Bitcoin Note has arrived with promises of making bitcoin more tangible. Is it creativity or sheer stupidity?
A new cryptocurrency asset has arrived. Accept, it is neither a cryptocurrency nor an intangible asset. It is pretty tangible and is touted as a new form of Bitcoin.
The Bitcoin Note.
And it has been received by the crowd exactly how one would expect, except much worse.
What is Offline Cash?
Offline cash is the official Twitter handle of Offline.Cash – a purveyor of cash that wants to make it possible for people to hold the intangible bitcoin physically.
The website reads:
“Electronic Cold storage meets Secure printing.”
To get the gist, the site combines currency-grade printing with secure NFT chips to create a usable cold storage product.
Bitcoin Note: is a Bitcoin Bearer Instrument
Understanding the terminologies of the website isn’t that easy. So let us make it simple and key the basics:
- The note combines a local encrypted key that users can generate
- The bitcoin the note represents (the actual bitcoin) becomes claimable once the user cuts the note.
- The user can choose to cold store a note by re-keying it and storing it inside the cold storage. Once the note expires, users will be able to use the private key to access the funds.
To get the gist of this even more complicated definition, Bitcoin Note is a physical note representing a real Bitcoin. Consider it a glorified paper wallet that holds only one count of one currency.
Feature of the bitcoin Note
- It provides secure printing since it has been printed the same way as general cash.
- It works on a multi-signature module that expires once the note is cut, allowing only the note holder to claim the funds associated with it.
- The paper used to make the note is synthetic. The website says that it is durable and no one can tear them. They can be stored in a safety deposit box.
- Users can change and put their notes inside cold storage to use later.
Everything from the website’s wordings to the excitement they’re feeling about these crypto-assets makes it feel like this is the token to look forward to. However, the crypto crowd isn’t too happy about it,
In fact, they have rallied together to make fun of it.
We don’t need Paper – The Bitcoin Crowd says
The official Twitter account has created threads upon threads explaining the uses of this crypto-non-crypto asset and has the crowd baffled.
And here are the reasons why:
- The note is printed with features reserved for fiat currencies
- The coin is dominated by 1,2,5 and 10mBTC. (mBTC is millibitcoin and is equal to 0.001bitcoins).
- Bitcoin has already earned frowns from those who think it hogs too much electricity and is definitely not good for the environment. Now that synthetic paper has come into the mix, Bitcoin can become more environmentally unfriendly.
- The entire concept is needlessly complicated and takes away from the essence of what bitcoin is – a digital cryptocurrency that focuses on decentralized finance.
Coming to the response of the crowd – most of them have been downright hilarious.
Some are showing off their Canadian dollars, saying that it is the Non-Fungible Proof of Ownership paper currency they’ve invested in and is the most stable thing since the beginning.
Check out this revolutionary non-fungible physical-proof-of-ownership paper currency I have!
I invested $20 in to it 6 months ago, it’s so damn stable that to this day it is still worth $20 while BTC has dropped over 40% in that same time period
There wasn’t even a purchase fee! pic.twitter.com/dmKWCDjNSJ— Gaius @CanFur (@GaiusGuy) June 9, 2022
And there are Tweets of those who were looking for a chance to post their memes
I’m sorry if this may seem rude. But this made me think of this meme I had to make. For this situation. pic.twitter.com/aYlKYmLnDw
— The Fiction Addict (COMMISSIONS OPEN) (3/3) (@the_fiction_add) June 9, 2022
It is safe to say that no one is backing this offering, and not many are even talking about it. It is a fiat currency backed by an asset currently fluctuating more wildly than anything else. In fact, at the time of writing this article, Bitcoin has dropped below $25k, something that has made the crowd look for other investments.
But is it all bad?
Making Crypto Tangible – A Grand Experiment
There have been more than a few attempts to make NFTs tangible. Their entire premise is to bring real-world use cases for Non-Fungible Tokens. But can the same be done for cryptocurrencies?
No, not in the opinion of most experts and those who have some semblance of knowledge of crypto. Bitcoin already has a target on its back (read New York Crypto Ban) due to its high energy consumption. On top of that, The Bitcoin note is created using synthetic materials. The origin of these materials is not known. It is safe to assume that they can prove hazardous to the environment.
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Source: https://insidebitcoins.com/news/bitcoin-note-creativity-or-sheer-stupidity