What’s this, I thought bitcoins were digital now I see Bitcoin COIN all over the place. Well, not exactly all over the place but I do see them around the web a lot.
What exactly is a Bitcoin Coin?
A Bitcoin Coin is a physical coin also known as a Casascius Bitcoin that measures about the size of a US quarter. These coins are produced by Casascius and are are collectible coins which are backed by real bitcoins. Each coin has its own bitcoin address and a redeemable “Private Key” on the inside of the coin under a hologram.
How does a Casascius Bitcoin coin work?
Each coin has a “private key” printed on a card that is embedded inside the coin and covered up or protected by a tamper proof hologram. Well, its not really tamper proof but if it is tampered with, a honeycomb pattern is left behind. As long as the hologram is intact the bitcoin is good. There is also an 8 character code printed on the outside that is visible. This is the first 8 characters of the bitcoin address that is assigned to this specific coin. You can confirm balance on the coin via the Block Explorer.
How do I use my bitcoin coin?
To redeem a physical bitcoin coin you will need to convert the embedded
code back into a digital bitcoin. The embedded private key code is all that is needed to redeem these coins. You can simply enter (or “import”) your bitcoin coin’s private key code directly into Bitcoin clients such as Armory, Blockchain.info, or directly into Mt. Gox as a form of deposit.
Where do I get a bitcoin coin?
You find them from localbitcoin.com from buyers/sellers but the perhaps the easiest way is to order one from the source. https://www.casascius.com. These coins come in different flavors or denominations. Silver Single Bitcoins, Silver Half Bitcoin, Brass Single, Brass Half, Gold plated 25 Bitcoins plus a few variations that come in non denominations that can be used for promotional purposes.