Bitcoin & Crypto & NFT News
I had a crazy idea yesterday. I was poking around r/buttcoin yesterday and someone asked if Bitcoin worked without electricity or internet. Of course I responded by asking if their debit card worked without those things. But it got me thinking on possible L2 solution for making sats into physical bills. The L2 would require trust of course, just like lightning. But what if you were to create a company that designed and printed physical bitcoin notes. Of course there would have to be a lot of R&D, and measures to prevent counterfeit but after all is said and done, you offer the physical sats in exchange for sats in the blockchain. Every physical sat is backed 1:1 by real Bitcoin. You can exchange physical sats at any time for sats back to your wallet. Either through mail or even ATMs the company might be able to set up. No risk of "bank run" as all sats are backed 1:1. The company would make money on the exchange of course.
I'm just brainstorming and spit ballin'. What do you guys think?
I love how goldbacks solve a currency issue for gold (hyper fractionalization) Perhaps there can be a similar solution to solve a currency issue for BTC. Imagine Physical sat notes. Yes, it would require trust in said company. But there are ways to make that trust minimal through proper auditing and a database that is public, etc… At the end of every day can be settled on L1.
If someone with more capital and entrepreneurship is reading, please don't steal my idea. I just want like 1% of the profit. Thanks. lol
Edit: Oh and no one talked about my idea for using sats as our reddit community points on another L2! That would be awesome too.