This isn't exactly a new phenomenon right? I mean there have been companies behind offline Bitcoins on bills and coins years ago as well, but this particular idea has a rather new twist:
"The Bitcoin Note uses a multisig that combines a local encrypted key with a private key that you generate. The stored Bitcoin is only claimable when the holder cuts the note....If you receive a note that you want to keep in cold storage, you can re-key it from entropy you generate. After expiration only the locally stored user generated private key can access the funds...Generate your own key that’s combined with a local encrypted key. We release the decryption key when the note is cut. After expiration only the user key can claim funds....Anytime you receive a new Bitcoin Note you can rotate the user key. Put it in cold storage and you are the only one who can claim funds after the multisig expires."
Right, so let me get this straight. Unlike with Bitcoin paper wallets that one could carry around with them and hand over to others as well, in the exact amounts btw and not only this inconvenient 4 denomination possibility, you now hold separate paper bills that each have a specific small amount of Bitcoin on them which come with even more steps and additional strings attached? I guess the lower denomination part does makes sense though due to Bitcoin's price nowadays and the fact it's on paper which isn't the most durable material. Back in the day the 0.5, 1 or 25 Bitcoins on the Casascius coins were obviously much more durable and given the value at the time loaded with much more BTC. In all honesty I didn't particularly like that idea either and thought it would never work since the keys had to be accessed by the creator who "gave you his word" he could be trusted. As of today I haven't found anyone who claims he was scammed and the coins are being resold for record prices, even already peeled/used ones that have 0.0 Bitcoin on them, so I guess you'll never know😑
This whole tangible Bitcoin thing opens the door to endless scam and fraud possibilities and reminds me of this prank some news channel pulled somewhere in 2018 by offering people in the streets "Bitcoins" for half the value Bitcoin had at the time. What they did was step up to people and ask if they knew what Bitcoin was and if they had any, and then they offered to introduce them to it and would sell them 1 Bitcoin with discount. They didn't need to not pay 12.000 Euro for buying complicated Bitcoins online, but instead pay merely 6.000 Euro and immediately get this:
To clarify, they weren't claiming the coin had an address with 1 Bitcoin on it or mention the name "Casascius", they claimed this was the actual Bitcoin and people still fell for it. I'm not making this up, people were actually ready to buy it from them because they've of course heard of Bitcoin due to the record price, but never bothered to learn even the most basic things about it, like the fact that Bit"coin" is not actually a shiny round tangible coin.😂 They just thought they made a quick 6.000 Euro profit and could either finally hold some Bitcoin or quickly sell it.🤦♂️🙃 I'm not going to sum up all the scam possibilities these tangible Bitcoins create but jeez, if even that☝️ worked on people, then just imagine.....
Bottom line; There's basically no real new improvement to holding Bitcoin or other crypto offline other that hardware wallets. This paper Offline Cash stuff may be a cool collectible, but that's pretty much it. I don't mean to offend anyone or put their work down, I'm sure they truly believe in it and put a lot of effort into their idea, but hardware wallets that are working on making their product more secure, include more cryptos and create safe and easier transfer options is what has my attention to be honest, not some company printed/designed note, keys and address with Bitcoin on it. But you know, I may be speaking a bit too self-centered here. Many people might want to have exactly 0.001 Bitcoin and simply don't need a 60 Euro hardware wallet that comes with 20 Euro shipping fees that can store an array of cryptos. Maybe they want to have just that specific amount of just Bitcoin, which is why a less expensive polymerbit wallet or that pretty orange 1 mBTC bill is exactly what they need. Well then behold, directly from coinguides:
You can even print it in your very own preferred color and cool background pics for much less money. Hows dat?😉 Bottom line: Don't believe the hype. If you're into collecting bills from all around the world, with low/early serial numbers, central bank or privately released then by all means collect bills. I have some as well which I bought for prices varying between 0.05 to 35 Euro per bill. I even have some of those infamous '0 Euro' bills with an actual central bank serial number, watermark and security strip 😂 They cost me 5 Euro per bill and particular ones are being re-sold for up to 100 Euro today, but most are junk though which you can barely find a buyer for and just trade among other collectors. For those that never heard of this let me reemphasize: Yes you heard it correctly, the European central bank is printing 0 Euro bills and selling them for 5 Euro each, some of which are today reselling for 20X profit.
The Offline Cash bills are obviously privately printed and they stated to ship out the first 2100 sets this summer. I signed up for the purposes of this article and don't think I will actually get them, I'm not eligible for this cycle anyway as I'm in the 3298th position. So there obviously is some interest in these bills, but a bit odd that they are offering me a spot in the top 300 if I just refer 2 friends. Does that mean the top 262 people have already referred 2 friends?
And what about people that were in the top 2100 and get pushed out because of this referral nonsense? I get that it's a marketing tactic, it's easier for them to have you who sought their product out to connect your friends and family for them, but the fact that the first ones get the lowest serial numbers i.e. more desired bills doesn't sit well with me. IDK maybe I'm just overly suspicious, what I'm trying to say is if your intention is to collect tangible stuff because they look cool (and yes I'll admit, the Bitcoin bills and coins do look pretty neat) or in hopes they'll become a high priced rare collectible some day then by all means go ahead. But if your main intention is to gift yourself some Bitcoin, then gawddurnit just get you some Bitcoin and don't focus more on the pretty wrapping paper(see what I did there😁) than on the actual present.🎁