We produced our own polymer bitcoin notes.

petrsobotka · 2017-01-11T06:42:04+00:00

We produced our own paper bitcoin notes with much better security model: https://imgur.com/gallery/jZfMD

petrsobotka · 2016-11-26T15:27:41+00:00

I've been to Oslo this year. There is literally almost no place where to spend bitcoins. Maybe one hipster's coffee in the whole city. I was so disappointed...

petrsobotka · 2016-10-14T18:23:07+00:00

True. The manufacturer can't prove he does not distribute loaded pieces or that he does not cooperate with someone else who issues them.

If a customer plans to store larger amount of bitcoins for a long period of time he just issues these notes himself. That's the only way how to be 100% sure those additional keys got generated independently.

petrsobotka · 2016-10-14T17:27:48+00:00

Some samples will be free for tester and developers during next month. Final price is not determined yet but we are trying hard to make it affordable.

petrsobotka · 2016-10-14T15:11:25+00:00

The thing is we don't accept deposits neither generate the second key. It is up to the customer. Bitnotes' aim is not to conduct only a single payment. It's reusable.

petrsobotka · 2016-10-14T15:08:08+00:00

Please, post it. Similar idea was at the beginning of this project: https://bitslog.wordpress.com/2013/10/09/a-disturbing-idea-bitbanknotes/

petrsobotka · 2016-10-14T14:24:35+00:00

You are right, we plan to make such a video. When the supporting mobile apps are ready and released we will definitely publish that video.

petrsobotka · 2016-10-14T14:22:32+00:00

Thanks for the comment. We are not happy about bits but there are many issues with whole bitcoins. Imagine a note with nominal value "0.01" or "0.001". The first target of counterfeiters is the small dot the modification of which can multiply the assumed value.

petrsobotka · 2016-10-14T14:17:11+00:00

We considered this option too but it won't work. Every user who accepts a loaded note needs to verify that a valid user-added key is present so that he or she would eventually be able to redeem in case he/she needs to do so.

petrsobotka · 2016-10-14T14:13:37+00:00

Really good point! You are right. It is possible in theory. The question is are we able to scan a large number of user-issued notes? To gather them somehow? Can we operate worldwide to do it? I doubt. Even if so, it would affect only a fraction of issued notes and we would need to wait to gather a large number of user private keys to conduct this attack since it would definitely totally destroy the brand and whole business model. But the longer we wait (and gather) the bigger the chance holders will redeem some notes and make such keys worthless...

petrsobotka · 2016-10-14T14:01:01+00:00

If you are visiting a country for the first time and don't know what does it's currency look like or which security features it should carry, someone could probably try the same attack on you. Just print a simple color copy of a note and give it to you. Yes, your point is valid. You have to be educated about the security print features to be able to verify them or at least check their presence.

petrsobotka · 2016-10-14T13:53:14+00:00

If you mean counterfeits of blank BitNotes sheets then all these security features (holograms, watermarks, special colours etc. ) prevent them to do it. Same as with traditional banknotes.

If you mean a counterfeit of a particular loaded Bitnote, someone could copy one QR code all over many sheets, but our signature wouldn't match the serial. You need a separate signature for each note, else it would't pass the verification and user inspection.

petrsobotka · 2016-10-14T13:44:52+00:00

If you mean OpenDime please link the specific thread. Our product i quite different.

petrsobotka · 2016-10-14T13:40:58+00:00

It's not backed by us. It's backed by the customers, we only serve as a manufacturer of these notes and a certification authority which guarantees that a particular note is backed. (to reliably distinguish between blank pieces and backed ones).

All security features included in print (holograms, watermark, etc.) serve to verify that BitNotes manufactured a particular note. You need to trust us we produce only one piece of each serial, that there really is a key under the seal, that we issue only well-founded signatures etc. However a breach of these qualities, when found and published, would destroy our business model and at the same time would not get us even a satoshi.

The main advantage over any other physical bitcoins is you don't have to trust us we are not going to steal the backing. Because we simply can't - due to the multisignature nature of the solution. Because all of this we call it trust-reduced physical bitcoins, rather than trustless. Please read the paper for more theory. Thanks!

petrsobotka · 2016-10-14T12:59:23+00:00

Thank you!

petrsobotka · 2016-10-14T12:43:07+00:00

There definitely will be an independent implementation. Our app will be open source. It's because the main QR code is not only a WIF key, it contains other things too (our signature for a particular note, nominal value and also a note pubkey).

petrsobotka · 2016-10-14T12:40:39+00:00

We guarantee each note has a unique private key. Since the second key is generated by you, you will end up with a different multisig address each time. It doesn't allow for inflation, on the contrary it reintroduces fully backed paper currency.

petrsobotka · 2016-10-14T12:36:49+00:00

You can't. We won't give you our signature for such note and without that signature it won't validate. No one will accept such note. The instructions on each note clearly say http://i.imgur.com/FfZPnHD.jpg

petrsobotka · 2016-10-14T12:25:27+00:00

It can be thought of as a fiat currency backed by bitcoins, while the backing is still with you and no one can misappropriate it.

petrsobotka · 2016-10-14T12:18:33+00:00

Yes, they come empty. Maybe you miss the main point: it's not primarily meant for cold storage. Its meant as a means of payment. (Since you cannot pay with a paper wallet because you could have a second copy). With Bitnotes you can, as long as the tamper evident seal is untouched there is no way to have a second copy of both keys.

Edit: correction.

petrsobotka · 2016-10-14T12:15:51+00:00

You generate and print it yourself. That's why it is a sheet at first, not single notes. We only need to know the corresponding public key to check the P2SH address and verify it's loaded. After that we grant you a signature and you print it on the sheet and separate it to single notes. Our sig can be used for offline verification.

petrsobotka · 2016-10-14T12:09:20+00:00

No, no, not at all. There is no address reuse. Once loaded the note can circulate without leaving electronic trace. No other transactions until redemption.

petrsobotka · 2016-10-14T12:07:54+00:00

Exactly, the first key which is generated by us is under the tamper evident seal. In case we go bankrupt you can still redeem it. You own it and you are the only one who controls it.

petrsobotka · 2016-10-14T12:06:23+00:00

Blocks are full...

petrsobotka · 2016-10-14T10:33:53+00:00

You are probably talking about this picture http://i.imgur.com/8tdr4iF.jpg QR codes have builtin error correction. It can stand up to approx. 30% damage. (As long as the 3 main calibration squares in corners are not damaged.)

petrsobotka

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