What is an ironclad bitcoin?
What is an iron bitcoin?
Bitcoins don't physically exist: the decentralized blockchain network and cryptocurrency are all just software code. The crypto wallets that store digital assets are simply a software interface — a shell. Although even the cryptocurrency Bitcoin has the word coin in its name, this digital asset exists only in the form of zeros and ones.
Just as some people collect rare or unique coins, others are interested in buying physical forms of digital currency.
An iron bitcoin is a physical collectible made in the form of the logo of the first cryptocurrency. Investors and collectors value such items because they have symbolic significance to them. Despite the name, an iron bitcoin can be made of various precious metals such as copper, gold or silver.
Iron bitcoins can have their own denomination, such as 0.1, 0.5, 1 BTC, etc. There are even physical bitcoins with denominations of 100 and 1000 BTC. The larger the denomination of the coin, the higher its value. In addition, such items will be convenient to use in trading. In the form of iron bitcoin, there can even be physical wallets with an open public, by which you can check the balance and a hidden private key.
The first physical Bitcoin coins to become famous appeared in 2011 when Bitcoin enthusiast and investor Mike Caudell released the first Casascius collection. By 2013, Caudell had minted 27,000 pieces in denominations ranging from 0.5 to 1,000 BTC. There were even separate projects that minted iron bitcoins: the most famous among them were Titan Bitcoin and Antana.
The price of iron bitcoin, as well as the price of BTC digital coins, is formed according to the free market rules, that is, based on supply and demand. In addition, the price of an artefact will be made up of various factors:
- rarity, the material from which the iron bitcoin is made;
- complexity and style of design;
- the designer who created the collectable.
Coins are often decorated with images of cultural objects or famous historical figures such as Adam Smith and Joan of Arc.
Some pieces contain unique engravings and holograms. For example, coins from Casascius' famous collection of physical bitcoins are covered with a press-resistant hologram. Underneath it is a piece of paper with a secret key, which will be accessible once the hologram is opened.
Besides the cultural value, physical bitcoins have another advantage as the coins can be used as a cold wallet. The owner of an iron bitcoin can store the coin safely hidden from prying eyes and use only the public key to top up the wallet. Such coins can be even more valuable over time, especially if they have not been tampered with. An iron bitcoin wallet can be passed on to other collectors or inherited, adding more practical value.
How do you verify the authenticity of iron bitcoin?
Unlike the original digital cryptocurrency, physical bitcoin can be counterfeited - this is its main disadvantage. Verifying authenticity won't always be easy: a seller can pass off a literal iron bitcoin as a gold or silver coin. For example, hiding the fact by covering the iron coin with a gold or silver shell is possible.
Fakes can be detected by inspection or with special devices and tests, but if you're buying an expensive collectable coin, it's better to seek expert help.
Where can I find iron bitcoin?
Physical bitcoins in the form of coins are available on almost all known marketplaces:
- Aliexpress,
- Alibaba,
- Amazon,
- Walmart.
However, when ordering online, verifying the authenticity of the coin is impossible, so there remains a high risk that you will receive a fake after a long wait.
It is most reliable to find a seller in your city and personally check the goods before buying. However, when buying rare and expensive iron bitcoins, there are risks of physical theft, so in this case, it is essential to take security measures in advance.
