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You're wrong about BTC transactions happening on physical paper with no connection to the network. It's not possible.
by squabble 5y ago
You're wrong about BTC transactions happening on physical paper with no connection to the network. It's not possible.
- itsdsmurrell 5y agoYep, dead wrong. If you hand someone a private key, you now both have control of those coins.
- erulabs 5y agoThey’re impractical, but checkout Physical bitcoins: https://medium.com/the-capital/everything-you-need-to-know-about-physical-bitcoins-ceaab58f18c6 https://medium.com/the-capital/everything-you-need-to-know-a... I did say -technically- and I do mean that - I’m not suggesting this is practical.
- erulabs 5y agoTechnically yes, a “transaction” is on-network - but one can trade wallets (eg: trading paper keys or “Physical bitcoins”). The definition of the word “transaction” is the important bit here.
- squabble 5y agoYou can give me the private key to a wallet, but if I'm not connected to the network to see how much money it controls, that's not much good. Even if I trust you temporarily, at some point a network connection is required. Otherwise, it doesn't have anything to do with BTC. Edit: Additionally, as someone else pointed out, you could have kept your own copy of the key and could empty the wallet before me.
- erulabs 5y agoSome physical Bitcoin products solve that too - but I agree completely with you here. That’s why I made it clear that it’s only -technically- possible, but not remotely practical.