Paper Currency

Summary:

The author has revised the BIP numbering from Paper Currency Proposal Numbering to PCP-0 through PCP-4. The author believes that paper currency serves a significant purpose in society and has value, and whether all-digital transfers can replace paper is still unknown. The author highlights that citizens pay a considerable amount for creating hard-to-counterfeit paper money. A single internationally accepted, borderless paper currency would have high value as it could potentially eliminate exchange fees for travelers. This is a multi-billion dollar market that Bitcoin could disrupt, and this can be achieved by creating a single standard for hard-to-counterfeit, cheap to print, paper currency. The author believes that there are things that can be done with paper now that cannot be done with all-digital transfers. Hence, if paper currency has value, and Bitcoin can make paper currency more counterfeit-proof while eliminating costs, then the community needs to come up with a standard. The author took a crack at it by providing technical details such as splitting the private key over two QR codes on opposite sides of the page. The marketing details such as note size, shape, color, layout, text, and naming conventions also need to be resolved. The proper tradeoff between convenience and security for paper Bitcoin Notes needs to be established, and the author opted for splitting the private key over two QR codes on opposite sides of the page instead of BIP-38. The author believes that the public is familiar with the paper paradigm, and all that's left is for the community to come up with a standard. The author welcomes improvements and wants to know if there's consensus to define a standard for paper bitcoin currency.

Updated on: 2023-06-08T22:52:35.540370+00:00