin Money Not Currency Paper Banknotes Anti-Fake 1 BTC Bills Collectible submitted by ososru to Bitcoin4free [link] [comments]

1 / One Bitcoin Paper Note, BTC, Collectibles, Not Currency, Fancy notes

1 / One Bitcoin Paper Note, BTC, Collectibles, Not Currency, Fancy notes submitted by Hellterskelt to bitcoin_is_dead [link] [comments]

One Bitcoin Money Not Currency Paper Banknotes Anti-Fake 1 BTC Bills Collectible

One Bitcoin Money Not Currency Paper Banknotes Anti-Fake 1 BTC Bills Collectible submitted by Leka213 to CryptocurrencyToday [link] [comments]

One Bitcoin Money Not Currency Paper Banknotes Anti-Fake 1 BTC Bills Collectible

One Bitcoin Money Not Currency Paper Banknotes Anti-Fake 1 BTC Bills Collectible submitted by Rufflenator to 3bitcoins [link] [comments]

1 / One Bitcoin Paper Note, BTC, Collectibles, Not Currency, Fancy notes

1 / One Bitcoin Paper Note, BTC, Collectibles, Not Currency, Fancy notes submitted by Leka213 to CryptocurrencyToday [link] [comments]

1 / One Bitcoin Paper Note, BTC, Collectibles, Not Currency, Fancy notes

1 / One Bitcoin Paper Note, BTC, Collectibles, Not Currency, Fancy notes submitted by Rufflenator to 3bitcoins [link] [comments]

1 / One Bitcoin Paper Note, BTC, Collectibles, Not Currency, Fancy notes

1 / One Bitcoin Paper Note, BTC, Collectibles, Not Currency, Fancy notes submitted by ososru to Bitcoin4free [link] [comments]

Ignore the funny looking dude, what you see there is a double sided oversized postcard with bitcoin cash info. Talking about the utility of our currency. I’m spreading the good news of bitcoin Jesus. I’ll staple a paper wallet or bchtip to each one with a buck or two.

Ignore the funny looking dude, what you see there is a double sided oversized postcard with bitcoin cash info. Talking about the utility of our currency. I’m spreading the good news of bitcoin Jesus. I’ll staple a paper wallet or bchtip to each one with a buck or two. submitted by pudgymennonite to btc [link] [comments]

LOT 10 PCS, One Bitcoin Paper Notes, BTC, Collectibles,Not Currency, Fancy notes

LOT 10 PCS, One Bitcoin Paper Notes, BTC, Collectibles,Not Currency, Fancy notes submitted by Rufflenator to 3bitcoins [link] [comments]

Paper Crypto Wallets Explained Bitcoin Paper Wallet Beginners Tutorial What Happens if Bitcoin Becomes the Currency of The Future? Bitcoin Rises: Digital currency beats paper How To Extract Bitcoin From A Paper Wallet

This is where the original Bitcoin white paper really shines. It is among the most readable and understandable blockchain white papers ever written. It’s also not very long, in contrast to many modern white papers. If you’ve never read it, the Bitcoin white paper is a good place to start. Bitcoin is a digital or virtual currency created in 2009 that uses peer-to-peer technology to facilitate instant payments. It follows the ideas set out in a whitepaper by the mysterious Satoshi While the goals of cryptocurrencies such as Bitcoin differ dramatically from that of CBDC, they offer evidence of feasibility and technical ideas for retail deployment of digital currency. Choose your currency and click on the "Generate new address" button. Step 2. Print the Paper Wallet. Click the Paper Wallet tab and print the page on high quality setting. Never save the page as a PDF file to print it later since a file is more likely to be hacked than a piece of paper. Step 3. Fold the Paper Wallet Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to

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Paper Crypto Wallets Explained

Bitcoin Paper Wallet Beginners Tutorial. One of the most popular options for keeping your bitcoins safe is something called a paper wallet. I explain how to transfer all those digital coins into a ... If you have read Satoshi Nakamoto’s original white paper on Bitcoin, the likely takeaway is that BTC is a currency. Take the following excerpt from the conclusion of the white paper. If bitcoin becomes the ONLY form of currency, then it’s a totally different story. The real nature of bitcoin leaves perfect paper trails and proof of acitivity because of the nature in which ... Imagine having money that's free from government control, safe from haircuts and decentralized. There is such a thing - and it's called 'bitcoin'. The cyber-currency's value has increased ten-fold ... This is a live demonstration showing how to move/send crypto-currency from a paper wallet (or just a private key) to a different address, in this case, a software wallet managed by the Exodus ...

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