What Is A Physical Bitcoin And How Does It Work?

Are you curious about What Is Physical Bitcoin and how it actually works? It is likely that you are considering investing in cryptocurrency if you are reading this article. You must have planned everything, including the broker and investment amount, but are you sure your investment will be secure enough? 

What if you got scammed and someone broke your wallet and stole all your bitcoins by hacking your private key? This is the reason why you should know about physical Bitcoin. Hence here is the solution for all of your problems.

What Is Physical Bitcoin?

To make monetary value and digital representation easy to understand, physical Bitcoin was created as a connection between them. Every Bitcoin holder who is interested in investing and collecting Bitcoin worries about losing their private keys or setting up their digital wallets.

According to these concerns, many investors transfer their bitcoins into a physical, digital currency. Usually, these coins are made of metallic alloy using brass, silver, or gold.

Most of these coins are pre-funded or pre-loaded with the amount of Bitcoin. Now you can access the cash in your bank account by inserting an ATM card.

How Does Physical Bitcoin Work?

Mostly you will get physical Bitcoin pre-funded or pre-loaded loaded with a specific amount like 1,5,10, or 100 BTC. With the coin, you will get identified the number and private keys which are hidden. The identification also gives basic information about your Bitcoin, like its manufacturing date, manufacturer name, and lot of Bitcoin.

The reason why the private key on your Bitcoin is hidden is to Dave them from the scammer; because anyone knows about the private key of your coin, they can use it to redeem your pre-loaded Bitcoin amount.

Types Of Physical Bitcoin:

According to research, about 60 manufacturers and providers of physical bitcoins exist. So this means there are different types of physical bitcoins in the world. Now each physical Bitcoin is given below so you can choose which one you want.

Casascius Coin:

Casascius coin was the first original and still most famous bitcoin. It was started in 2013, and its manufacturer was one of the Bitcoin enthusiasts mike Caldwell. In total, mike card will produce more than 30 physical Bitcoin types, and they all have different dominations starting from 0.1 BTC to 1,000 BTC.

Each of these coins has its private keys. And there was an eight-character code that was used as the specific address. Later this eight-digit code can be used to verify the balance of Your Physical Bitcoin.

 Titan Bitcoin:

This physical Bitcoin is the easiest way to make fool any person who doesn’t have much experience in physical Bitcoin. Precisely you can say that these types of physical Bitcoin are gold coins with specific digital data. There is a security hologram, a unique I’D, and a few in numbers. This Bitcoin was first introduced in 2014, and at that time, a single gold coin had 24-karat gold pre-funded of them.

Like the casascius coin, it also has an eight-digit code and a website where you can use this code to ask any query or see the coin’s current value.

Alitin Mint:

Alitin mint is a 2-ounce silver coin available in only two different designs. One is an economic pioneer French patron, and the other is Adam smith. And soon, you will find its third design in the coin market. For the past few days, there has been a rumor that Alitinmint.com may no longer be available. No one knows the exact reason, but it can happen if the funds are stolen or compromised. In both ways, they are responsible for all the loss.

Cryptmint Coin:

The main purpose of the cryptmint was to fulfill all business needs. This physical Bitcoin is undoubtedly new in the market but still gaining much popularity. It is a copper-piece coin that costs around 42 dollars on each coin. You can find a total of around six different QR designs of cryptmint.

Ravenbit Satoshi Coin:

This coin was first introduced in 2014, and these coins are still in high demand. The complete price of a single coin is $25, including goodies, holograms, pouches, and displays. It is 36 mm thick in diameter, and the coin is printed with binary coding.

 Antana Coins:

Now, this is one of the affordable options with an eye-catching design. On the front side, you can see its logo; when you flip, there is a QR code printed for scanning purposes. You can buy each coin in just 0.02-0.04 BTC while buying the complete set with 20 coins will cost 0.41 BTC.

Lealana Coin:

Lealana coin is one of those popular and reliable options. This coin was first introduced in the market in 2013. You can find these coins in gold, silver, and metal, which increases their lifespan. You can buy these coins in the market at 0.042-0.325 BTC.

 Coinedbits:

Doesn’t consider these coins as physical coins with Bitcoin wallets. These coins are novelty coins. You can find the price of these coins different in different regions. In North America, you can buy a single piece for $14.99, and each piece is available overseas for $19.99.

Is It Legal To Have A Physical Bitcoin?

No doubt, physical Bitcoin has changed the way digital currency is. From adding all your digital coins to your wallet to carrying them in your pocket, everything just changed. These coins look just similar to gift cards. I’m simple words; now you can easily carry your digital currency without fear of scams.

But before investing and buying physical Bitcoin, check your country’s laws and regulations. The US finance state bans the manufacturing and selling of physical bitcoins. And now, in the US, physical Bitcoin doesn’t hold any state license.

The reason why physical Bitcoin got banned by the US government was due to its illegal uses. Many US citizens were using these physical bitcoins to buy drugs and other illegal items. However, some regions will not allow physical Bitcoin in their state. So you must check before owning them.

Conclusion:

We hope you better understand what is a physical bitcoin, its types, and how to use them. Checking all the rules and regulations before buying physical bitcoins is recommended. Apart from that, there are different types of these Bitcoins, so you have a long variety to choose from.